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Chapter 1.

• Define marketing.

The process by which marketing organizations engage customers, build strong customer relationships and create customer value in order to capture value from customers in return.

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• Goals of marketing:

1. Attract new customers by promising superior value

2. Managing profitable customer relationships

• The four variables of the marketing mix

The four variables of the marketing mix? Why are these elements known as variables? Product, Price, Place, and Promotion

• How Does Marketing Create Value for a Product or Service?

One vital role of marketing is to create value for a product or service. This can be done by providing information prior to a product release or continuing the marketing message after an item is available for sale

• Costumer benefits
• Costumer costs
• Marketing mix enhances perception of value

• Marketing environments

The Marketing Environment includes the Internal factors (employees, customers, shareholders, retailers & distributors, etc.) and the External factors( political, legal, social, technological, economic) that surround the business and influence its marketing operations.

• Effects of marketing environment

The ability to facilitate value driven marketing exchange

Lifestyle

Standards of living

Preferences and needs for products.

• Marketing concepts

The marketing concept involves identifying consumer needs and wants and then producing products (which can be goods, services, or ideas) that will satisfy them while making a profit.

Adopting a coordinated set of activities that will satisfy costumers needs, Aid the organization in achieving its goals, Guides an organizational overall activities, the customers are the main focus.

• Identify the importance of building customer relationships

By building trust between you and your customers, you are establishing better work ethics in your employees, improving your business's reputation and, most importantly, you are providing something of worth to your customers.

• makes the buy have more trust
• satisfying between buyers and sellers
• gathering useful data
• analyzing that data to better understand costumers

• the importance of marketing in a global economy

Marketing plays an important role in how businesses work. Global marketing is essential for modern businesses. In a time where businesses both large and small can sell and ship their products and services to consumers across the globe within a matter of days, it can be easy to forget how markets functioned before the digital age and the innovations in transportation

Chapter 2

• The strategic planning process?

Through the process of strategic planning, an company identifies or establishes an organizational mission and goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.

To achieve its marketing objectives, an organization must develop a marketing and creating a plan of action for developing, distributing, promoting, and pricing products that meet the needs of customers in the target market.

The strategic planning process ultimately yields the framework for a marketing plan, a written document that specifies the activities to be performed for implementing and controlling an organizations marketing activities.

• Organizations goals

should align with its mission statement, of what the organization wants to become. A well-formulated mission statement gives an organization a clear purpose and direction for strategic planning, and fosters a focus on the customers.

• Corporate strategy

determines the means for using resources in the ares of production, finance, research and development, human resources, and marketing to reach the organizations goals. Business-unit strategy focuses on SBU's-- divisions, product lines, or other profit centers within the parent company used to define areas for consideration in a specific strategic marketing plan

• Identify what is necessary to effectively manage the implementation of marketing strategies?

Through planning, marketing managers provide purpose and direction for an organization's marketing efforts.

Marketing managers must understand the problems and elements of marketing implementation before they can effectively implement specific marketing activities.

• Describe the four major elements of strategic performance evaluation?

Establishing performance standards, analyzing actual performance, comparing actual performance with established standards, and modifying the marketing strategy when needed.

• Describe the development of a marketing plan?

A key component of marketing planning is the development of a marketing plan, which outlines all the activities necessary to implement marketing strategies. The plan fosters communication among employees, assigns responsibilities and schedules, specifies how resources are to be allocated to achieve objectives, and helps marketing managers monitor and evaluate the performance of a marketing strategy.