Marketing 4000 Exam #1(Chapter #1)

Marketing Philosophy for Product

"build it and they will come"

How to build a customer oriented organization?

- create long-term customer value that requires ,managers at every level to be personally engaged in understanding, meeting, and serving customers -customers expect companies to listen and respond to them

Must be able to see marketing from the _____ and _____ side. (value of marketing=seeing things from this perspective)

-Manager -Consumer

What is Holistic Marketing?

-an integrated approach to managing strategy and tactics; simply put, "Everything matters" -relationship marketing

How to become a market-driven company

-develop a company-wide passion for customers -organizing around customer segments instead of products -understand customers through qualitative and quantitate research

Marketing _____ for products and service _____, which in turn _____.

-drives demand -leading to profit -creates jobs

Marketers view _____ as a group of sellers and use the term _____ to describe customer groups.

-industry -market

Marketing Mix (4Ps)

1. product 2. price 3. place 4. promotion

Five basic consumer markets:

1. resource markets 2. manufacturer markets 3. consumer markets 4. Intermediary goods markets 5. govt. markets

What are 2 of the most important intangible assets to add value to a firm?

1. strong brand 2. loyal customers

Market Forces

Are shaping the relationships among the different market entities. The forces include: Technology, globalization, physical environment, social responsibility.

Reintermediation

Brick and Click --> selling products to consumers via several channels, one which is usually a tangible shop and the other one an e-business.

Integrated Marketing

Devise marketing activities and programs that create, communicate, and deliver value such that "the whole is greater than the sum of its parts"

Market Outcome

Have occurred that stem from the interplay of these forces are new consumer capabilities, new company capabilities, and new competitive environments.

Inbound marketing

Interact with companies; a digital marketing method that helps you attract customers to your business by creating useful content and experiences that resonate with audiences. It prioritizes content creation and information sharing as a way to reach customers, rather than relying solely on ads.

Holistic Marketing

Is emerging as an essential approach to succeeding in the rapidly evolving market(relationship marketing, integrated marketing, internal marketing, performance marketing)

Critic of marketing

Manipulative

Disintermediation

Online sellers such as amazon changed the way customers by

Philip Kotle's core value

People practicing marketing have to go back to the original ideas of creating, communication and delivering value to their target market.

Performance Marketing

Performance-based advertising, also known as pay for performance advertising, is a form of advertising in which the purchaser pays only when there are measurable results. Its objective is to drive a specific action, and advertisers only pay when that action, such as an acquisition or sale, is completed ; Financial Accountability, Environmental Impact, and social input

"Father of modern Marketing"

Philip Kotle

Outbound Marketing

Reject marketing they find inappropriate or annoying; a traditional form of marketing in which an organization initiates contact with potential customers, or leads. Examples of outbound marketing methods include cold calling, cold emailing or spamming, direct mail, billboards, event sponsorships and tradeshow presentations.

Marketing Management

The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, amd communicating superior customer value.

Internal Marketing

The task of hiring, training, and motivating able employees who want to serve customers well.

Marketing Network

The ultimate outcome of relationship marketing is a unique company asset, which consists of the company and its supporting stakeholders with whom it has built mutually profitable business relationships.

CMO

act as the visionary for the future of the company, build adaptive marketing capabilities, win the wart for marketing talent, tighten the alignment with sales, take accountability for returns on marketing spending, infuse a customer perspective in business decisions affecting any customer touch point.

Marketing Philosophy for Market-Value Concept

built on the holistic marketing idea that everything matters. Firms should have a broad focus and integrate it all. Every functional area in the business (management, accounting, finance, etc...) should be actively focused on creating value for customers, the company, and its collaborators.

CEO

convince senior management of the importance of being customer focused, hire strong marketing talent. Facilitate the creation of strong in-house marketing training programs, appoint a chief marketing officer (CMO)

Retail Transformation

created experiences while shopping and offered online purchasing as well

New Competitive Enviroment

deregulation, privatization, retail transformation, disintermediation, private labels, and mega brands(customers gave choices because of changing channels)

Firms must strategically organize which marketing departments?

functional, geographical, product/brand, and market organizations

Marketing

is about identifying and meeting human and social needs

Marketing Philosophy for Production Philosophy/Concept

large volume, low cost

American Marketing Association (AMA) Formal Defintion of Marketing

marketing is the activity, set if institutions, and processes creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

What is a marketer?

someone who seeks a response - attention, a purchase, a vote, a donation - from another party in the market.

Marketing Philosophy for Marketing

the job is not to find the right customers for you products, but the right products for your customers

Marketing Startegy

the target market and its related marketing mix!

Marketing Philosophy for Selling

we must sell the product to move it