MKT 201 exam #1

Customer relationship management

(CRM) - Involves managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty

Primary research contact methods

Mail, telephone and personal inverwing Mail questionnaires Telephone interviewing Personal intervening Individual and group

STP (Segmentation targeting and positioning)

(Segmentation, Targeting, positioning) A company must first decide whom it will serve first. It does this by dividing the market into segments of customers A company also decides how it will serve these target customers and how they differentiate themselves in a hectic market Everything in marketing boils down to STP

The 4 p's

(products, promotion, price and place)

Markets

A market is the set of actual and potential buyers or a product or service. These buyers share a particular need or want that can be satisfied through exchange relationships Marketing means managing markets to bring about profitable customer relationships. Sellers must search for and engage buyers, identify their needs, design good market offerings, set priced for them, promote them, and store and deliver then Although we normally think of marketing as being carried out by seller, buyers also carry out marketing Marketers are no longer asking 'how can we influence our customer?; but also 'How can our customers influence us? And even 'How can our customers influence each other

Shape of customer

A portion of the customers purchasing that a company gets in its products categories

managing the market effort

Analysis Planning Implenatiation Organization Control

Consumer buyer Behavior

Consumer buyer behavior is the buying behavior of final consumers- individuals and household that buy goods and services for personal consumption Consumer markets are made up of all the individuals and households that buy or acquire goods and services for persona consumption

Customer value and satisfaction

Customers form expectations about value and satisfaction of market offerings Satisfied customers buy again and tell others about their good experience Dissatisfied customers often to switch competitors and disparage the product to others

The macroenvironment

Even the most dominant companies can be vulnerable to turbulent and changing forces in the marketing environment Some forces are unforeseeable and uncontrollable Others can be predicted and handed through skilful management Companies that understand and adapt well to their environment can thrive

Exchanges and relationships

Exchanges is the act of obtaining a desired object from someone by offering something in return The response may be more then simply buying or trading products and services Marketing consists of actions taken to create maintain, and grow desirable exchange relationships with target audiences involving product, service, idea or other object Companies want to build strong relationships by consistently delivering superhero customer values.

Customer engagements marketing

Fostering direct and continuing involvement in shaping brand conversations and brand experiences, and brand community. Its goal is to make the brand a meaningful part of consumers Consumer generated marketing Consumers themselves play roles in shaping their own brand experiences and those of others

Customer insights

Fresh and deep insights into customer needs and wants Companies use insights to develop a competitive advantage Marketers must manage marketing information from a wide range of sources

Customer needs, wants and demands

Human needs are states of felt deprivation (air, food, water, sleep) Wants are the form human needs take as they are shaped by culture and individual personality When backed up, buying power wants become demands. Given their wants and resources, people demand products and services with benefits that satisfy them.

Marketers must be careful to set the right level of expectations

If they set expectations too low, they may satisfy those who buy but fail to attract enough buyers If the set expectations too high, buyers will be disappointed

Adopter categories

Innovators Early adopters Early mainstream Late mainstream Lagging adopters

Define the marketing information system and discuss its parts

Internal databases are collections of consumer and market information obtained from data courses within the company network Competitive marketing intelligence is the systematic collection and analysis of public;y available information about consumers, competitors, developments in the marketing environment Marketing research is the systematic design, collection, analysis, and reporting

Marketing return on investment (ROI)

Marketing ROI= net return from a marketing investment/ costs of the marketing investments It measures the profits generated by investments in a marketing activities Marketing ROI can be difficult to measure

Marketing Information system (MIS)

Marketing information system (MIS) refers to the people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights

define marketing and outline the steps in the marketing process

Marketing is a process by which companies create value for customers and build stronger customer relationships in order to capture value from customers in return. (usually to make more money) "the aim of marketing is make selling unnecessary" - Peter Drucker

Buyer decision process

Need recognition, informative search, alternative evaluation, purchase decision, post purchase behavior

describe the major trends and forces that change the marketing landscape

Online marketing Social media marketing Mobile marketing Big data and AI

Developing research plan

Outlines sources of existing data Spells out the specific research approaches, contact methods, sampling plans, and instruments to gather data Primary data is information collected for the specific purpose at hand Secondary data is information that already exists somewhere, having been collected for another purpose

Market myopia

Paying more attention to the specific products then to the benefits and experiences produced (EX)- People don't want a quarter inch drill, they want a quarter inch hole.

The microenvironment

Publics Financial Media Overment Citizen action Internal General Local The most important actors in the company's microenvironment Consumer Bueniss Reseller Government Investment

Secondary Research

Relevant - fits the research projects needs Accurate -reliably collected and reported Current - up to date enough for current decisions Impartial- objectively collected and reported

Market offerings

Some combination of products, services, information or experiences offered to a market to satisfy a need or a want

Approaches for primary research

Survey research-involves gathering primary data by asking people questions about their knowledge, attitudes, preferences and buying behavior Observational research- involving gathering primary data by observing relevant people, actions and situations Ethnographic research- Involves sending trained observers to watch and interact with consumers in their"natural environments" Experimental research- Involves gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses

Marketing mix

The firm must bled each marketing mix tool into a comprehensive integrated marketing program that communicates and delivers the intended value to chosen customers

Political and Social Environments

The political environment consists of laws, government agencies, and pressure groups that influence of limit various organizations and individual ina given society Cause-related marketing involves linking brands, consumers, and causes

Customer lifetime value

The value of the entire stream of purchases that the customer would make over a lifetime of patronage

Customer equity

Total combined customer lifetime values of all the company's customers

Responding to the marketing environment

Uncontrollable view - react and adapt to forces in the environment These companies analyze environment forces and design strategies that will help the company avoid the threats and take advantage of the opportunities the environment provides Proactive view- take aggressive actions the affect forces the the environment These firms develop strategies to change the environment Reactive view- watch and react to forces in the environment

Partner relationship management

Working close with partners and other company departments outside the company to jointly bring greater value to customers

Identify the key elements of a customer value-driven marketing strategy and discuss the marketing management orientations that guide market strategy

s the art and science of choosing target markets and building profitable relationships' Aim is to engage, keep, and grow target customers by creating, delivering, and communication superior customer value A winning marketing strategy must answer two important questions What customers will we serve (what's our target market) How can we serve these customers best (what's our value proposition)