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22 Cards in this Set
- Front
- Back
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Define Marketing
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The process by which companies create value for customers and build strong customer relationships to capture value
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The Marketing Process
(5 steps) |
1) Understand the marketplace and customer needs and wants
2) Design a customer driven marketing strategy 3) Construct an integrated marketing program that delivers value 4) Build profitable relationships and create customer delight 5) Capture Value from customers to create profits |
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Production Concept
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customers will favor products that are available and highly affordable
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Product Concept
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idea that customers will favor products that offer the most quality, performance and features
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Selling Concept
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customers will not buy enough of of the firms products unless it undertakes a large selling and promotion effort
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Marketing Concept
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acheiving organizational goals depends on knowing the needs and wants of target markets and delivering desired satisfaction
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Marketing Segmentation
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dividing the market into segments of customers
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Target Marketing
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refers to which segments to go after
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4 P's of Marketing
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Product- design, attributes, materials
Price- high, low, volume. bundle Place- retail, web, professional sales Promotion- ads, personal selling, PR |
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Value Proposition
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Set of benefits or values a company promises to deliver to customers to satisfy needs
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BCG Growth Share Matrix
(4) |
Star- High, High
Question Mark- High, Low Cash Cow- Low, High Dog- Low, Low |
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SWOT
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Strengths- Internal positive
Weaknesses- Internal, Negative Opportunities- External positive Threats- External Negative |
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Market Penetration
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existing products in existing market
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Market Development
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Existing products in new market
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Product Development
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New products in existing market
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Diversification
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New products in new market
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Strategic Plan
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develop and maintain a strategic fit between organizational goals and capabilities and changing market opportunities
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Mission Statement
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statement of organizations purpose what it wants to accomplish in the larger environment
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Market Oriented Business
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defining the company in terms of how they create value for the customer
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Positioning
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Arranging for a product to occupy a clear distinctive and desirable place relative to competing products in the mind of the customer
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Differentiation
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actually differentiating the market offering to create superior customer value
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4 C's of Marketing
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Customer Solution- Product
Customer Cost- Price Convenience- Place Communication- Promotion |
