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Lecture Business (4/e): Chapter 11 - Ferrell, Hirt, Ferrell

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  • Lecture Business (4/e): Chapter 11 - Ferrell, Hirt, Ferrell

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Chapter 11 - Customer-driven marketing. This chapter include objectives: Define marketing and describe the exchange process; specify the functions of marketing; explain the marketing concept and its implications for developing marketing strategies; examine the development of a marketing strategy, including market segmentation and marketing mix;... Part Marketing: Developing Relationships © 2015 McGraw­Hill Education 11-2   CHAPTER 11 Customer-Driven Marketing CHAPTER 12 Dimensions of Marketing Strategy CHAPTER 13 Digital Marketing and Social Networking 11-3 Learning Objectives LO 11-1 Define marketing and describe the exchange process LO 11-2 Specify the functions of marketing LO 11-3 for Explain the marketing concept and its implications developing marketing strategies LO 11-4 Examine the development of a marketing strategy, including market segmentation and marketing mix LO 11-5 Investigate how marketers conduct marketing research and study buying behavior LO 11-6 Summarize the environmental forces that influence marketing decisions 11-4 The Nature of Marketing 11-5 Creating Value with Marketing Customer Value = Customer Benefits – Customer Costs 11-6 Evolution of the Marketing Concept Market Orientation • An approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers Ø Began in the 1950s and continues today Ø New technologies are helping firms to improve communication and learn what customers want 11-7 Selecting a Target Market Ø Sellers of salt, sugar, and many agricultural products use a totalmarket approach because everyone is a potential consumer of these products 11-8 Selecting a Target Market Ø Women are the largest market segment, with 51% of the U.S population Ø Marketers are focusing on the growing Hispanic population 11-9 Market Segmentation Approaches 11-10 Market Segmentation Approaches • Companies segment markets on the basis of several variables: © 11-11 Developing a Marketing Mix A product whether a ü Good – A physical entity you can touch (a car, computer, or adopted kitten) ü Service – The application of human and mechanical efforts to people or objects to provide intangible benefits to customers (Air travel, dry cleaning, or haircuts) ü Idea – Can be a concept, philosophy, image, or issue (attorney advise or political parties) Is a complex mix of tangible and intangible attributes that provide satisfaction and benefits 11-12 Price, Distribution & Promotion Distribution • Making products available to customers in the quantities desired 11-13 Marketing Research and Information Systems 11-14 Buying Behavior 11-15 Social Variables of Buying Behavior .. .1 1- 2   CHAPTER 11 Customer-Driven Marketing CHAPTER 12 Dimensions of Marketing Strategy CHAPTER 13 Digital Marketing and Social Networking 1 1- 3 Learning Objectives LO 1 1- 1 Define marketing... 1 1- 12 Price, Distribution & Promotion Distribution • Making products available to customers in the quantities desired 1 1- 13 Marketing Research and Information Systems 1 1- 14 Buying Behavior 1 1- 15... marketing mix LO 1 1- 5 Investigate how marketers conduct marketing research and study buying behavior LO 1 1- 6 Summarize the environmental forces that influence marketing decisions 1 1- 4 The Nature
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