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30 Cards in this Set
- Front
- Back
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definition of marketing
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managing profitable customer relationships
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goals of marketing
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1) attract customers
2) keep current customers |
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needs
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state of felt deprivation
(social, physical, individual) |
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wants
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formed by culture and individual personality
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demand equation
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wants + buying power
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marketing offer
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satisfy a need or want
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marketing myopia
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pay more attention to the products than to the benefits and experiences that you get from the product
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market
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set of actual and potential buyers
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marketing management
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choosing target audiences and building profitable relationships with them
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value proposition
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benefits/values a company promises to deliver
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demand management
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finding and increasing demand, or changing and reducing demand
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demarketing
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temporarily reducing demand/# of customers or shifting their demand
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production concept
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assembly line, effective and efficient
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product concept
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adding features to see what customers want
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selling concept
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factory - existing customer - selling/promoting - profit thru sale volume
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four p's / marketing mix
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product, price, place, promotion
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3 benefits of loyalty
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financial = get $ for sticking w/
social = harley davidson example structural ties = hard to get out of it |
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strategic planning
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developing and maintaining the goals of a company and changing mktg opportunities
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strategic planning steps
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1) define company mission
2) setting objectives and goals 3) designing business portfolio 4) planning marketing and other strategies |
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requirements of mission statement
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realistic
specific fit marketing environment make you distinctive motivating |
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business portfolio
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collection of businesses and products that make up the company
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SBU
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separate mission and objectives planned differently
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market penetration
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more sales to current customers w/o changing products
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market development
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new markets for current products
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product development
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modified or new products to current markets
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diversification
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start up or buy businesses to other markets
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marketing's role in strategic planning
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provide guiding philosophy
" inputs to strategic planners strategies to reach objectives |
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4 c's
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customer solution
customer cost convenience communication |
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SWOT
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strengths
weaknesses opportunities threats |
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marketing control process
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set goals
measure performance evaluate performance take corrective action |
