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26 Cards in this Set
- Front
- Back
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Marketing
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A social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others
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What is Value?
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1. its real
2. its often tangible 3. it has a beginning and an end |
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How does the seller recapture value from buyer?
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1. customer relations
2. word-of-mouth 3. money |
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Customer Needs
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states of deprivation
-physical -social -individual |
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Customer Wants
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form from needs that they are shaped by culture and individual personality
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Customer Demands
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wants backed by buying power
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Market Offering
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some combination of products, services, information or experiences offered to a market to satisfy a need or want
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Marketing Myopia
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focusing only on existing wants and losing sight of underlying customer needs
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Exchange
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the act of obtaining a desired object from someone by offering something in exchange
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Market
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the set of all actual and potential buyers of a product or service
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Value Proposition
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set of benefits or values it promises to deliver to consumers to satisfy their needs
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5 Marketing Management Orientations
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1. production concept
2. product concept 3. selling concept 4. Marketing concept 5. societal concept |
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5 Marketing Management Orientations
Production Concept |
if you build it, theyll buy it
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5 Marketing Management Orientations
Product Concept |
build a better mousetrap, improving on an already existing product
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5 Marketing Management Orientations
Selling Concept |
position what you have in the right way
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5 Marketing Management Orientations
Marketing Concept |
understand needs, wants and demands of customers
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5 Marketing Management Orientations
Societal Concept |
Understanding society (human welfare) as a triangle also involving consumers who want satisfaction and companies who wants profits
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Customer Lifetime Value
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value of the entire stream of purchases that the customer would make over a lifetime of patronage
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Customer Equity
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total combined customer lifetime values of all the companys customers
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Major Developments in the Marketing Landscape
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1. digital age
2. rapid globalization 3. ethics & social responsibility 4. not-for-profit marketing |
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Marketing Mix
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1. product
2.price 3. place 4. promotion |
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Company Strategic Planning
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1. mission statement
2. portfolio 3. company objectives 4. Strategic business unit (SBU) 5. Marketing Plan 6. return on investment (ROI) |
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Product Market Expansion Grid
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a tool for identifying company growth opportunities through market penetration, market development, product development or diversification
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Process Model (3 Steps)
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Step 1: analyze the situation
step 2: develop an action plan step 3: Implement the plan |
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Iteration
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always start the cycle over and over for the process model
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G-STIC
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Goal
Strategy Tactics Implementation Control |
