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Chapter Fourteen

PRIDE HUGHES KAPOOR INTRODUCTION TO BUSINESS ELEVENTH EDITION. Chapter Fourteen. Building Customer Relationships Through Effective Marketing. 14 | 1. Learning Objectives. Understand the meaning of marketing and the importance of management of customer relationships

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Chapter Fourteen

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  1. PRIDE HUGHES KAPOOR INTRODUCTION TO BUSINESS ELEVENTH EDITION Chapter Fourteen Building Customer Relationships Through Effective Marketing 14 | 1

  2. Learning Objectives • Understand the meaning of marketing and the importance of management of customer relationships • Explain how marketing adds value by creating several forms of utility • Trace the development of the marketing concept and understand how it is implemented • Understand what markets are and how they are classified • Identify the four elements of the marketing mix and be aware of their importance in developing a marketing strategy 14 | 2

  3. Learning Objectives (cont’d) • Explain how the marketing environment affects strategic market planning • Understand the major components of a marketing plan • Describe how market measurement and sales forecasting are used • Distinguish between a marketing information system and marketing research • Identify the major steps in the consumer buying decision process and the sets of factors that may influence this process 14 | 3

  4. Marketing • Define Marketing • Know the Major Marketing Functions • Exchange Functions • Physical Distribution Functions • Facilitating Functions 14 | 4

  5. Managing Customer Relationships • Define • Relationship Marketing • Customer Relationship Management (CRM) • Customer Lifetime Value • Utility • Know the types of utility: Form, Place, Time, and Possession Utility 14 | 5

  6. The Marketing Concept • What is the Marketing Concept? • When seeking to utilize the marketing concept, what must businesses do to achieve success? • Be prepared to discuss the Evolution of the Marketing Concept • What were its origins? • Before the development and widespread adoption of the marketing concept, what orientations prevailed in businesses? • Be familiar with how businesses implement the marketing concept 14 | 6

  7. Classifying Markets • Define • Market • Consumer Markets • Business-to-Business (Industrial) Markets • Producer Markets • Reseller Markets • Governmental Markets • Institutional Markets 14 | 7

  8. Developing Marketing Strategies • Define • Marketing Strategy • What are the components of a marketing strategy? • Target Market • Market Segment • Market Segmentation 14 | 8

  9. General Approaches for Selecting Target Markets • Be familiar with the different approaches for selecting target markets • Undifferentiated Approach • Concentrated Market Segmentation Approach • Differentiated Market Segmentation Approach • Know the common bases of market segmentation • Demographic • Psychographic • Geographic • Behavioristic 14 | 9

  10. The Marketing Mix and the Marketing Environment • Know the variables of the Marketing Mix and the Marketing Environment • Which of these variables are controllable? • Which are uncontrollable? 14 | 10

  11. Developing a Marketing Plan • Define Marketing Plan • Be prepared to list and explain the Elements of a Marketing Plan • Executive Summary • Environmental Analysis • Strengths and Weaknesses • Opportunities and Threats • Marketing Objectives • Marketing Strategies • Marketing Implementation • Evaluation and Control 14 | 11

  12. Market Measurement and Sales Forecasting • What is a Sales Forecast? • What is involved in developing a sales forecast? • Why is it important to measure sales potential? • What should sales estimates do? 14 | 12

  13. Marketing Information • Define Marketing Information System • What are examples of internal and external data sources? • What are Outputs? • Be able to list and discuss the Six Steps of Marketing Research • Define the problem • Make a preliminary investigation • Plan the research • Gather factual information • Interpret the information • Reach a conclusion 14 | 13

  14. Technology • Know how businesses utilizetechnology to gather and analyze marketing information • What are other sources of secondary data? 14 | 14

  15. Types of Buying Behavior • Define • Buying Behavior • Consumer Buying Behavior • Business Buying Behavior • Be prepared to discuss the consumer buying decision process andpossible influences on the process 14 | 15

  16. Types of Buying Behavior (cont’d) • What is Consumer Income? • Be able to distinguish between • Personal Income • Disposable Income • Discretionary Income 14 | 16

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