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49 Cards in this Set
- Front
- Back
What Am I? (YOU)
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YOU are a product that will be offered for exchange on the marketplace.
YOU are selling train ability, potential productivity, and a price below alternatives with more experience. |
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MARKETING
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Marketing is an organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
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Marketing Concept
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A management orientation that focuses on identifying and satisfying consumer needs to ensure the organizations long-term profitability.
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Needs
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The recognition of any difference between a consumers actual state and some ideal or desired state. (Problem orientated)
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Wants
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The desire to satisfy needs in specific ways that are culturally and socially influenced. (Product related)
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Benefits
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The outcomes sought by a customer that motivates buying behavior that satisfies a need or a want.
PRODUCTS and SERVICES DELIVER BENEFITS |
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MARKET
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all the customers and potential customers who share a common need.
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Customers in a Market (4)
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-Satisfied by a specific product
-Who have the resources to exchange for it - Are willing to make the exchange - Who have the authority to make the exchange |
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VIDEO -- PRIME TIME WOMEN
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-Women 50 -70 Years old
- Prime marketing target - over 50 control 79% of financial assets - control 80% household spending - Men say whatever, women choose |
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Marketing can provide several forms of Utility (4)
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Form Utility
Place utility Time utility Possession Utility |
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Form Utility
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The benefit marketing provides by transforming raw materials into finished products.
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Place Utility
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The benefit marketing provides by storing products available where customers want them.
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Time Utility
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The benefit marketing provides by storing products until they are needed.
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Possession Utility
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The benefit marketing provides by allowing consumers to own, use, and enjoy the products. (Mercedes Benz)
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Exchange
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The process by which some transfer of value occurs between a buyer and a seller
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Exchange must meet 5 prerequisites
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1. At least 2 people or organziatons must be willing to make a trade.
2. Each party has something the other wants 3. Both parties must agree in the value of the exchange. 4. Both parties must agree on how the exchange will be carried out. |
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The Consumer Era
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1970s
CONSUMER ORIENTATION TOTAL QUALITY MANAGEMENT |
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Consumer Orientation
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A management philosophy that focuses on ways to satisfy customers wants and needs
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Total Quality Management
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A management effort to involve all employees from the assembly line onward in continuous product quality improvement.
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Customer Relationship Management
(CRM) |
A philosophy that sees marketing as a process of building long-term relationships with customers to keep them satisfied and to keep them coming back.
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Customer Relationship Management Concept
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A concept that involves systematically tracking customers preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individuals unique wants and needs.
Marketing is about resale. |
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Relationship Marketing (RM)
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Establishing long-term mutually satisfying buyer-seller relationships
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Relationship Marketing is about: ____
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Establishing trust
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Business to business marketing (B2B)
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the marketing of those goods and services that business and organizational customers need to produce other goods and services, for resale or to support their operations
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B2B internet commerce market totals ___ $
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$8.5 trillion in 2005
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Value
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the benefits a customer receives from buying a product or service
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Value proposition
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a marketplace offering that fairly and accurately sums up the value that a customer will realize if he purchases the product or service.
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The challenge of marketing is to create -
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An attractive value proposition
- Value is in the eye of the beholder - not every firm is about financial success, NFP's |
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Customer Value =
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Customer benefits - Customer Costs
- Value = (get, give up) - Value is not just monetary, time, effort, and risk |
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Distinctive Competency
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A SUPERIOR CAPABILITY of a firm in comparison to its competitors
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Distinctive Competency allows -
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- companies to create greater value, and therefore a competitive advantage.
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Differential Benefit
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Properties of products that set them apart from competitors products by providing unique customer benefits.
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Competitive Advantage
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The ability of a firm to outperform the competition, thereby providing customers with a benefit that the competition cannot.
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Lifetime Value of Customer
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How much profit companies expect to make from a particular customer, including future.
To estimate -- calculate amount person will spend subtract what it will cost the company to maintain relationship. |
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Firm Sucess
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The underlying goal of all marketing strategies is to create a competitive advantage for the firm.
Providing Value to stakeholders is the key to creating competitive advantage. |
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Reaching Firm success in order
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1 Distinctive Competency
2 Differential Benefit 3 Competitive advantage 4 Lifetime value of customer 5 Firm success |
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Value Chain
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A series of activities involved in designing, producing, marketing, delivering, and supporting any product
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Value Chain order
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Inbound Logistics
Operations Outbound Logistics Service |
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Marketing plan
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A document that describes:
- the marketing environment, - outlines the marketing objectives and strategy - Identifies who will be responsible for carrying out each part of the marketing strategy |
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Mass Market
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All possible customers in a market, regardless of the difference in their specific wants and needs
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Market Segment
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A distinct group of customers within a larger market who are similar to one another in the same way and whose needs differ from customers in the larger segment
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Target market
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The market segment on which an organization focuses its marketing plan and toward which it directs it marketing efforts
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Marketing Position
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The way in which the target market perceives the product in comparison to competitors brands
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Marketing Mix
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A combination of the:
-PRODUCT itself -the PRICE of the product -the PLACE where it is made available -the activities that introduce it to consumers. |
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The 4 P's
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1| Products
2| Price 3| Promotion 4| Place |
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Products
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A tangible good, service, or idea, or some combination of these
Satisfies consumer needs |
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Price
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The assignment of value, or the amount the consumer must exchange to receive the offering
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Promotion
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The coordination of a marketers marketing communication efforts to influence attitudes or behaviors
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Place
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The availability of the product to the customer at the desired time and location.
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