Marketing Mcgraw Hill Chapter 1

Marketing

Activity, set of institutions, and processes for creating, capturing, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large.

Exchange

Obtaining a desired object from someone by offering something in return.

Each person is better off.

Marketing mix, 4 P's

Product

Price

Place

Promotion

sometimes people

Product

Creating Value and services, can physically touch

Price

Capturing value, everything buyer gives up. Money, time, energy

Place

Delivering values, getting product right to customer. Supply chain

Promotion

Communication value to customers.

Goods vs services vs ideas

Purpose of marketing is to creat value by developing a variety of different offerings including goods, services, and ideas. Built from Marketing mix 4 p's

B2B

BUSINESS TO BUSINESS

B2C

BUSINESS TO CONSUMER

C2C

CONSUMER TO CONSUMER

Value strategies

Best price

Best product

Best service

Value Based Marketing

Promoting and delivering value to customers, sharing info between business units to improve value, (tell others why you're different)

Customer Relationship Management

Database used to father and track customer data points, reports used to find customers who do whatever it is they need to find out, salesforce.com, safe software

Supply chain

raw materials, manufacturer, retailer, consumer