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23 Cards in this Set
- Front
- Back
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Marketing |
develops ideas that leads to the fulfillment of organizational goals mainly to generate revenue |
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What is Marketing about? |
Creating value for customers Connecting with customers Solving customer problems |
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What are the Concept of Exchanges? |
At least two parties
something of value communication and delivery freedom to accept or reject desire to deal with other party |
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What is the Marketing Mix? 4 P's |
Product Price Promotion Place |
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Who is the consumer? |
The end user of a product |
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Who is the Customer? |
person who purchases the product
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Are the customer and consumer the same person? |
not necessary. Ex: if you purchase a gift card and give it to someone as a gift. You the customer and the person receiving the gift is the consumer. |
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Demographics |
variables that allow us to group people together based on similar characteristics. Ex: age, gender, income. |
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Psychographics |
try to understand how people are different. Individual activities, interest, thoughts on the world. Ex: Not all 23 yr olds like to party they have the same demographic but different psychographics. |
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What is Marketing Concept? |
business need to be oriented towards the needs of out customers marketing begins and ends with customer focus |
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3 items of marketing concept |
1. Value: creating value for customers by understanding their wants and needs 2. Customer Relations: 3. Customer Loyalty |
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Marketing Concept Applied |
Coordinated effort Goal Orientation Value Driven Customer Orientation Theses then will lead to the marketing strategy |
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What are the 4 marketing philosophies? |
production sales market societal |
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What is production in the marketing philosophies? |
focus on efficiency of internal operations. This was the focus early on. Example is Ford when they first started building cars. They focused on the internal operations and not customizing to the customer. |
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What is sales in the marketing philosophies? |
focus on aggressive techniques for overcoming customer resistance. This was popular during the great depression when door to door sales were very popular. |
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What is market in the marketing philosophies? |
Focus on satisfying customer needs and wants. This is combination of customer and relationship orientation. Market research became a priority to uncover unmet needs. |
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What is Societal in the marketing philosophies? |
Focus on satisfying customer needs and wants while enhancing individual and societal well being. Customers will seek out companies that conduct business in an ethical fashion and benefit society. |
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Market Orientation |
1. Gather Market Intelligence: talk to customers 2. Disseminating Knowledge: share with organization 3. Coordinate Response: best possible solutions |
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Competitor Orientation |
need to understand the strengths, weaknesses and capabilities of both current and potential competitors. |
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Stakeholder Orientation |
need to develop a significant understanding of our relational partners such as other entities in the supply chain & distribution channels to be able to create super rich value for them. |
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Grocery Store Example |
4 shelves for cereal bottom: generic & bulk second from bottom: sugary cereal/kids third from bottom: adult type Top: really health small boxes |
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What are the key issues in developing a competitive edge? |
create customer value build long term relationships maintain customer satisfaction. |
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The Key to Successful Marketing STP |
Segmenting Targeting Positioning |
