overview of marketing

what is marketing

Marketing is an organizational function and set of processes for creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organization and it's employees, customers, investors, and society as a whole.

what is the marketing mix

Product, Price, Place, Promotion

where is marketing outside of the work place

Realizing the greater role of the company outside of the product (ethics/social responsibility) Working with other organizations

what is the role of the marketing manager

Responsible for short and long term marketing operations and strategy

what is the marketing strategy

Set of actions taken to accomplish organizational objectives

what is strategic planning

The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives

what are the strategic activities that a marketing manager is responsible for

developing product value proposition, marketing objectives, forecasts, budgets, and monitoring results.

what are the operational activities that a marketing manager is responsible

implementing promotional campaigns, graphic design, social media, market research

what is value creation

occurs when customers use products or services that satisfies their needs or wants

why do marketers scan environmental factors within and outside of the firm

strengths, weaknesses, opportunities, and threats

what is customer value

the perceived benefits, both monetary and nonmonetary, that customers receive form a product (a good, service, or an idea) compared to the costs (money, effort, and time) associated with obtaining that product. (each individual customer value is different)

marketings specific role within an organization is to

to understand its customers and markets in an effort to develop strategies to sell products or services that produce profit

what is an exchange

when a buyer and seller trade things of value so that each is better off as a result

where is marketing in the workplace

Alliances Ownership Suppliers Customers