What is marketing? Organizational function for: -. - Creating, capturing, communicating, and delivering value
- Managing customer relationships to benefit of organization and stakeholders
.What are the core aspects of marketing? -. - Creating value
- Satisfying customer needs and wants
- An...
What is marketing? Organizational function for: -. - Creating, capturing, communicating, and
delivering value
- Managing customer relationships to benefit of organization and stakeholders
.What are the core aspects of marketing? -. - Creating value
- Satisfying customer needs and wants
- An exchange
- Product, price, place and promotion decisions
- Performed by both individuals and organizations
- Occurs in many settings
.Exchange -. Trade of value between buyer and seller so that each is better off as a result
.4P's -. Product, Price, Place, Promotion
.Price is -. - everything a buyer gives up (money, time, energy) in exchange for the product
- How much are customers willing to pay and can a profit be made at that point
.What is a main reason an entrepreneur can be successful? -. Identifies and satisfies an unfulfilled
consumer need
.Marketing Plan Phases -. - Planning phase
- Implementation phase
- Control phase
.SWOT -. Strengths, Weaknesses, Opportunities, Threats; analyzes both internal and external
aspects of environment
.4E Framework for Social Media includes: -. Excitement, Education, Experience, Engagement
.Categories of Social Media -. Social network sites, thought sharing sites, and media sharing sites
.A well-developed marketing strategy involves a host of social and mobile tools, working in
conjunction with the firm's traditional IMC tactics. The steps in undertaking such strategy
include: -. Identity strategic goals, target audience, campaign: experiment and engage, budget,
and monitor and change
.5 Steps in a Marketing -. Business mission and objectives
Situation analysis/SWOT
Identify opportunities: STP
Implement marketing mix: 4Ps
Evaluate performance: market metrics
.Boston Consulting Group Matrix -. Stars, cash cows, questions marks and dogs
.Key components of immediate marketing environment -. - Consumers at the center
- Company
- Core competencies applied to new products
- Competition Intelligence (CI)
- Proactive rather than reactive
- Corporate partners
.Generational cohorts: -. - Seniors: Born before 1946
- Baby Boomers: Born 1946 - 1964
- Gen X: Born 1965 - 1976
- Gen Y: Born 1977- 1995
- Tweens: Born 1996 - 2000
- Exhibit 5.4 20
.Need recognition -. - Functional needs relate to product performance
- Emotional/psychological needs relate to personal gratification
.Motives -. - Needs or wants strong enough to seek satisfaction
- Hierarchy
- Physiological
- Safety
- Love
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