Mktg 6010.1 Intro To Marketing

Front 1

Marketing

Back 1

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Front 2

Three Marketing Misconceptions

Back 2

1. Marketing = Advertising

2. Marketing is a "soft skill"

3. Marketing = Sales

Front 3

Core Marketing Activities

Back 3

Consumer research

Product development

Communication

Distribution

Pricing

Customer service

Front 4

5 Step Marketing Process

Back 4

1. Determine needs and wants

2. Design customer driven marketing strategy

3. Construct marketing program that delivers superior value

4. Build relationships and delight the customer

5. Capture value from customer to achieve profits

Front 5

Customer Needs

Back 5

States of Deprivation...

A. Physical (food, clothing, warmth, safety)

B. Social (belonging and affection)

C. Individual (knowledge, self-expression)

Front 6

Wants

Back 6

Form that needs take as they are shaped by culture and individual personality

Front 7

Demands

Back 7

Wants backed by buying power.

Front 8

Market offerings

Back 8

Products & services offered to a market to satisfy a need or want.

Front 9

Marketing myopia

Back 9

Focusing only on existing wants, losing sight of underlying consumer needs.

Front 10

Market

Back 10

The set of actual and potential buyers of a product.

Front 11

Two questions a marketing manager must address...

Back 11

1. What's our target market?

2. What's our value proposition?

Front 12

Segmentation

Back 12

Dividing markets into segments of customers

Front 13

Targeting

Back 13

Deciding which market segments to go after.

Marketers generally select customers that can be served profitably.

Front 14

Marketing Targeting Matrix

Back 14

Front 15

Value Proposition

Back 15

The set of benefits or values a company promises to deliver to customers to satisfy their needs.

Front 16

Management Orientations

Back 16

1. Production concept

2. Product concept

3. Selling concept - profit through sales volume

4. Marketing concept - profit via customer sat

5. Societal concept

Front 17

Marketing Mix

Back 17

4 P's

Product

Place

Price

Promotion

Front 18

Product

Back 18

Goods, services, features, package, brand

Front 19

Place

Back 19

Channel, exposure, wholesale, retail, logistics

Front 20

Price

Back 20

Profit, units, discounts, allowances, terms

Front 21

Promotion

Back 21

Advertise, promote, sales, media, publicity

Front 22

Customer Relationship Management

Back 22

The process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Front 23

Three trends in CRM

Back 23

1. Being more selective about choosing profitable customers

2. Relating more deeply and interactively with customers

3. Empowered and informed customers

Front 24

Customer Lifetime Value

Back 24

The value of the entire stream of purchases that the customer would make over a lifetime of patronage.

Front 25

Share of Customer

Back 25

The portion of the customer's purchasing that a company gets in its product categories.

Front 26

Customer Equity

Back 26

The total customer lifetime value of all of the company's customers.

Front 27

Customer Acquisition Strategies

Back 27

Advertise, promotions, deals

Front 28

Customer Retention Strategies

Back 28

Loyalty programs, customer service, high-quality produts

Front 29

Customer Lifetime Value Equation

Back 29

CLV = m * [r / (1+ i - r)]

m = gross margin per customer

i = discount rate

r = retention rate

Front 30

5 Trends in the Marketing Landscape

Back 30

1. Changing economic environment - frugality

2. Digital age - online marketing, click and mortar

3. Not-for-profit marketing

4. Rapid globalization

5. Sustainable marketing