Kwantlen Polytechnic University - Marketing 1199 - Chapter 01
What is marketing?
Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customer and for managing customer relationships in ways that benefit the organizations and its stakeholders.
What are the 4 eras in the history of Marketing?
*Production: Prior to 1920s
*Sales: Prior to 1950s
*Marketing: Since 1950s
*Relationship: Since 1990s
Management's failure to recognize the scope of its business. "Focusing products rather than customer"
Attention, interest and preference of a target market towards a person. e.g. political candidate, celebrities.
Attract people and organizations to a particular geographic area.
Indentification and marketing of a social issue, cause or idea to a selected target market.
Marketing of sporting, custural, and charible activities to a selected target market.
Marketing by mutual-benefit organizations, service organizations, and government organizations intended to influence others to accept their goals, receive their services, or contribute to them in some way.
- companies hope to generate as much revenue as possible to support their causes.
Explain the shift from transaction-based marketing to relationship marketing
- longer-term approach that emplasizes building relationships one customer at the time. Create and maintain a relationship with customers.
Lifetime value of a customer
Revenue and intangible benefits that a customer brings to an organization over ab average life time, minus the investment the firm has made to attract and keep the customer.