Delivering Value
Customer buy products that offer the best value when it comes to meeting their needs and wants
Value and benefit-value compares a product's benefits (fatures of the product and the meotional satisfaction associated with owning it) with its costs (including the price and the buyer's time)
Value and utility- ability of a product to satisfy a human want or need is called utility. Marketing strives to provides 4 kinds of utility, form, place, possession, and time utility.
Form features that we want
Place offers something abaivalbe in a place where u can consume it and purcahse it
Possession transfer ownership pride and satisfaction
Time convient timing
Goods services and ideas
Marketing can be desinged for
Consumer goods:tangible products purcahse by peopl for their use
Industrail goods: products purcahsed by companies to use directly or indeirctly to produce other product
Services: in tangible products to serve users' needs
Ideas- thoughts or philosophies (engage and drive growth)
Relationship marketing
Building lasting relationships with customers and suppliers
Can focus on estabilshing long term relationship with customer and with suppliers
Consider that customer loyalty provides benefits through positive word of mouth adversisitn but also has economic benefits, as it is expensive to attract new customers
Customer relationship marketing (CRM)
Organized methods used to build information connections to improve company-cilent relationships
Data warehousing
Data mining
Marketing Evironment
The marketing environment = marketing srategies influence by marketing environment
Potliical and Legal environment
Legislation and government programs can be favourable or not
Marketing managers try to maintain avour by
Gaining public support products
Advertising for public awareness of importantissues
Lobbying and contributign to political parties
Social and cultural environment
Reflects the changin values, beliefs, and ideas of a society
Sociocultural environment-- changing social values force companies to devop and promote new products
Growing popularity of organic food
Changes in social and cultural pratices lead to the death of some products and the birth of other. Changes in lifestlye create need for some products over other leading to market gorwth(such as the growth of the fitness industry as the population ages and becomes more health conscious)
Economic Environment
Conditions affect spending patterns of businesses and indivduals
The can dollar
Inflation/deflation
Interest rates
Business cycle
Because they determine spending patterns by consumers, businesses, and governments, economic conditions influence marketing plans for product offering, pricing and promotional strategies. Marketers are concerned with such economic variables as inflation, interest rates, and recession.
Impacts discretionary spending
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