Marketing
Product Oriented
An approach to business that centers on capturing business by focusing on product EX: Starbucks " we sell coffee and snacks"
Core Concept 2: Market Offerings
Products, services, information, or experiences offered to satisfy a need or want
Wha is marketing in 3 words?
Satisfying customers needs
Core Concept 1:Needs
States of felt deprivation
Marketing
creates value for customers
Core Concept 3: Customer Value and satisfaction
customer form expectations about the value and satisfaction of marketing offerings Satisfaction- feelings of pleasure or disappointment resulting from comparing a products perceived performance in relation to expectations
Customer-generated marketing
brand exchanges created by consumers themselves - both invited and uninvited - by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers
What is CMR?
customer relationship management: the overall process of building and maintaining profitable customer relationship by delivery superior customer value and satisfaction
What is the BCG Matrix?
evaluates a company SBUS in terms of market growth rate and relative market share
Core Concept 4: Exchange Relationships
exchange relationships : is the act of obtaining a desired object by offering something in return marking consist of creating maintaining and growing desirable exchange relationships
expectation-satisfaction model
expectations -> perceived performance -> delighted, satisfaction, dissatisfied
Shared value
focuses on creating economic value in a way that also creates value for society
Core Concept1: Wants
form taken by human needs when shaped by culture and individual personality and marketing
Marketing Myopia
paying more attention to the specific products than to the benefits and experiences produced
what is meant to be market oriented?
satisfying basic customers needs
whats the difference in the selling and marketing concept?
selling concept is inside out view focusing on existing products and heavy selling ( wrong way) marketing concept is outside in view thtat focuses on customers needs as a path of profits
stragegic planning
the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities
what is value chain
the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products
customer equity
the total combined customer lifetime values of all of the company's customers ( CLV+ CLV+ CLV)
what are the 4 bonds or attachments to build a relationship?
utilitarian affective symbolic obligatory
Ansoff's Growth Matrix
(1) Market penetration-current products in current markets. (2) Market development- current products to new markets. (3) Product development-new products to current markets (4) Diversification- new products new markets.
Steps in Strategic Planning
1. Defining the company mission 2. Setting company objectives and goals 3. Designing the business portfolio 4. Planning marketing and other functional strategies
market managent orientations
1. production concept(available/ affordable) 2. Product concept ( quality /performance/features) 3. selling concept( large scale selling/ promo) 4.Marketing concept( needs and wants of customers) 5. societal marketing concept ( needs/wants+ society)
Which box captures value from customers of the marketing process?
Box 5
What is marketing box 5?
Capture value from customers to create profits and customer equality
Define market management
Choosing target markets and building profitable relationships
What is marketing box 3?
Construct an integrated marketing program that delivers superior value
First 4 boxes of marketing process do what?
Create value for customers and build relationships
What is marketing box 2?
Design a customer value driven marketing strategy
What is marketing box 4?
Engage customers , build profitable relationships, and create customer delight
What are the 4 different customer relationship groups?
HIGH butterflies | true friends stranger | barnacles LOW SHORTERM ---> LONGTERM
core concept 1: demands
Human wants that are backed up by buying power
Box 1 Core concept 1
Needs wants and demands
What is marketing in 23 words?
The process by which companies engage customers, build strong relationships, and create customer value in order to capture value from customers in return.
what is the population of the world and US?
US: 334,000,000 World: 7,946,015,226
What is marketing box 1?
Understand the marketplace and customers needs and wants
marketing strategy
a company's plan that identifies how it will use marketing to achieve its goals the 4 Ps ( product place promotion price)
SBU (strategic business unit)
a division, product line, or other profit center within the parent company
Mission Statement
a statement of the organization's purpose - what it wants to accomplish in the larger environment
value delivery network
is composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system.
value proportion
is the set of benefits or values it promises to deliver to customers to satisfy their needs EX: youtube, axe, bmw
What is CLV (customer lifetime value)?
is the value of the entire stream of purchases a customer makes over a lifetime patronage ex: stew leonard
difference between the marketing and social marketing concept?
marketing taking outside in view and focuses on customers needs social marketing concept focuses on want satisfaction and company profits
Core Concept 5: Markets
markets :all actual and potential buyers of a product
which steps in strategic planning is corporate level
setting company objectives and goals
BCG Matrix
stars- high high question - high low , cash cows low high , dogs low low
Business Portfolio
the collection of businesses and products that make up the company
portfolio analysis
the process by which management evaluates the products and businesses that make up the company