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Marketing full Summary
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Complete summary of the Marketing book. Includes all the important terms, slides and class notes. Everything you need for the exam:)
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Marketing.. an introduction - Pease
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Summary of Marketing: An Introduction (ISBN: 9781292146508)
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Marketing 1: complete summary of book + slides
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Marketing: An Introduction (13th edition)Chapters: 1, 2, 3, 6, 7, 8, 9, 10, 12 ,14, 16
Ch 1: Creating Customer Value and Engagement
Understanding the Marketplace and Customer Needs
- Marketing Myopia:
The mistake of paying more attention to specific products a company offers than to
the benefits and experiences produced by these products
- Market offerings
products, services, information and experiences
Designign a Customer Value-Driven Marketing Strategy
- Marketing management
art and science of choosing target markets and building profitable relationships w them
Marketing management orientations:
- Production concept:
The idea that consumers will favor products that are available and highly
affordable; therefore, the organisation should focus on improving production and
distribution efficiency
- Product concept:
The idea that the consumer will favor products that offer the most quality,
performance, and features; therefore, the organisation should devote its energy to
making continuous product improvements.
- Selling concept
The idea that consumers will not buy enough of the firm´s products unless the firm
undertakes a large-scale selling and promotion effort.
- Marketing concept
A philosophy in which achieving organizational goals depends on knowing the
needs and wants of target markets and delivering the desired satisfactions better than
competitors do.
, - Societal Markting concept
The idea that a company´s marketing decisions should consider consumers´
wants, the company´ s requirements, consumers´ long-run interests, and society´ s
long-run interests.
Preparing an Integrated Marketing Plan and Program
- Customer relationship management:
The overall process of building and maintaining profitable customer relationships by
delivering superior customer value and satisfaction
- Customer-perceived value:
The customer’s evaluation of the difference between all the benefits and all the costs
of a market offering relative to those of competing offers
- Customer satisfaction
The extent to which a product’s perceived performance matches a buyer’s
expectations
- Customer-engagement marketing:
Making the brand a meaningful part of consumers’ conversations and lives by
fostering direct and continuous customer involvement in shaping brand
conversations, experiences, and community
- Consumer-generated marketing
Brand exchanges created by consumers themselves—both invited and uninvited—
by which consumers are playing an increasing role in shaping their own brand
experiences and those of other consumers.
- Partner relationship management
Working closely with partners in other company departments and outside the
company to jointly bring greater value to customers.
- Customer lifetime value
Th evalue of the entire stream of purchases a customer makes over a lifetime of
patronage
- Share of customer
The portion of the customer’s purchasing that a company gets in its product
categories
- Customer equity:
The total combined customer lifetime values of all the company´s current and
potential customers
, - Digital and social media marketing
Using digital marketing tools such as Web sites, social media, mobile apps and ads,
online video, email, and blogs to engage consumers anywhere, at any
time, via their digital devices.
Ch2: Partnering to Build Customer
Engagement Value, and Relationships
Company-Wide Strategic Planning: Defining Marketing´ s Role
- Strategic planning:
The process of developing and maintaining a strategic fit between the organization’s
goals and capabilities and its changing marketing opportunities.
- Mission statement
A statement of the organization´s purpose-what it wants to accomplish in the larger
environment.
- Business portfolio:
The collection of businesses and products that make up the company
- Portfolio analysis:
The process by which management evaluates the products and businesses that
make up the company
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