MARKETING MANAGEMENT - SUMMARIES PART 1 UNDERSTANDING MARKETING MANAGEMENT Chapter 1 – Defining marketing for the 21st Century Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating
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From Marketing Mix to Relationship Marketing: Towards a Paradigm Shift in Marketing Management Decision, 1994, Vol. 32 Iss: 2, pp.4 – 20 Christian Grönroos, Professor of Marketing at the Swedish School of Economics and Business Administration in Helsinki, Finland. Abstract Discusses the nature and sometimes negative consequences of the dominating marketing paradigm of today, marketing mix management, and furthermore discusses how modern research into, for example, industrial marketing and
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1. INTRODUCTION Exchange relationship is the core business strategy that integrates internal processes and functions, and external networks, to create and deliver value to targeted customers at a profit. It is grounded on high quality customer- related data and enabled by information technology (Barnes, 2000). Exchange relationship as defined by Day and Van Den Bulte (2002) is a cross functional procedure for achieving a continuous conversation with customers, across all their contact and access
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Marketing is managing profitable customer relationships. • Product means the goods-and-services combination the company offers to the target market. Thus, a Ford Focus consists of nuts and bolts, spark plugs, pistons, headlights and thousands of other parts. Ford offers several Focus models and dozens of optional features such as self-assist parking. The car comes fully serviced and with a comprehensive warranty that is as much a part of the product as the tailpipe. • Price is the amount of money
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Defining Marketing MKT 421 April 10, 2011 Defining Marketing Marketing is managing profitable customer relationship (Armstrong and Kotler, 2009). Marketing helps companies all over the world attract and maintain interest to their products or services. The twofold goal of Marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction (Armstrong and Kotler, 2009). Marketing involves advertisement through
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Discussion questions “Marketing is managing profitable customer relationships” (Armstrong & Kotler, 2011, p.4). In marketing you want be able to get new customers, while also still satisfying your existing customer. Word of mouth marketing from customers is business’s best and worst thing for a company. If customer was impressed it makes a company look really good, but if customer was not impressed you could also lose customers because of what another customer said. The end of day goal
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written as a guide for starting and managing this new business and will also serve as the basis for a separate, detailed marketing plan. Following is a summary of the main points of this plan. * The objectives of CCC are to generate a profit, grow at a challenging and manageable rate, and to be a good citizen. * The mission of CCC is to provide fast and reliable technical assistance to small office computer users. * The keys to success for CCC are marketing and networking, responsiveness
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Chapter 2 Company and Marketing Strategy: Partnering to Build Customer Relationships Multiple Choice 1. Disney has been successful in selecting an overall company strategy for long-run survival and growth called _____. a. tactical planning b. strategic planning c. futuristic planning d. relationship marketing (b; Easy; pp. 39-40) 2. When your firm practices developing and maintaining a strategic fit between your organization’s goals and capabilities, it is forming
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Company and Marketing Strategy - Partnering to Build Customer Relationships Chapter 2 Rest Stop: Previewing the Concepts • Explain companywide strategic planning and • • its four steps Discuss how to design business portfolios and growth strategies Explain marketing’s role in strategic planning and how marketing works with its partners to create and deliver customer value Copyright 2013, Pearson Education Inc., Publishing as Prentice-Hall 2-2 Rest Stop: Previewing the Concepts • Describe
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CHAPTER 2 COMPANY AND MARKETING STRATEGY: PARTNERING TO BUILD CUSTOMER VALUE AND RELATIONSHIPS PREVIEWING THE CONCEPTS – CHAPTER OBJECTIVES 1. Explain company-wide strategic planning and its four steps. 2. Discuss how to design business portfolios and develop growth strategies. 3. Explain marketing’s role in strategic planning and how marketing works with its partners to create and deliver customer value. 4. Describe the elements of a customer-driven marketing strategy and mix and the
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