AB1501 Principles of Marketing Chapter 1 Marketing: Managing Profitable Customer Relationships Marketing * Goal: Attract new customers by promising superior value and keep and grow current customers by delivering satisfaction * Involves satisfying customer needs * Definition: Process by which companies create value for customers and build strong customer relationships in order to capture value for customers in return * Process 1. Understand the marketplace and customer needs 2. Design
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Chapter 1 **marketing is managing profitable customer relationships. aim to create value for customers in order to capture value from customers in return. create customer value in order to capture value in return. amazon opened 1995 selling books founder jeff bezos's garage in seattle. sales rose from 150$mil in 97 to 48$+ bil today. 173 mil Wwide cust perchase 110items per second. "obsess over customers." most influential to amazon in meeting is "the empty chair" "customer experience
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Oct. 24 2014 Yinan Wang (Nancy) Title: Marketing Myopia Author: Theodore Levitt Year: 2004 Source: Levitt, T. (2004) Marketing Myopia, Harvard Business Review, Jul-Aug, pp138-149; originally published in Harvard Business Review, July/Aug. 1960, pp. 45-56. Insight：Interesting Readability: a little hard to read Relevance: good practice Overall: 7.5 Key Content: The article focus on trade will get successful when they cater for customers’
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1.Ziba is very serious about the first step in the marketing process, as the company devotes much time to an extensive research of the marketplace and consumer needs. Ziba's approach stresses the importance of the connection with consumers on a deep emotional level. The company attempts the first step answering numerous questions related to consumer's needs, motivation and values, at it's important to understand consumers. The company constantly tests and refines its products, examines the market
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past, which still affects the market share and the outlook of the company. We think that it was a big mistake to underestimate the importance of entering the online DVD retail market as soon as possible. This decision was a perfect example of marketing myopia because it wasn’t very customer orientated. They had seen themselves in the video retailing business but they are in the entertainment business and they under-emphasized customer needs and wants. And if you look at the stock quotation of Blockbuster
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factors are equally important because someone who has enough buying power to get a Ferrari won’t get it if he can’t drive a car or if he doesn’t like it. 2. What are the five different marketing management orientations? Which approach is McDonald’s adopting in your opinion? The five different marketing management orientations are production concept which includes the mass production of the same
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|[pic] |Principles of Marketing – MKT 3331 | | |Winston Salem State University | | |School of Business & Economics | | |
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attract more consumers from each other. It suggests that customers play an important role in marketing. If a company wants to win the competition, it might need to put consumers at the first place, meet the needs of consumer more effectively (Doyle, 1994, p.39). The famous article ‘Marketing Myopia’ written by Levitt (2004) suggests that the production of a company should based on consumer needs is what marketing tries to do. Disregard of consumer needs may makes the company face some challenges and hard
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Unilever’s marketing activities from two perspectives: marketing strategy and marketing philosophy Table of Contents 1. Introduction 3 2. Background to Unilever 3 3. Evaluation of Unilever’s marketing activities on marketing strategy 3 3.1 Product proliferation strategy 3 3.2 Global marketing strategy 4 3.3 Cause-related marketing 5 3.4 Digital marketing strategy 6 3. Evaluation of Unilever’s marketing activities on marketing philosophy 7 3.1 That marketing creates
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WHAT IS MARKETING? Marketing deals with customers. Marketing is the managing profitable customer relationshis. 2 fold goal of marketing - to attract new customers by promising superior value; -keep and grow current customers by delivering satisfaction Today, marketing must be understoodnot in the old sense of making a sale -"telling and selling"- but in the new sense of satisfying customer needs. If the market understands consumer needs; develops products that provide superior customer value; and
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