Assignment in Marketing
CHAPTER 1
MARKETING: MANAGING PROFITABLE CUSTOMER RELATIONSHIPS
LEARNING OBJECTIVES
1. Define what marketing is and discuss its core concepts.
2. Define marketing management and compare the five marketing management orientations.
3. Discuss customer relationship management and strategies for building lasting customer relationships.
4. Analyze the major challenges facing marketers heading into the new “connected” millennium.
CHAPTER OVERVIEW
Marketing is part of all of our lives and touches us in some way every day. To be successful each company that deals with customers on a daily basis must not only be customer-driven, but customer-obsessed. The best way to achieve this objective is to develop a sound marketing function within the organization. Marketing is defined as “a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.” Marketing is a key factor in business success. The marketing function not only deals with the production and distribution of products and services, but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment. Marketers must also be aware of customer value and customer satisfaction and make these concepts a central part of the firm’s strategic plan. Marketing must also be aware of and respond to change. Four of the greatest changes that have had an impact on the way companies bring value to their customers are the explosive growth of the computer, the Internet, telecommunications, and information technology. Marketing and its core concepts, the exchange relationship, the major philosophies of marketing thought and practice, customer relationship management, and marketing challenges in the new “connected” millennium are the major topics presented in this introductory chapter. There is a special emphasis on connectedness and the technologies
MARKETING: MANAGING PROFITABLE CUSTOMER RELATIONSHIPS
LEARNING OBJECTIVES
1. Define what marketing is and discuss its core concepts.
2. Define marketing management and compare the five marketing management orientations.
3. Discuss customer relationship management and strategies for building lasting customer relationships.
4. Analyze the major challenges facing marketers heading into the new “connected” millennium.
CHAPTER OVERVIEW
Marketing is part of all of our lives and touches us in some way every day. To be successful each company that deals with customers on a daily basis must not only be customer-driven, but customer-obsessed. The best way to achieve this objective is to develop a sound marketing function within the organization. Marketing is defined as “a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.” Marketing is a key factor in business success. The marketing function not only deals with the production and distribution of products and services, but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment. Marketers must also be aware of customer value and customer satisfaction and make these concepts a central part of the firm’s strategic plan. Marketing must also be aware of and respond to change. Four of the greatest changes that have had an impact on the way companies bring value to their customers are the explosive growth of the computer, the Internet, telecommunications, and information technology. Marketing and its core concepts, the exchange relationship, the major philosophies of marketing thought and practice, customer relationship management, and marketing challenges in the new “connected” millennium are the major topics presented in this introductory chapter. There is a special emphasis on connectedness and the technologies