Marketing #1 (PPT)

4 Parts of Promotion: (PASP) marketing mix tools should blend into a comprehensive ____ ____ ____

personal selling, advertising, sales promotion (giveaway), publicity -integrated marketing program

_______ ______•Forces that influence or limit various organizations and individuals in a society --> includes: laws, ____ ____ and ___ groups

political environment --> govt agencies, pressure groups

_______________ the product to occupy a clear, distinctive, and desirable place relative to competing products (Ford Trucks) ______________ the market offering to create superior customer value (most reliable) --> the companys entire marketing program should support the chosen ____ strategy

positioning differentiating --> positioning (Uber: positions itself as "everyone's private driver")

2) Market Offerings:-combination of ____, ____ , _____, _____ offered to a market to satisfy a need or want EX: banking, airline, hotel, retailing, home repair servicesAlso include other entities (ppl, places, info, ideas, causes, orgs)

products, services, info, experiences

Marketing Process: create value for customers and build a customer relationship; capture value from customers in return

starbucks: enriches ppls lives one moment, one human being, one extraordinary cup of coffee at a time

_____ _____: Game plan for long-run survival and growth •Helps to maintain a strategic fit between its ____ and ______ and changing marketing opportunities. --> adapting the firm to take advantage of opportunities in changing enviro (WHILE long-range plans: deal w/ current bus. and how to keep them going)

strategic planning -goals and capabilites

SWOT Analysis: ______, ______, ______, _______

strengths, weakenesses, opportunities, threats

•Provide the resources needed by the company to produce its goods and services

suppliers

Designing a winning marketing strategy: 2 questions:

target market? (what customers) value proposition? (how can we serve these customers best)

Old marketing (traditional): ____ and ____ --> NOW(contemporary): ______ _____ ____

telling and selling --> satisfying customer needs

Big Data and AI: -marketers can now amass mountains of data -brands can use big data to: --> gain deep ____ ____ --> _____ marketing offers --> and improve ____ ____ and ____

--> customer insights --> personalize --> customer engagements and service

5 Major developments that are changing the marketing landscape:

1) digital age 2) changing ecnomic environment 3) growth of not-for-profit marketing 4) rapid globalization 5) sustainable marketing

Natural Environment: -physical enviro and natural resources needed as inputs by marketers or affected by marketing activities --> _____ ______: concerns have grown steadily over past 3 decades -Trends: ---> shortages of __________ ---> increased _______ ---> increased _______

--> environmental sustainability ---> raw materials ---> pollution ---> government intervention

Rapid Globalization and Sustainable Marketing: -managers around world are taking both local and global views of company's: ---> _____ --->______ ---> ______ -For example, a new Internet retailer finds itself receiving orders from all over the world, while at the same time, an American consumer goods producer introduces new products into emerging markets abroad. -corporate ethics and social responsibility are impt now

--> industry --> competitors --> opportunities

Partnering with Others in the Marketing System: -Companies should assess value chains: --> _____ ______ (production, marketing, etc) --> ______: suppliers, distributors and customers -Value delivery network is composed of the company, its _____, its ______, and its customers

--> internal departments --> external -suppliers, distributors --> FORD: even if ford makes best cars, it might lose in the markeplace if toyota provides more customer satisying sales and services

Reasons to abandon products or markets: --> _____ _____ of the company --> Lack of ______ in a market --> Change in market ______ --> ______ of a particular product

--> rapid growth --> experience --> environment --> decline

•Companies use cause-related marketing to ---> Exercise their _____ ____ ---> Build more ______ ____ •Primary form of corporate ______ •Controversy—strategy for selling more rather than a strategy for giving

--> social responsibility --> positive images -giving --> Ben And Jerrys: 3 parts --> make good ice cream, manage company for sustainable fin. growth, and use company in innovative ways to make world a better place

Customer Value-Driven Marketing Strategy: --> Marketing logic by which the company creates customer ____ and achieves _____ customer relationships --> Integrated marketing mix: ___________ --> Activities for best marketing strategy and mix ----> Marketing _____ ---->Planning, implementation, and _____

