Study Guide: Chapter 1 Saturday, January 14, 2017 1:45 PM
Study Guide: Chapter 1 Saturday, January 14, 2017 1:45 PM Chapter 1 Summary CHOBANI CASE STUDY: Positive word of mouth, Youtube channel, Olympic sponsorship Understanding customer food values and reaching customers Marketing is the activity for creating, communicating, delivering, and exchanging offerings that have value for its customers, the orga nization, its stakeholders, and society at large Affects all individuals, all organizations and all industries/countries Facilitate relationship with organization's shareholders, customers, suppliers, and other organizations For Marketing to occur…2 or more parties with unsatisfied needs, desire/ability to solve needs, a way for parties to communicate, something to exchange Discover Consumer needs via survey, tests, research Crowdsourcing website Solicit/eval ideas Focus on what customer benefit is and learn from past mistakes Need vs Want --> Marketing satisfies both Need occurs when a person feels deprived of basic necessities Want is a need that is shaped by a person's knowledge, culture, and personality Markets = people with desire/ability to buy offering Target market = specific group toward which organization directs its marketing program Marketing mix = product, price, promotion, place Controllable factors vs uncontrollable factors (CREST) Customer Value Proposition = cluster of benefits that organization promise to satisfy needs Relationship Marketing = link organization to customer, employee, supplier, other partners Marketing Program Marketing segments = groups that have common desires
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