Marketing Environment

Unit 1 DB: Creating Value Through the Marketing Process

Unit 1 DB: Creating Value Through the Marketing Process

Overview:

For this conversation, you are being asked to share your opinions as a consumer. Share your personal experiences on a recent purchase with an online seller or retail store. What factors did you consider when deciding on your purchase? Was the price the most important factor? The quality? How did the promotion influence your decision?

Simulated Business Scenario:

The marketing process is intended to create value for the consumer. For example, customer satisfaction is dependent upon the product’s perceived performance relative to a buyer’s expectations. If the product performs as or better than the customer expected, they are likely satisfied and willing to purchase the product or service again. If the product does not meet customer expectations, the customers will likely not be satisfied and may write a poor review on the company and/or the product.

Questions:

For this discussion, think of an example of a product or service offering that has either met or exceeded your expectations by creating value for you OR did not meet your expectations or create value for you. Write a review of that product/service. Give it a 1-5 star rating (1 being awful and 5 being awesome) and explain why you rated it the way you did.

Keep in mind, you are being asked to share your personal opinions and purchasing experiences!

In response to your peers, address your experience with similar products/services and your assessment of your classmate’s review.

 

Readings and Resources

eBook:

Armstrong, G., & Kotler, P. (2021). Principles of Marketing (18th ed.). Boston, MA: Pearson Education, Inc.

· Chapter 1: Marketing Creating Customer Value and Engagement

This chapter introduces the basic concepts of marketing. You will learn the key elements of a customer value-driven marketing strategy and major trends and forces that are changing the marketing landscape.

· Chapter 3: Analyzing the Marketing Environment

In this chapter, you will see that marketing operates in a complex and changing environment. No business operates in a vacuum. Micro and macro-environmental factors play a vital role in determining whether each individual business succeeds or fails.

Articles, Websites, and Videos:

Technological advances like social media have transformed marketing and socio-cultural forces have raised expectations for marketers. This article showcases how this has altered customer needs while generating opportunities for value creation.

 

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