--> value; profitable --> product, price, place, promotion --> -----> analysis -----> control

•New technologies create new markets and opportunities. -Digital Technology -___________: is technology to track products through various points in the distribution channel. •Government agencies investigate and ban potentially unsafe products. --> results in much higher ____ costs and longer times between new product ideas and introduction

-RFID: Radio-Frequency Identification ---> research -EX: RFID = DIsney --> MagicBand

Growth-Share Matrix: -evaluates a company's _____ in terms of ____ ____ ____ and relative ____ ___ -PROBS w/ GSM: --> difficult, ____ ____, and costly --> difficult to _____ and _____ --> provides little _____ for future planning

-SBU's; market growth rate and relative market share --> time consuming --> define and measure --> advice

marketing plan continued : -after marketing strategy.... -____ ____: spells out how marketing strategies will be turned into action -______: profit-loss statement -_____: monitor progress, measure return on marketing investment, take corrective action

-action programs -budgets -controls

Markets: -all ___ and ___ buyers of a product -____ and ____ market -___ -___ relationships

-actual and potential : sellers must search for buyers, identify needs, design good market offerings, set prices, promote them ,store and deliver -seller and consumers -customer-managed (made marketing a 2 way affair; technology)

(WRITE THESE DOWN): -______: lists # commercials aired during childrens programs -_______: requires food product labels provide detailed nutritional info -_______: est procedures to avoid unwanted telephone solicitations -________: makes discrimination against ppl with disabilities illegal

-childrens TV act -nutrition labeling and educ act -telephone consumer protection act -americans w/ disabilities act

•Legislation regulating business is intended to protect: -______ from each other -_______ from unfair business practices -the interests of _____ against unrestrained ______ behavior

-companies -consumers -society; business

-Persistence of Cultural values: _____ beliefs: and values have a high degree of persistence and are passed on from parents to children and are reinforced by schools, churches, businesses, and government. ---> indiv. freedom, hard work , get married _____ beliefs: and values are more open to change and include people's views of themselves, others, organizations, society, nature, and the universe. --> believe ppl should marry early

-core -secondary

Marketing investment results in improved __________, which in turn increases ____________. This increases individual ________ and firms overall ___________. Increased customer equity determines return on marketing investment

-customer value and satisfaction; customer attraction and retention. lifetime values and firms overrall customer equity

Creating Customer Loyalty and Retention: •Keeping customers loyal makes good ________ sense. •_____ _____ ____ : is the value of the entire stream of purchases a customer makes over a lifetime of patronage. •Customer defections can be costly --> Can lose that customer's ____ ____ --> May cause other customers to defect

-economic -Customer Lifetime Value --> lifetime value -->

Consumer-Generated Marketing: -Brand _______ created by consumers --> Consumers play an increasing role in shaping their _____ brand experiences and those of other consumers -uninvited: ____ to _____ _____ (EX: ___) -invited: new _____ and ____ ideas; active role in shaping ads

-exchanges --> own -uninvited: consumer-to-consumer exchanges (blogs, social media) -invited: new product and service ideas

Marketing Plan: -Begins with ________: brief summary main goals and recommendations -MAIN section of plan present detailed SWOT of _____ _____ _____ and potential _____ and _______. -then states major _______ and ______ -then ____ ____: outlines broad marketing logic and specifies target makrets, positioning, expenditure levels

-executive summary -current marketing situation; threats and opportunities -objectives and issues -marketing strategy

Marketing Department Organization: •_________ organization (acct, marketing, hr) •_________ organization (in DE, in US, around world) •_________ organization (diet soda, reg soda) -____________ organization (dell compu) -___________ organization(usually large companies

-functional -geographic -product management (best if sell 1 product line) -market or customer management -combination

Marketing..... -Provides a ______ _____ --> Marketing concept—company strategy should create ____ ____ and build profitable relationships -Provides inputs to _____ _____ --> Identify market ______ and potential to take advantage of them -Designs strategies for reaching the business unit's ______

-guiding philosophy --> customer value -strategic planners --> opportunities -objectives

•Digital and social media marketing: Engaging consumers via their digital devices using digital marketing tools •Mobile marketing: Using mobile channels to stimulate _____ ____, make shopping easier, and enrich the_____ experience •Blending the new digital approaches with ____ marketing creates a smoothly integrated marketing strategy and mix.

