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Marketing Management

Chapters 1,2,3

TermDefinition
What is the AMA? American Marketing Association
What is ama marketing defintion? The activity set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is marketing? Value creation through resource allocation
The Marketing Concept Caring about the customer and creating value for them
Marketing begins and end with ___? the customer
What is value? What a product is worth
Customer Value What is benefits them versus what it cost them
What are satisfying exchanges? Customers expect to be rewarded beyond their monetary sacrifices and gain profit from this exchange
What needs to happen for an exchange to happen? - 2 or more individuals -Have something of value that the other party wants -Trust in value of the product
What is marketing management? The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual or organizations
Kurt's Framework 1. Production Era 2. Sales Era 3. Marketing Era 4. Relationship Era
Production Era Focus on manufacturing effieceny - Mass production focus
Sales Era Emphasis on selling products -Aggressive Selling -Product Push -Short-term focus
Marketing Era Customer Centric Shift -Understanding customer needs
Relationship Era Long-term partnerships -Focus on retention and lifetime customer value -Holistic view of business relationships and community
Created by: user-2022536
 

 



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