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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

PRIDE HUGHES KAPOOR

INTRODUCTION TO

BUSINESS

ELEVENTH EDITION

Chapter Fourteen

Building Customer Relationships Through Effective Marketing

14 | 1

learning objectives
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

learning objectives cont d
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

marketing
Marketing
  • Define Marketing
  • Know the Major Marketing Functions
    • Exchange Functions
    • Physical Distribution Functions
    • Facilitating Functions

14 | 4

managing customer relationships
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

the marketing concept
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

classifying markets
Classifying Markets
  • Define
    • Market
    • Consumer Markets
    • Business-to-Business (Industrial) Markets
    • Producer Markets
    • Reseller Markets
    • Governmental Markets
    • Institutional Markets

14 | 7

developing marketing strategies
Developing Marketing Strategies
  • Define
    • Marketing Strategy
      • What are the components of a marketing strategy?
    • Target Market
    • Market Segment
    • Market Segmentation

14 | 8

general approaches for selecting target markets
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

the marketing mix and the marketing environment
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

developing a marketing plan
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

market measurement and sales forecasting
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

marketing information
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

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

14 | 14

types of buying behavior
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

types of buying behavior cont d
Types of Buying Behavior (cont’d)
  • What is Consumer Income?
    • Be able to distinguish between
      • Personal Income
      • Disposable Income
      • Discretionary Income

14 | 16