-immediate buying; brand experience (EX: starbucks - find nearest, learn about products) -traditional

Partner Rltp Management: •Working closely with partners both _____ and _____ the company to jointly bring more value to customers -Partners inside the firm: ___ -____ teams (link all departments) -Partners outside the firm: _____, channel partners (supply chain management)

-inside and outside -cross-functional teams -suppliers

Strengths include _____ capabilities, resources, and positive _____ _____ that may help the company serve its customers and achieve its objectives. Weaknesses include ______ limitations and negative _____ ____ that may interfere with the company's performance. Opportunities are positive factors or trends in the ______ environment that the company may be able to exploit to its advantage. Threats are negative _____ factors or trends that may present challenges to performance.

-internal; situational factors -internal ; situational factors -external -external

•Socially responsible companies actively seek out ways to protect the _______ ______ of consumers and the environment. •Companies develop policies, guidelines, and other responses to complex ______ ______issues.

-long-run interests -social responsibility

Customer Rltp Levels: -basic rltp -____ ____: develop basic rltp with them -full partnerships -____ _____: develop full partnership Tools: -_____ _____ programs -_____ _____ programs -_____ ____ programs

-low margin -high margin Tools: -frequency marketing -loyalty rewards (JetBlue: frequent flier points add enhancements) -club marketing

Setting Company Objectives and Goals: •Detailed supporting objectives for each level of ________ •Setting a _______ ___ _________ (broad mission leads to this) -_____ objectives (make $, grow business) -_____ objectives (offer products customers want at a price they feel is fair)

-management -hierarchy of objectives --> business --> marketing EX: CVS --> renamed motto = "health is everything"

•_____________: Actors close to the company that affect its ability to serve its customers •______________: Larger societal forces that affect the microenvironment

-microenvironment -macroenvironment

Portfolio Analysis: •Management's evaluation of the _____ and _____ that make up the company --> Identify the ___________ --> Assess SBUs' _______ and decide on the level of support SBU deserves •____ _____ toward more profitable businesses and phase down or drop its weaker ones -SBU can be a company ____, product line within division, or sometimes a ________

-products and businesses --> Strategic Bus units (SBU's) --> attractiveness -Direct resources -division, single product or brand

Growing Share of Customer: -Portion of customers _____ in their product categories -Share of Customer increased by: --> good ____ ____ ____ --> offering greater ____ to current customers --> creating programs to ___-___ and ___-___ to existing customers (EX: amazon leverage rltp to increase its share of each customers spending)

-purchasing --> customer rltp management --> variety --> cross-sell and up-sell

STEP 1: Mission Statement: •Statement of the organization's ______ (what is our business, what do customers want) •_______ oriented—defined in terms of satisfying basic ______ needs •Emphasize the company's ______ •Focus on customers and the customer experience -meaningful and _____, yet motivating

-purpose -market; customer -strengths (and how intends to win) -focus on customer -specific --> BWW: "fuel the sports fan experience"

Social Media Marketing: •Online social media provide a digital home for people to connect and share important information and life's moments. •Social media offer an ideal platform for ___-____ marketing and engagement. -Facebook, Twitter, Snapchat, and smaller more focused sites.

-real-time

Marketing intermediaries examples: -____ : distribution channel firms that help company find customers or make sales to them - wholesalers and retailers -_____ _____ ____: help the company stock and move goods from their points of origin to their destinations. -_____ _____ ____: marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets -_____ _____: include banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods.

