Chapter 1. Why Is Marketing Management Important?

Chapter 2. Customer Behavior.

Overview:

This week's readings provide an understanding of the meaning of the term "marketing". It will also explain the importance of marketing, as well as, introduce and provide an overview of the marketing management framework. Marketing is defined as an exchange relationship between a firm and its customers wherein the customer wants something from the firm, and the firm wants something from the customer. Marketing can be involved with educating the marketplace. Its importance can be explained through its evolution from the production-focused stage to the sales-oriented stage, and finally, the customer-oriented marketing world. Due to the current customer-oriented environment, firms understand the importance of creating and maintaining relationships with their customers. It will also identify the 5Cs of marketing: customer, company, context, collaborators, and competitors. It then describes the STP (segmentation, targeting, and positioning) framework, followed by an explanation of the 4Ps of marketing [i.e., product, price, place (distribution), and promotion].The explanation of how to identify and describe the three phases of the purchasing process (pre-purchase, purchase, and post-purchase). You will be able to distinguish among the types of purchase for consumers and for businesses (convenience purchases, shopping purchases, and specialty purchases versus straight rebuy, modified rebuy, or a new buy). Students will also understand the role of sensation and perception; learning, memory, and emotions; motivation; and attitudes and decision making in the purchasing process (i.e., consumer behavior), as well as, how culture affects these decisions. From a managerial perspective, the readings will help students to understand how the purchase processes are similar and how the level of consumer involvement depends upon the type of purchase. All five senses of human beingssight, hearing, touch, smell, and tastecan be used to attract their attention to a particular brand, but the extent to which consumers are attracted also depends on various other factors such as social class, age cohort, gender, ethnicity, and country culture.

Learning Objectives:

Chapter 1 - Why Is Marketing Management Important?

Learning Objectives:

1. Understand the meaning of the term "marketing."
2. Explain the importance of marketing.
3. Introduce and provide an overview of the marketing management framework.

Chapter 2 - Customer Behavior

Learning Objectives:

1. Identify and describe the three phases of the purchase process.
2. Distinguish among the types of purchases for consumers and for businesses.
3. Understand the role of sensation and perception; learning, memory, and emotions; motivation; and attitudes and decision making in the purchase process.

Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter.Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion.

Also, provide a graduate-level response to each of the following questions:

1. Before reading this chapter or beginning class, what did you expect marketing to be? Ask a family member, classmate, or coworker what they think marketing is. See whether you can persuade them that marketing enhances a mutually beneficial exchange between a customer and a company.
2. New businesses are frequently launched as a means to address a current glitch in the industry. Pick an industry and identify a typical customer problem. What changes could you make to enter that industry and enhance customer satisfaction (and be profitable)?

[Your post must be substantive and demonstrate insight gained from the course material. Postings must be in the student's own words - do not provide quotes!]

[Your initial post should be at least450+ wordsand in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review]