marketing management complete

7/24/2019 Marketing Management Complete

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9&N$3(5@6>(S '$*E&3(@= aims to build mutually satisfying long-term relationships with key

constituents in order to earn and retain their business. Four key constituents for relationship

marketing are customers, employees, marketing partners (channels, suppliers, distributors,dealers, agencies), and members of the financial community (shareholders, investors,

analysts). Marketers must create prosperity among all these constituents and balance the

returns to all key stakeholders. To develop strong relationships with them requires

understanding their capabilities and resources, needs, goals, and desires.The ultimate

outcome of relationship marketing is a unique company asset called a marketing network,

consisting of the company and its supporting stakeholderscustomers, employees, sup-

pliers, distributors, retailers, and otherswith whom it has built mutually profitable

business relationships. The operating principle is simple: build an effective network of

relationships with key stakeholders, and profits will follow.

Integrated marketing occurs when the marketer devises marketing activities and assembles

marketing programs to create, communicate, and deliver value for consumers such that


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the whole is greater than the sum of its parts. Two key themes are that (1) many different

marketing activities can create, communicate, and deliver value and (2) marketers should

design and implement any one marketing activity with all other activities in mind. All

company communications also must be integrated. Using an integrated communication

strategy means choosing communication options that reinforce and complement each other.

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Performance marketing requires understanding the financial and nonfinancial returns to

business and society from marketing activities and programs. Top marketers are

increasingly going beyond sales revenue to examine the marketing scorecard and interpret

what is happening to market share, customer loss rate, customer satisfaction, product

quality, and other measures. They are also considering the legal, ethical, social, andenvironmental effects of marketing activities and programs.

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