-resellers -physical distribution firms -marketing services agencies -fin. intermediaries

Designing Customer Value-Driven Marketing Strategy: -____________ -____ _____ -____ _____

-selecting customers to serves -target market: which segments to go after -market segmentation: divide the markets into segments of customers

•Supplier problems seriously affect marketing: -Supply_____ or _____ (cost sales in short run or damange satisfaction in long run) -____ _____ -Price trends of key _____

-shortages or delays -labor strikes -inputs --> IKEA: develop reliable network of supplier- partners who can help it design and make

Modern Marketing System: -____ --> ____ and ____ ---> _____ ____ ---> ____ ___ -companys success at building profitable relationships depends not only on its own actions but also on how well the entire system serves the needs of final customers --> EX: walmart cannot fulfill its promise of low prices unless suppliers provide merchandise at low costs

-suppliers --> company and competitors --> marketing intermediaries --> final consumers

Shifts in secondary values of peoples views about: -View of _____: vary in emphasis on serving themselves v. others -View of _____: People's views of others: More "cocooning" - staying home, eating home-cooked meals -View of ______: Decline of loyalty toward companies -View of _____: Patriots defend it, reformers want to change it, and malcontents want to leave it. -View of ______ : Some feel ruled by it, in harmony with it, or seek to master it. -View of _______ :Renewed interest in spirituality and development of more permanent values—family, community, earth, faith

-themselves -others -organizations -society -nature -universe

Criticism of 4 P's: -omits or _____ service products (EX: ______) -needs to include _____ as a product design -buyers perspective would emphasize the four A's: ---> ---> ---> --->

-underemphasizes (EX: banking, airline) -packaging -Four A's ---> acceptability ---> affordability ---> accessibility ---> awareness

Partnering with Other Company Departments: -Company departments are links in the company's internal _____ ____ . (each dept carries out value creating activities to design, produce, market, deliver, support) -Firm's success depends on how well the various departments ______ their activities. -Marketers should ensure all the departments are ______-______ and develop a smooth functioning value chain.

-value chain -coordinate -customer-focused

Major Actors in Microenvironment: 1-6

1) company 2) suppliers 3) marketing intermediaries 4) competitors 5) publics 6) customers

•Steps in business portfolio planning: 1) -Analyze the firm's _____ ____ ____ (what's working, what isn't working) 2)-Develop strategies to shape the ____ ____ (growth and downsizing)

1) current business portfolio 2) future portfolio --> EX: Mars INc (not only candy but owns uncle ben rice brand and pet nutrition)

Marketing Process: 1) Understand _______ and ______ needs 2) Design customer _____-_____ marketing strategy 3) Build ______ marketing program that delivers _____ value 4) Engage customers, build ______ relationships, create customer ______ 5) Capture value from customers to create ______ and customer _____ Steps 1-4: _____ value for customers and build customer rltp Step 5: ______ value from customers to create profits and customer equity

1) marketplace; customer 2) value-driven 3) integrated; superior 4)profitable 5) profits; equity 1-4: create value 5: capture value

5 Core customer and marketplace concepts:

1) needs, wants, demands; 2) market offerings - products, services, experiences 3) value and satisfaction; 4) exchanges and relationships; 5) markets

Product or Market? 1) we sell coffee 2) we give customers "food as it should be": food that tastes good, feels good 3) we are a social networking app 4) we help people caputre and share world moments

1) product 2) market 3) product 4) market

Marketing Mix: 1. _____ is the goods-and-services combination the company offers to the target market. 2. _____ is the amount of money customers must pay to obtain the product. 3. ______ includes the company activities that make the product available to target consumers. 4. _______ refers to activities that communicate the merits of the product and persuade target customers to buy it. --> an effective marketing program blends the marketing mix elements into an ____ ____ program designed to achieve the company's marketing objective by delivering value to consumers

1) product 2) price 3) place 4) promotion --> integrated marketing

3 Considerations Underlying the Societal Marketing Concept:

1) society ( human welfare) 2) Company (profits) 3) Consumers (want satisfaction) EX: Lush knows that doing what's right benefits both customers and the company -- "we believe in happy ppl making happy soap"

Marketing Strategy 2 questions: 1) 2) -then design marketing program - 4 P's - delivers intended value to targeted consumes

1) which customer serve (segment and target) 2) how create value (differentiate and position)

