Chapter 12 Overview
Marketing is the link between the organization and the people who buy and use its goods and services. It is the way organizations determine buyer needs and inform potential customers that their firms can meet those needs by supplying a quality product at a reasonable price. And it is the path to developing loyal, long-term customers. This chapter begins with an examination of the marketing concept and the way businesspeople develop a marketing strategy. We then turn to marketing research techniques, leading to an explanation of how businesses apply data to market segmentation and understanding customer behavior. The chapter closes with a detailed look at the important role customer relationships play in today’s highly competitive business world.
Learning Objectives
- Explain marketing’s definition of a product; differentiate among convenience, shopping, and specialty products; and distinguish between a product mix and a product line.
- Briefly describe each of the four stages of the product life cycle with their marketing implications.
- Explain how firms identify their products.
- Outline and briefly describe each of the major components of an effective distribution strategy.
Marketing is the link between the organization and the people who buy and use its goods and services. It is the way organizations determine buyer needs and inform potential customers that their firms can meet those needs by supplying a quality product at a reasonable price. And it is the path to developing loyal, long-term customers. This chapter begins with an examination of the marketing concept and the way businesspeople develop a marketing strategy. We then turn to marketing research techniques, leading to an explanation of how businesses apply data to market segmentation and understanding customer behavior. The chapter closes with a detailed look at the important role customer relationships play in today’s highly competitive business world.
Learning Objectives
- Explain marketing’s definition of a product; differentiate among convenience, shopping, and specialty products; and distinguish between a product mix and a product line.
- Briefly describe each of the four stages of the product life cycle with their marketing implications.
- Explain how firms identify their products.
- Outline and briefly describe each of the major components of an effective distribution strategy.
LECTURE SLIDES OF CHAPTER 12
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