marketing - interpret the needs and wants of customers, communicate solutions, facilitate change,
decision making is messy and may not be "right" answer
sales era - 1930s-1970s
production era - 1850-1930s
marketing concept era - 1950s-2000s
customer relationship era - 1980s-present
marketing concept - identifies needs and wants of the customer and provides it to them better than the
competition can
need - a physiological or psychological necessity, doesn't have to be daily
want - the way you would best like to satisfy the need
market segmentation - dividing the market into more similar groups of consumers
product positioning - how you place an object in the mind of the consumer
market - group(s) of consumers that can be characterized by their interests or buying habits; have the
desire and ability to buy an offering
industry - exists to serve a market; a collection of products and service providers positioned for a target
audience
, target market - the group(s) of consumers an organization directs its marketing efforts to
marketing mix - product, price, promotion, place
perceptual map - a subjective map from the mind of the consumer
variety - in theory: having options increases the chances to find the perfect flavor/style/etc
in practice: having too many options/variety requires too much cognitive ability
paradox of choice - greater:
-opportunity cost
-consumer autonomy
-expectations
-chance of dissatisfaction
-consumer paralysis
foundational purpose - why + what = how
ppl don't buy WHAT you do, they buy WHY you do it
marketing myopia - ex: RRs failing due to a limited market view
bcg growth matrix -
SMART direction for setting goals - Specific
Measurements
Attainable
Relevant
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