The Development of Value-Driven Firms The values of an organization are just as important as the products they sell; having a strong value driven culture is important. LEARNING OBJECTIVES Demonstrate how information guides companies to develop value driven marketing plans and approaches KEY TAKEAWAYS Key Points For a long time, the sole purpose of a company, it was thought, is to make profits –at least in the minds of CEO’s… Read More »The Development of Value-Driven Firms

Value-Based Marketing Competition Based on Value Value-based marketing allows organizations to create and sustain differentiating values that enable them to compete within their markets. LEARNING OBJECTIVES State what is important when shifting to a competition based on value marketing perspective KEY TAKEAWAYS Key Points For a firm to deliver value to its customers, they must consider what is known as the “total market offering.” This includes the reputation of the organization, staff… Read More »Value-Based Marketing

Branding Concepts and Techniques Proper branding can result in higher sales of not only one product, but on products associated with the brand as well. For example, if a customer loves Pillsbury biscuits, he or she is more likely to try other products offered by the company. Some people distinguish the psychological aspect of a brand from the experiential aspect. Psychological aspects include thoughts, feelings, perceptions and images associated with… Read More »Branding Concepts and Techniques

Branding A brand is a name, term, design, symbol, or any other feature that identifies a seller’s good or service. LEARNING OBJECTIVES Review the history of branding, the types, why it is necessary and how it impacts the buyer KEY TAKEAWAYS Key Points Brands in the field of mass- marketing originated in the 19th century with the advent of packaged goods. Proper branding can result in higher sales of not… Read More »Branding

Social Marketing Social marketing is the systematic application of marketing to achieve specific behavioral goals for a social good. LEARNING OBJECTIVES Define the concept of social marketing, its application and impact on society KEY TAKEAWAYS Key Points Social marketing can be applied to promote merit goods – or to make a society avoid demerit goods – and thus to promote society’s well being as a whole. The primary aim of… Read More »Social Marketing

Business Marketing Business marketing is the practice of organizations facilitating the sale of their products or services to other companies or organizations. LEARNING OBJECTIVES Differentiate the characteristics of business marketing from consumer marketing KEY TAKEAWAYS Key Points Demand in business markets exists only because of another demand somewhere in the consumer market. The number of products sold in business markets dwarfs the number sold in consumer markets. Business marketing generally… Read More »Business Marketing

Contemporary Relationship Marketing Relationship Marketing and Management Relationship marketing is a form of marketing that shifts focus away from sales transactions to emphasize customer satisfaction. LEARNING OBJECTIVES Illustrate the basis for and application of relationship marketing in the short and long term KEY TAKEAWAYS Key Points Relationship marketing is cross-functional, in that it is organized around processes that involve all aspects of the organization. The practice of relationship marketing has… Read More »Contemporary Relationship Marketing

Evolution of the Marketing Orientation Production Orientation Production orientation follows the premise that any product of high quality can be readily sold. LEARNING OBJECTIVES Demonstrate the characteristics of production orientation from an economic and marketing perspective KEY TAKEAWAYS Key Points Prior to the 1950s, the production orientation generally held true due to the growing numbers of affluent and middle class people that capitalism had created. Say’s Law states that the… Read More »Evolution of the Marketing Orientation

Adding Value Marketing adds value to an organization by communicating relevant positioning and building long-term customer relationships. LEARNING OBJECTIVES Analyze, from a marketing perspective, how the “value” of a business and the products sold is quantified and qualified KEY TAKEAWAYS Key Points Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value. Value is… Read More »Marketing Methods Used to Deliver Value

Marketing by Individuals and Firms Marketing by firms compared to marketing by individuals differs greatly in terms of customization level and personal attention. LEARNING OBJECTIVES Distinguish between the process used when deciding on marketing plan for a firm or organization and the process used for an individual KEY TAKEAWAYS Key Points The overall marketing strategy of an organization should focus on developing relationships with customers to understand their needs, while… Read More »Marketing by Individuals and Firms