Class notes
Mar 3023 Chapter 1&2 Notes
- Course
- MAR 3023
- Institution
- Florida Atlantic University
This is a comprehensive and detailed note on Chapter 1&2.
[Show more]
Content preview
Chapter 1: Why Marketing Matters to YouMARKETING CREATES VALUE
Marketing is: an organizational function and set of processes for creating, communicating, and
delivering value to customers, and managing customer relationships in ways that benefit the
organization and its employees, customers, investors, and society as a whole
What is a “customer value”?
The perceived benefits, both monetary and nonmonetary, that a customer receives from a product
compared to the cost of obtaining it
Simple formula: Value = Benefits / Costs
Benefits: What customers perceive as “gain” from buying the product
Cost: What customers perceive as “loss”
Features (Attributes) vs Benefits
Features: Product attributes or characteristic
Benefit: consequences of using the product, can be emotional or functional
Customer value increases when either:
Benefits Increase AND / OR
Costs decrease
The essence of creating customer value is exchanging something that is of relatively low cost to
you and high value to the consumer
Marketing COMMUNICATES Value
Products never just “sell themselves”
A firm must communication with its target audience
Marketing Delivers Value
The firm must obtain materials and inputs from suppliers in order to produce goods and services
to deliver to consumers
Supply Chain: The linked set of companies that perform or support the delivery of company’s
products to customers
Logistics: Part of SCM that plans, implements, and controls the flow of goods, services, and
information between point of origin and final customer
Marketing’s Unique Role
By creating, communicating, and delivering value, marketing stimulates and increases demand
for organizational goods and services
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller anyiamgeorge19. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now