GB 350 Ole Miss Chapter 1 Allyn White – Flashcards

-the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large -processes that focus on delivering value and benefits to customers, not just selling goods and services -Example: hospice care, women's story about father dying

1) Value 2) Meeting organizational objectives

1) at least two parties 2) something of value 3) communication and delivery 4) freedom to accept or reject 5) desire to deal with other party

1) internal capabilities of the firm "What can we make or do best?" 2) aggressive sales technique and belief that high sales result in high profits "How can we sell more aggressively?" 3) satisfying customer needs and wants while meeting objectives "What do customers want and need?" 4) satisfying customer needs and wants while enhancing individual and societal well-being "What do customers want/need and how can we benefit society?"

1) Obtain information about customers, competitors, and markets and examine from a total business perspective 2) Determine how to deliver superior customer value 3) Implement actions to provide value to customers Customers are informed selling in a digital economy

An organization exits not only to satisfy customer wants but also to preserve or enhance individuals and society's long term best interests #1 biggest problem- justifying premium prices

1) Organization's focus 2) Firm's business 3) Those to whom the product is directed 4) Firm's primary goal 5) Tools the organization uses to achieve its goals

1) Inward looking What the firm makes 2) Outward looking What the market wants

-offer products that perform -earn trust -avoid unrealistic pricing -give the buyer facts -offer organization-wide commitment in service and after-sales support -co-creation with customers

The customers' evaluation of a good or service in terms of whether that good or service has met their needs and expectations BENEFITS-COSTS=LEVEL OF SATISFACTION

-Strategy that focuses on keeping and improving relationships with customers Successful Strategies need: -Customer-oriented -Effective Training Programs -Empowered Employees -Teamwork

1)Customer-Oriented personnel -every employee represents the firm in the eyes of the customers 2) Employee training programs 3) Empowered employees -employees are given more authority to solve customer problems on the spot 4) Teamwork -emphasizing cooperation over competition wile helping a customer

1) Defining a firm's Business -Sales Orientation-goods and services -Market Orientation- Benefits that customers seek 2) Knowing the Firm's Business -Ensures a customer focus -Encourages innovation and creativity - Stimulates an awareness of changes in customer preferences

1) Important to Society 2) Important to Business 3) Good Career Opportunities

1) Marketing knowledge is valuable, no matter your discipline. "how to market to people, not like you" (Where business and psychology meet) 2) Everyone has a customer, you need to know yours. 3) Marketing is about commitment to the customer and organizational objectives. "Has to move like a shark, forward, or it dies." 4) Higher consumer information access means increased transparency for organizational decision making. "Information now is harder to validate" "Apple that doesn't turn brown...?" (harder to validate) 5) Success is not just a grade, real value is created when you can tie the classroom to the real world.