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lOMoAR cPSD| 6353920
MARK 201 SUMMARY INTRODUCTION TO
MARKETING CHAPTER 1 -19 (CONCORDIA
UNIVERSITY) BEST FOR FINAL EXAM
PREPARATION (A+)
Studocu is not sponsored or endorsed by any college or university
, lOMoAR cPSD| 6353920
Mark 201 – Final Notes
Chapter 1-
What is marketing?
- Managing profitable customer relationships
- Marketing goal: attract new customers and grow current customers
The 5 step marketing process
Construct a
Understand the Design a marketing Build profitable Capture value
marketplace and customer-driven program that relationships and from customers to
customer needs marketing strategy delivers superior create customer create profits and
and wants value delight customer equity
- Needs: states of felt deprivation. Can be physical (clothing, food, shelter),
social (belonging, affection), individual (knowledge and self-expression)
- Wants: needs that are shaped by culture and individual personality.
Shaped by society and marketing programs
- Demands: wants that are backed by buying power
Marketing offering: product, service, information and experience
- Marketing myopia: when sellers make the mistake of paying too much
attention to the specific product and not enough to the benefits and
experiences produced by these products
- Customer value: comparison between what’s gotten and what’s given
- Customer satisfaction: a comparison between what the customer
expected to get and what they actual got (see class notes for satisfied,
dissatisfied and delighted)
- Marketing management: the art and science of choosing target markets
and building profitable relationships with them
- Market segmentation: dividing the market into segments of customers
- Target marketing: choosing which segments to go after
- Value proposition: set of benefits a company promises to deliver
There are 5 alternative concepts organizations use to carry out their marketing
strategies:
- Production concept: Focus on improving production and efficiency
- Product concept: Focuses on the product and making continuous product
improvements
- Selling concept: Typically aims to sell what company makes rather than
making what the market wants
- Marketing concept: knowing the needs and wants of target market and
delivering desired value and satisfaction better than the competition
, lOMoAR cPSD| 6353920
- Societal marketing concept: Questions if marketing concept overlooks
possible conflicts between customer short-run wants and long-term
welfare
- Customer lifetime value: the entire stream of purchases a customer
makes from one company over a lifetime of patronage
- Share of customer: the share a company gets of customer’s purchasing in
their product categories
- Customer equity: the total combined lifetime values of all the company’s
current and potential customers
Companies can classify customers according to their potential profitability and
manage relationships accordingly:
- True friends: long term customers and highest profitability
- Butterflies: short term customers yet high profit potential
- Barnacles: long term customers yet low profitability
- Strangers: short term customers and very little profitability
Chapter 2 & 3 – company and marketing strategy & the marketing
environment
4 steps in strategic planning
Strategic planning – is the managerial process of developing and maintaining a
strategic fit between the organization and its changing marketing opportunities. It
relies on
1. Company mission – an organization exists to accomplish something in the
larger environment, and its specific purpose is usually stated clearly at the
beginning but over time factors change. In order to keep all employees
working towards one-goal companies form mission statements, which
provide the employees with opportunity, direction significance and
achievement.
2. Company objectives and goals – each manager should know their
responsibilities and objectives for accomplishment. You must develop
strategies to support these objectives, and by doing so can broaden the
marketing strategies. The objectives and goals must also be quantitative and
specific.
3. Company Growth strategy – the want to grow in sales and profits give
companies an opportunity to establish a growth rate to which they will
pursue. Three different growth strategies are a) intensive b) integrative c)
diversification
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