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Mar 3023 Chapter 1&2 Notes

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This is a comprehensive and detailed note on Chapter 1&2.

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  • October 15, 2024
  • 3
  • 2018/2019
  • Class notes
  • Prof. gina
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Chapter 1: Why Marketing Matters to You
MARKETING 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

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