Summary Principles of Marketing Ibms Essay
Marketing is: managing profitable customer relationships.
The twofold goal is: 1. To attract new customers by promising superior value. 2. Keep and grow current costumers by delivering satisfaction.
Old marketing sense: telling and selling
New marketing sense: satisfying customer needs
Marketing starts before the product is produced and goes on throughout the product’s life.
Definition marketing in the business context: a process by which companies create value for customers and build strong customer relationships in order to capture value from the customer in return.
The five steps in Marketing: 1. Understand the marketplace and the customer’s needs and wants. 2. Design a …show more content…
Visions guide the best missions. And also, the mission statement should provide the company a vision and direction for the following 10-20 years.
A mission statement has to change into strategic objectives. The biggest difference between the mission statement and the strategic goals is that the mission statement states the philosophy and direction of the company, whereas the strategic objectives are measurable goals.
Strategic audit covers the gathering of vital information. It has two parts: 1. External audit = a detailed examination of the markets, competitors, business and economic environment in which the organization operates. 2. Internal audit = an evaluation of the firm’s entire value chain.
The balance sheet and the operational statement are the two most important financial statements used by companies. The balance sheet shows the assets, liabilities and net worth of a company. The operational statement (income statement) shows company sales, cost of goods sold and expenses.
Gross sales (total amount charged to customers)
Returns and allowances –
Net sales =
Cost of goods sold –
SWOT analysis ❖ Opportunities ❖ Threats ❖ Strengths ❖ Weaknesses