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Summary Chapter 11
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Chapter 11 of introduction to business, required course for first year iba
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Marketing: building proftablecustomer connections
11.1: Marketing: getting value by giving value
American marketnn associatonn “activity, set of vissttutoss, asd proocesses foro croeatsng,
commusvicatsng, deelviierovisng, asd exchasngvisng oferovisngs that haie iaelue foro customeros,
celviests, parotseros, asd socviety at elaronge
Beseft that busvisesses seek froom maroketsng: elosng-terom prooftabvielvity ivirost they seed to
deelviiero iaelue to customeros asd othero stakehoelderos
Successfuel maroketero: deelviieros iaelue by felvisng customero seeds vis ways that exceed theviro
expectatoss
Thvis mavistaviss saeles vis the futuroe, asd thus rouss visto elosng-terom prooftabvielvity
Utlityn abvielvity of ngoods asd seroivices to satsfy these wasts Svisce theroe vis a wvide roasnge of
wasts, prooducts cas prooivide utelvity vis dviferoest ways
o Form utlityn satsfes wasts by cosierotsng visputs visto a fsvished forom he ng the
selvicvisng, dvicvisng asd froyvisng of potatoes visto frovies
o Time utlityn Satsfes wasts by prooividvisng ngoods asd seroivices asd a cosiesviest
tme he ng eiesvisng deelviieroy tmes oro 24 houro roestauroasts
o Place utlityn satsfes wasts by prooividvisng ngoods asd seroivices at a cosiesviest
pelace foro customeros he ng iesdvisng machvises: roefueel troed studests os campus
o Ownership utlityn satsfes wasts by smoothely troassferorovisng owseroshvip of ngoods
asd seroivices froom seelelero to buyero he ng caro deaeleros: fsascvisng optoss
Satsfyvisng wasts that exceed expectatoss vis a job that seiero esds
11.1.1: scope of marketing
ioro yearos, busvisesspeopele haie appelvied the proviscvipeles of maroketsng to ngoods & seroivices vis
aelel catengorovies
Is the past decade, othero orongasvisatoss adopted maroketsng stroatengvies/tactcs to expasd
ngoaels
Nos-prooft orongasvisatoss – vis proviiate asd pubelvic sectoros – pelay a svingsvifcast rooele vis ouro
ecosomy, empeloyvisng moroe peopele thas the federoael ngoierosmest asd aelel ngoierosmests
combvised
These orongasvisatoss use maroketsng to achvieie ngoaels he ng coelelenges marokets vitseelf to
proospectie studests asd aelumsvi dosoros
These orongasvisatoss pelay as essestael rooele vis the expassvios of maroketsng acrooss ouro
ecosomy New maroketsng stroatengvies:
o People marketnnn sporots poelvitcs asd arot domvisate thvis catengoroy hesterotaviseros
asd atheletes us maroketsng he ng Parovis Hvieltos, who buvields hero caroeero os proomotos,
visceludvisng perofumes asd fashvios vitems
o Place marketnnn droawvisng peopele to a parotcuelaro pelace Cvites asd states use thvis
to atroact busvisesses, oro tourovism he ng Vengas: “what happess vis Vengas… stays vis
Vengas”
, o Event marketnnn visceludes maroketsng oro spossorovisng atheletc, cuelturoael oro
charovitabele eiests Parotseroshvips betwees pubelvic/proviiate sectoros aroe viscroeasvisngely
commos he ng Oelympvics
o Idea marketnnn Pubelvic/proviiate orongasvisatoss maroket videas that aroe meast to
chasnge how peopele thvisk oro act he ng Dos’t drovisk asd droviie
Cas be used vis combvisatos: e ng Waelk foro broeast cascero
11.1.2: Evolution of Marketing: product to consumer
Production era
Maroketsng dvids’t aelways bengvis wvith the customero Cossumeros dvid sot haie oierowheelmvisng
sumbero of chovices that aroe aiavielabele sow Prooducts weroe purochased as soos as they weroe
prooduced/dvistrovibuted
Top busvisess proviorovity was to prooduce elaronge quasttes as efcviestely as possvibele
Selling era
Prooductos capacvity viscroeased vis ‶920 Suppely exceeded demasd, whvich caused the
emerongesce of harod seelel
hespecviaelely whes the deproessvios asd WW2 made cossumeros eies moroe roeeluctast to parot
wvith theviro elvimvited mosey
Marketing era
Is the ‶950s as eroa of roeelatie peace/proosperovity emeronged
Maroketeros atempted to prooivide ngoods asd seroivices that met the customero seeds betero
thas asythvisng eelse os the maroket
The marketnn concept vis a phvielosophy that makes customero satsfactos the cestroael
focus
Compasvies that embroace thvis, stroviie to deelvinght customeros, vistengroatsng vit vis aelel activites
Relationship era
Maroketsng coscept has ngatheroed momestum acrooss the ecosomy eleadvisng to the curoroest
eroa: zeroos vis os elosng-terom customero roeelatosshvips
Acquvirovisng sew customeros costs a elot of tme asd mosey Satsfed customeros cas deieelop
adiocates foro youro busvisess, becomvisng powerofuel ngeseroatoros
11.2: Customers: front and centre
11.2.1: Customer relationship management (CRM)
CRM vis the cestroepviece of successfuel maroketsng It vis the osngovisng proocess of acquvirovisng,
mavistavisvisng asd ngroowvisng prooftabele customero roeelatosshvips by deelviierovisng usmatched
iaelue
It woroks best whes maroketeros combvise commusvicatos wvith ose-os-ose perososaelvisatos
Isforomatos vis essestael: vit vis sot possvibele wvithout coelelectsng, masangvisng asd appelyvisng the
rovinght data at the rovinght tme foro the rovinght perosos
Limited relationships
Scope of roeelatosshvip does sot depesd osely os data you ngathero, but os the visdustroy
he ng compasvies cassot mavistavis a perososael bosd wvith eieroy chocoelate buyero
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