Marketing Management [Chapter 1]

Front 1

Good Marketing

Back 1

A result of careful planning and execution using state-of-the-art tools and techniques.

Front 2

Marketing

Back 2

Is about identifying and meeting human and social needs, or “meeting needs profitably.”

Front 3

Marketing Management

Back 3

The art and science ofchoosing target markets and getting,keeping,and growing customers through creating,delivering,and communicating superior customer value.

Front 4

What Is Marketed?

Back 4

GOODS, SERVICES, EVENTS, EXPERIENCES, PERSONS, PLACES, PROPERTIES, ORGANIZATIONS, INFORMATION, IDEAS.

Front 5

Marketer

Back 5

Someone who seeks a response —attention, a purchase, a vote ,a donation—from another party, called the prospect.

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Negative demand

Back 6

A type of demand thatConsumers dislike the product and may even pay to avoid it.

EX: Vaccine

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Nonexistent demand

Back 7

A type of demand thatConsumers may be unaware of or uninterested in the product.

EX: Masteries in T.I.P.

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Latent demand

Back 8

A type of demand thatConsumers may share a strong need that cannot be satisfied by an existing product.

EX: Afraid of Cigar

Front 9

Declining demand

Back 9

A type of demand thatConsumers begin to buy the product less frequently or not at all.

EX: Loombands

Front 10

Irregular demand

Back 10

A type of demand thatConsumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.

EX: Seasonal Products

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Full demand

Back 11

A type of demand that Consumers are adequately buying all products put into the marketplace.

Front 12

Overfull demand

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A type of demand thatmore consumers would like to buy the product than can be satisfied.

EX: Cement

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Unwholesome demand

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A type of demand that Consumers may be attracted to products that have undesirable social consequences.

EX: Liquor

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Market

Back 14

A collection of buyers and sellers who transact over a particular product or product class.

Front 15

Consumer Markets

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One of the Key Customer Markets that sells mass consumer goods and services such as juices, cosmetics,athletic shoes,and air travel spend a great deal of time establishing a strong brand image by developing a superior product and packaging, ensuring its availability, and backing it with engaging communications and reliable service.

Front 16

Business Markets

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One of the Key Customer Markets that sells business goods and services often face well-informed professional buyers skilled at evaluating competitive offerings. Business buyers buy goods to make or resell a product to others at a profit.

Front 17

Global Markets

Back 17

One of the Key Customer Markets that must decide which countries to enter; how to enter each (as an exporter, licenser, joint venture partner, contract manufacturer, or solo manufacturer); how to adapt product and service features to each country; how to price products in different countries;and how to design communications for different cultures.They face different requirements for buying and disposing of property; cultural, language, legal and political differences; and currency fluctuations.Yet,the payoff can be huge.

Front 18

Nonprofit and Governmental Markets

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One of the Key Customer Markets that with limited purchasing power such as churches,universities,charitable organizations,and government agencies need to price carefully. Lower selling prices affect the features and quality the seller can build into the offering. Much government purchasing calls for bids, and buyers often focus on practical solutions and favor the lowest bid in the absence of extenuating factors.

Front 19

Marketplaces

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Physical Stores, such as Brick & Mortar, Convinience store, etc.

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Marketspace

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Is digital, as when you shop on the Internet.

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Metamarkets

Back 21

EX: Automobile

Something offered in a full package that simplifies carrying out these related product/service activities.

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Stated needs

Back 22

TYPE OF NEEDS

(The customer wants an inexpensive car.)

Front 23

Real needs

Back 23

TYPE OF NEEDS

(The customer wants a car whose operating cost,not initial price,is low.)

Front 24

Unstated needs

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TYPE OF NEEDS

(The customer expects good service from the dealer.)

Front 25

Delight needs

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TYPE OF NEEDS

(The customer would like the dealer to include an onboard GPS navigation system.)

Front 26

Secret needs

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TYPE OF NEEDS

(The customer wants friends to see him or her as a savvy consumer.)

Front 27

Market offering

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It positions in the minds of the target buyers as delivering some central benefit(s).

EX: Volvo develops its cars for buyers to whom safety is a major concern, positioning its vehicles as the safest a customer can buy.

Front 28

Value Proposition

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A set of benefits that satisfy those needs

Front 29

Offering

Back 29

Combination of products, services, information, and experiences.

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Brand

Back 30

An offering from a known source.

Front 31

Customer value triad

Back 31

a central marketing concept, is primarily a combination of quality, service, and price (qsp).

Front 32

Communication channels

Back 32

A Marketing Channel that deliver and receive messages from target buyers and include newspapers,magazines,radio, television, mail, telephone, billboards, posters, fliers, CDs, audiotapes, and the Internet.

Front 33

Distribution channels

Back 33

A Marketing Channel that display, sell, or deliver the physical product or service(s) to the buyer or user.

Front 34

Service channels

Back 34

A Marketing Channel that include warehouses, transportation companies, banks, and insurance companies. Marketers clearly face a design challenge in choosing the best mix of communication,distribution,and service channels for their offerings.

Front 35

Supply Chain

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is a longer channel stretching from raw materials to components to finished products carried to final buyers.

Front 36

Competition

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Includes all the actual and potential rival offerings and substitutes a buyer might consider

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Task Environment

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Includes the actors engaged in producing, distributing, and promoting the offering.

Front 38

Broad environment

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Consists of six components: demographic environment,economic environment, social-cultural environment, natural environment, technological environment, and political-legal environment.

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Innate Qualities

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• Risk taker

• Willingness to make decisions

• Problem-solving ability

• Change agent

• Results-oriented

Front 40

Learned Qualities

Back 40

• Global experience

• Multichannel expertise

• Cross-industry experience

• Digital focus

• Operational knowledge

Front 41

Production Concept

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It holds that consumers prefer products that are widely available and inexpensive. Managers of production-oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution.

Front 42

Product Concept

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Proposes that consumers favor products offering the most quality, performance,or innovative features. A new or improved product will not necessarily be successful unless it’s priced,distributed,advertised,and sold properly.

Front 43

Selling Concept

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holds that consumers and businesses, if left alone, won’t buy enough of the organization’s products.

Front 44

Marketing Concept

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As a customer-centered, sense-and-respond philosophy. The job is to find not the right customers for your products, but the right products for your customers.

Front 45

Holistic Marketing Concept

Back 45

based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. Holistic marketing acknowledges that everything matters in marketing—and that a broad, integrated perspective is often necessary.

Front 46

Relationship Marketing

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Aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business.

Front 47

Four key constituents for relationship marketing

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customers,employees,marketing partners (channels, suppliers, distributors, dealers, agencies), and members of the financial community (shareholders, investors, analysts).

Front 48

Marketing Network

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Consisting of the company and its supporting stakeholders—customers, employees, suppliers, distributors, retailers, and others—with whom it has built mutually profitable business relationships.

Front 49

Integrated Marketing

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Occurs when the marketer devises marketing activities and assembles marketing programs to create, communicate, and deliver value for consumers such that “the whole is greater than the sum of its parts.”

Front 50

Internal Marketing

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An element of holistic marketing, is the task of hiring, training, and motivating able employees who want to serve customers well. It ensures that everyone in the organization embraces appropriate marketing principles,especially senior management.Smart marketers recognize that marketing activities within the company can be as important

Front 51

Performance Marketing

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Requires understanding the financial and nonfinancial returns to business and society from marketing activities and programs.

Front 52

Four Ps (Marketing Mix)

Back 52

product, price, place, and promotion.

Front 53

Modern Marketing Management Four Ps

Back 53

People, Processes, Programs, Performance