Things to Know
Marketing Definitions: making a sale, managing profitable customer relationships, satisfaction of customers’ needs.
Social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Goals: Attract new customers by promising superior value & Keep and grow current customers by delivering satisfaction
Needs: states of felt deprivation
Want: form human needs take as they are shaped by culture and individual ...view middle of the document...
Customer Lifetime Value: Value of the entire stream of purchases a customer makes over a lifetime of patronage
Customer Equity: The total combined customer lifetime values of all the company’s current and potential customers. Helps to measure the future value of the company’s customer base
Customer Relationship Management: The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
The BCG Matrix: Stars need heavy investments to finance rapid growth
Cash cows need less investment to hold market share
Question Marks require a lot of cash to hold their share, let alone increase it
Dogs do not promise to be large sources of cash
Product/Market Expansion Strategies:
Market Penetration - Increasing sales of current products to current market segments without changing product.
Market Development - Identifying and developing new market segments for current products.
Product Development - Offering modified or new products to current market segments.
Diversification - Starting up or acquiring businesses outside the company’s current products and markets.
Value Chain: Series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.
Value Delivery Network: Made up of the company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.
Market Segmentation: Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
Market Segment: A group of consumers who respond in a similar way to a given set of marketing efforts
Market Targeting: The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter
Differentiation Actually differentiating the market offering to create superior customer value
Positioning: Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
The 4 P’s and their subcategories:
Product: Variety, quality, design, features, brand name, packaging, services
Price: List price, discounts, allowances, payment period, credit terms.
Promotion: Advertising, personal selling, sales promotion, public relations
Place: channel, coverage. Locations, inventory, transportation, logistics
Marketing Implementation: Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives. Addresses the who, where, when, and how of the marketing activities
Control: Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved
The Marketing Environment: actors and forces outside marketing that affect marketing management’s...