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.
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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
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