Steps In Strategic Planning: -1st 3 steps: ____ level -4th step: _____, _____, _____ level STEP 1) define ______ STEP 2) Set company _____ and _____ STEP 3) Design ______ _____ STEP 4) _____ ____ and other functional strategies

1-3: corporate level 4: business unit, product, market level 1) define company mission 2) set company obj and goals 3) design bus. portfolio 4) planning marketing

The 4 P's of Marketing:

1. product, 2. price (easiest to change, 3. Place/distribution, 4. Promotion

BCG (___ ____ ____) Growth-Share Matrix: market growth rate provides measure of ____ ____; relative market share serves as measure of ____ ____ (DRAW IT) _____: high growth , high share _____: low growth, high share _____: high growth , low share _____: low growth, low share --> circles = ______

Boston Consulting Group: market attractiveness; company strength -stars -cash cow -question marks -dogs --> currents SBU's

Marketing Strategy and Marketing Mix diagram: (DRAW) CORE: Next: ____ --> ____ --> _____ --> positioning Next: 4 P's : Next: marketing planning - makreting implementation - marketing control - marketing analysis

CORE: customer value and rltp Next: segment --> target--> differentiate --> position Next: Product, Price, Promotion, Place Next:

_____ _____ _____: Overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction --Acquiring, engaging, and growing customers --Key to build lasting customers: create superior value + satisfaction

Customer Relatinoship management

_____ ____: total combined customer lifetime values of all of the company's current and potential customers --> measure of the ____ of the companys customer base --> increases when the ___ of the firms profitable customer increases --> better measure of a firms ____ than current sales or market share -Customer lifetime value: measures long-term profitability of customers **Suggest the future !!!! (instead of reflecting the past)

Customer equity --> Future Value --> loyalty --> performance (EX customer equity: Cadillac --> market share was good but customer equity not: change by adjusting to younger generation and making classic car cool again

______ ______: net return from a marketing investment divided by the costs of the marketing investment. It measures the profits generated by investments in marketing activities. -assessment measures: ---> standard _____ ____ measures (brand awareness, sales, market share) ---> _____ -____ measures (customer acquisition, engagement, retention

Marketing ROI --> marketing performance --> customer-centered

Marketing Management Orientations:(5)

Production; Product; Selling; Marketing ;Societal Marketing

Managing the marketing process requires the 4 Marketing Management Functions: ____ ,_____, _____ and _____ -company first develops company-wide ______ _____ and then translates them into ____ and other plans for each division, _____, and brand -through ______, the company turns plans into actions -_____ consists of measuring and evaluating the results of marketing activities and taking corrective action where needed -finally, marketing ____ provides the info and evaluations needed for all the other marketing activities

analysis, planning, implementation, and control -strategic plans; marketing; product -implementation -control -analysis

Production Concept: consumers will favor products that are _____ and _____ --> Focus on improving _____ and ______ efficiency --> Can lead to __________

available and highly affordable --> production; distribution --> marketing myopia

4 generational groups: ________: 78 million people born during the years following World War II and lasting until 1964. ______: 49 million people born between 1965 and 1976 in the "birth dearth" following the baby boom. _____: 83 million children of the baby boomers born between 1977 and 2000. ______: People born after 2000 (although many analysts include people born after 1995) who make up the kids, tweens, and teens markets

baby boomers gen X millennials (gen y) generation z

Customer-managed relationships: customers connect with companies and with each other to help forge and share their own _____ ____ ____ ____: satisfied customers initiate favorable interactions with others about a brand

brand experiences brand advocacy

Collection of businesses and products that make up the company

business portfolio --> ** one that best fits the companys strengths and weaknesses to opportunities in enviro

