Marketing

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marketing

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an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in a way that benefit the organization and stakeholders

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wants

Back 2

the form human needs take as shaped by culture and individual personality

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demands

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human wants that are backed by buying power

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marketing offer

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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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paying more attention to the specific products they offer than to the benefits and experiences produced

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market

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the set of actual and potential buyers of a product or service. sellers must search for buyers, identify their needs, design good marketing offers, set prices, promote them and store and deliver them.

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marketing management

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the art and science of choosing target markets and building profitable relationships with them. to find, attract, keep and grow target customers by creating, delivering and communicating superior customer value

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demarketing

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marketing to reduct demand temporarily or permanently; the aim is not to destroy demand but only to reduce or shift it

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value proposition

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the set of benefits or values it promises to deliver to consumers to satisfy their needs

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production concept

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consumers will favour products that are available and highly affordable, so management should focus on improving production and distribution efficiency

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strategic planning

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the process of developing and maintaining a strategic fit between the organization's goals and capabilities, and its changing marketing opportunities. it involves defining a clear company mission, setting supporting objectives, designing a sound business portfolio and coordinating functional strategies

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mission statement

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a statement of the organization's purpose -- what it wants to accomplish in the larger environment

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business portfolio

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the collection of businesses and products that make up the company

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portfolio analysis

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the process by which management evaluates the products and businesses making up the company

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growth-share matrix

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a portfolio-planning method that evaluates a company's strategic business units in terms of its market growth rate and relative market share

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product/market expansion grid

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a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

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market penetration

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a strategy for company growth by increasing sales of current products to current market segments without changing the product

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market development

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a strategy for company growth by identifying and developing new market segments for current company products

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product development

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a strategy for company growth by offering modified or new products to current market segments

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diversification

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a strategy for market growth through starting up or acquiring businesses outside the company's current products and markets

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downsizing

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reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company's overall strategy

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value chain

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the series of departments that carry out value-creating activities to design, product, market, deliver and suppose a firm's products

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value-delivery network

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the network made up of the company, suppliers, distributors, and ultimately customers who partner with one another to improve the performance of the entire system

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marketing strategy

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the marketing logic by which the business unit hopes to achieve its marketing objectives

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market segmentation

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diving a market into distinct groups of buyers who have distinct needs, characteristics or behaviour and who might require separate products or marketing mixes

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market segment

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a group of consumers who respond in a similar way to a given set of marketing efforts

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target marketing

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the process of evaluating each market segment's attractiveness and selecting one or more segments to enter

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market positioning

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arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers

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marketing mix

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the set of controllable tactical marketing tools - product, price, place and promotion - that the firm blends to produce the response it wants in the target market

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marketing implementation

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the process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives

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marketing control

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the process of measuring and evaluating the results of marketing strategies and plans, and taking corrective action to ensure that objectives are achieved

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marketing audit

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a comprehensive, systematic, independant, and periodic examination of a company's environment, objectives, strategies and activities to determine problem areas and opportunities and to recomment a plan of action to improve the company's marketing performance

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return on marketing (or marketing ROI)

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the net return from marketing investment divided by the costs of the marketing investment