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If you and three friends go to a restaurant and order the same dish, each of you will like it more or less depending on your own personal tastes. One way to think of value is to think of a meal in a restaurant. The equation is a personal one because how each consumer judges the benefits of a product will vary, as will the time and effort he or she puts into shopping. Hassle is the time and effort the consumer puts into the shopping process. By profitable, we mean that the consumer’s personal value equation is positive. So, although the offering is created by the company, the value is determined by the customer.įurthermore, our goal as marketers is to create a profitable exchange for consumers. In other words, value is what the customer gets by purchasing and consuming a company’s offering. When we use the term value, we mean the benefits buyers receive that meet their needs. Marketing is composed of four activities centered on customer value: creating, communicating, delivering, and exchanging value. However, one of the goals of this book is to focus on exactly what it is that marketing professionals do.
#PRINCIPLES OF MARKETING CHAPTER 9 QUIZLET FREE#
Does the product include services that come with your new car purchase (such as free maintenance for a certain period of time on some models)? Or does the product mean only the car itself?įinally, none of the four Ps describes particularly well what marketing people do. That’s part of the exchange process.Įven the term product, which seems pretty obvious, is limited. For example, when you buy a car, you sign documents that transfer the car’s title from the seller to you. Exchanging requires, among other things, the transfer of ownership.
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For example, exchanging requires mechanisms for a transaction, which consist of more than simply a price or place. As such, these words fail to capture all the activities of marketing. Product, price, place, and promotion are nouns. The answer is that they are not exactly the same. If the four Ps are the same as creating, communicating, delivering, and exchanging, you might be wondering why there was a change. Introduced in the early 1950s, the four Ps were called the marketing mix, meaning that a marketing plan is a mix of these four components. The monetary amount charged for the product (exchanging). Getting the product to a point at which the customer can purchase it (delivering). The traditional way of viewing the components of marketing is via the four Ps: Getting those offerings to the consumer in a way that optimizes value. Broadly, describing those offerings, as well as learning from customers. The process of collaborating with suppliers and customers to create offerings that have value. Marketing is defined by the American Marketing Association as “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 1.” If you read the definition closely, you see that there are four activities, or components, of marketing:
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