Customer Rltp Groups: See Post it _____: high profitability and short term loyalty (should create ___ and ____ transactions capturing capturing as many as possible in short time; efforts are rarely successful ______: loyal and high profitable (firm should make continuous investments to delight them) ______: not loyal and not good profit (wont gain anything in investing) _____: loyal but not good profit ( improve profitability by selling them more, raising fees, or reducing service)

butterflies (satisfying and profitable) true friends strangers barnacles

_____: prohibits online collection of info from children without parental consent ; allows parents to review info collection from children ______: collects fees from telemarketers for enforcement of Do-Not-Call Registry _____: regulates distribution and content of unsolicited commercial e-mail ______: created Bureau of consumer financial protection --> writes and enforces rules for marketing of fin. products to consumers

childrens online pivacy protection act do-not-call implementation act CAN-SPAM act financial reform law

•Marketers must gain strategic advantage by positioning products strongly against ________ -No single strategy is best for all companies

competitors

______ markets: indiv and household that buy goods and services for personal consumption _____ markets: buy goods and services for further processing or use in their production process. ______r markets buy goods and services to resell at a profit. _______ markets consist of government agencies that buy goods and services to produce public services. ______ markets consist of buyers in other countries, including consumers, producers, resellers, and governments.

consumer business reseller govt international

Economic Environment: Economic factors affect _______ _____ _____ and spending -Changes in consumer spending -Differences in income distribution (tiered market) --> They are buying less and looking for greater value in the things they do buy. In turn, value marketing has become the watchword for many marketers. Marketers in all industries are looking for ways to offer today's frugal buyers greater value.

consumer purchasing power

5 types of customer markets:

consumer; business; reseller; govt; international

customer-engagement marketing: fostering direct and continuous customer involvement in shaping brand _______, brand ________, brand community --> GOAL : make the brand a _____ part of consumers lives -Greater consumer empowerment means that companies must practice marketing by ______. -Marketers must find ways to enter consumers' ______ with engaging and relevant brand messages.

conversations; experiences --> meaningful -attraction -conversations (Life is Good: authentic, engagement- worthy sense of purpose--> spreading optimism)

______ _____: consists of institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors. Society shapes basic beliefs and values. People grow up in a particular society that shapes their basic beliefs and values. They absorb a worldview that defines their relationships with others.

cultural environment

•_____________: Once a company fully understands its consumers and the marketplace, it must decide which customers it will serve and how it will bring them value -________ ______: choosing target markets and building profitable relationships

customer value-driven marketing strategy marketing management

-_____ -_____ firm: seeks to deliver high customer satisfaction relative to competitors: doesn't attempt to maximize customer satisfaction

customer-centered

Customer Relationship Management: _____ -_____ ____: customers evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers ---> Customers often don't judge accurately but on perceived value ______ ______: extent to which a product's perceived performance matches a buyer's expectations --> Performance falls short of expectations: dissatisfied --> Delight customers: promise only what can deliver; then deliver more than promise

customer-perceived value customer satisfaction

Major forces in the macroenvironment: (6)

demographic, economic, natural, tech, political, cultural

________: is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. •Marketers analyze: -Changing ____ and _____ structures -______ population shifts -______ characteristics -Population _____

demography -age and family -geographic -educational -diversity

____________: •Products or business units that are unprofitable or no longer fit the company's overall strategy -when find unprofitable: must carefully ____, ____ or._____ them

downsizing prune, harvest, divest

various govt agencies are now designing social marketing campaigns to ____ energy conservation and concern for enviro or _____ smoking / obesity

encourage discourage

Marketing: is ______ customers and managing ______ customer relationships. •Goals of Marketing -_______ _____ _____ by promising superior value -_____ and ____ ____ ____ by delivering satisfaction

engaging; profitable -Attract new customers -keep and grow current customers

customers form expectations about the value and satisfaction of marketing offerings: --> satisfied buy again --> dissatisfied switch to competitors setting the right level of ______

expectations --> low expectations: fail to attract buyers --> high expectations: disappoint buyers

Selling Concept: takes an ___ -___ view that focuses on existing products and heavy selling (profit through _____ ) Marketing Concept: takes an ___-__ view that focuses on satisfying customer needs and integrates all marketing activities (profit through ______)

inside-out (sales volume) outside-in (customer satisfaction)

