Principles of Marketing Marketing: Managing Profitable Customer Relationships Learning Objectives After studying this chapter, you should be able to: 1. Define marketing and outline the steps in the marketing process 2. Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts 3. Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy 4. Discuss
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communication between an organization and outside partners and suppliers. Answer: True False 4) The upstream portion of the supply chain consists of the organizations and processes for distributing and delivering products to the final customers. Answer: True False 5) Supply chain inefficiencies can waste as much as 25 percent of a company’s operating costs. Answer: True False 6) Safety stock acts as an inexpensive buffer for the lack of flexibility in
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DEFINING THE MARKETING FOR THE 21ST CENTURY 1 C H A P T E R _________________________________________________________________________ INTRODUCTION Change is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today. Continuing today’s strategy is risky; so is turning to a new strategy. Therefore, tomorrow’s successful companies will have to heed three certainties: ➤ Global forces will continue to affect everyone’s business and personal
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Managing Customers Relation in Tourism and Hospitality * Executive Summary In today’s competitive business world tourism and hospitality business are facing a lot of competition. For making position in the market place, tourism and hospitality business are involving more and more in promotional activities. The tourism and hospitality organization is shifting from traditional marketing procedures. They are using more advanced marketing tools and techniques to capture value from the customer
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Term Paper Title : Strategic Planning and the Marketing Process (Chapter: 2) Prepared For : Syed Abul Kalam Azad Professor Department of Marketing Faculty of Business Studies University of Dhaka Members Profile : (i) Md. Ershadul Islam
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the question, “What is marketing? and in doing so discuss the concept of customer value and its importance to successful marketing. How are the concepts of customer value and relationship marketing linked? Marketing is managing profitable customer relationship. Marketing can also be defined as an organizational function and a collection of processes designed to plan for, create, communication, and deliver value to customers and to build effective customer relationships in ways that benefits the
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Marketing management orientation * Marketing management wants to design strategies that will build profitable relationships with target consumers. * There are 5 alternative concepts under which organizations design and carry out their marketing strategies: Production, product, selling, marketing, and societal marketing concept. Five alternative concepts * 1. Production concept – The idea that the consumer will favor products that are available and highly affordable and that the organization
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Chapter 1 Marketing: Creating and Capturing Customer Value 1) All of the following are accurate descriptions of modern marketing, EXCEPT which one? A) Marketing is the creation of value for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying customers' needs. E) Marketing is used by for-profit and not-for-profit organizations. Answer: C 2) According to the opening scenario
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1. Define marketing and discuss how it is more than just “telling and selling.” Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. Hence, marketing is defined as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Today, marketing must be understood
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business portfolios and develop growth strategies. 3. Explain marketing’s role under 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 forces that influence it. 5. List the marketing management functions, including the elements of a marketing plan. COMPANYWIDE STRATEGIC PLANNING: DEFINING MARKETING’S ROLE The task of selecting an overall company strategy
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