____ ____ in a company form the internal environment (management, finance, R and D, purchasing, HR) -departments share the responsibility for understanding customer needs and creating value

interrelated groups

Selling Concept: consumers will not buy enough of the firm's products unless it undertakes a_____ -_____ ____________________. Usually with _____ ____ - those that buyers don't normally think of buying (life insurance) Aggressive selling risks: focus on creating_____ _____ rather than on building long-term, profitable customer relationships --> AIM: sell what make rather than what market wants

long-term selling and promotion effort unsought goods sales transactions

______ ________: Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives •Addresses the _____________ of the marketing activities

market implementation who, where, when ,how

Existing markets: existing products: ________ Existing markets: new products: _______ New Markets: Existing products: _____ New markets: new products: ________

market penetration (baking soda) product development (new iphone) market development (mariot - weekend getaway) diversification

Product / Market Expansion Grid: portfolio-planning tool for identifying company growth opportunities through _____ _____, _____ ____, _____ _____ and _____

market penetration, market development, product developmet and diversificiaton

group of consumers who respond in a similar way to a given set of marketing efforts.

market segment --> car market: consumers who want biggest, most comfy car regardless of price = one market segment

•Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs (sports car, suv)

market segmentation

•Evaluating each market segment's attractiveness and selecting one or more segments to enter

market targeting

______ ______: •Measuring and evaluating the results of marketing strategies and plans _____ _____: •ensures that the company achieves its sales, profits, and other goals. (determining profitability of diff products, markets, channels) _____ ____: involves looking at whether the company's basic strategies are well matched to its opportunities.

marketing control operating control strategic control

______ _____: •Outside forces that affect marketing management's ability to build and maintain successful relationships with target customers

marketing environment

•help the company to promote, sell, and distribute its products to final buyers.

marketing intermediaries

_____ _____: set of tactical marketing tools that the firm blends to produce the response it wants in the target market. This figure shows the four marketing tools, the four Ps.

marketing mix

______ _____: mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products Lose sight of underlying customer ____ , focus on existing _____ Customer will have the same need, but want the new product

marketing myopia (will have trouble if a new product comes along that serves the customers needs better or less expensively) needs; wants

_____ publics carry news, features, and editorial opinions. ________: A company's marketing decisions may be questioned by consumer organizations, environmental groups, etc. _____ publics include neighborhood residents and community organizations. ______ public: public's image of the company affects its buying. _______: include workers, managers, volunteers, and the board of directors.

media citizen-action local general internal

1) Needs, Wants, Demands: ____: state of felt deprivation ____: form human needs take as they are shaped by culture and indiv. personality ____: human wants that are backed by ____ power --> EX: new energetic CEO of target

needs wants demands; buying power

Exchange: act of obtaining a desired object from someone by _______________________ --> marketing consists of creating, maintaining, and growing desirable exchange relationships

offering something in return EX: political candidate: wants votes

____: any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives --> financical, media, govt, citizen action, local, general , internal

publics

Product Concept: consumers will favor products that offer the most in _____, _____, and ______ _____. --> Focus on making continuous _____ _____ --> IF focus only on products: marketing myopia (Look for a better solution to mouse problem, not mousetrap)

quality, performance, innovative features --> product improvements

Many SBU's start out as ______ and move into _____ category if they succeed --> later become _____ as market growth falls --> die off or turn into ____ at end of life

question marks --> stars--> cash cow --> dogs

______ firms passively accept the marketing environment and do not try to change it. ______ firms develop strategies to change the environment. --> They take aggressive actions to affect the publics and forces in their marketing environment. -times when have to settle for wathcing and reacting:

reactive proactive -geogrpahical population shifts, economic environment, cultural values

Forms of Marketing: ________:Making a sale; abundance of products in nearby shopping centers; Television, magazine and direct-mail ads __________:Satisfying customer needs; Imaginative websites and mobile phone apps, blogs, online videos, and social mediaReach customers directly, personally, interactively

traditional contemporary

______ _____: is the set of benefits or values it promises to deliver to consumers to satisfy their needs --> must decide how it will ____ and ____ itself in the marketplace

value proposition --> differentiate and position