Summary of Marketing year 1 block 1 of International Business and Management Studies new curriculum summative. The document summarises the necessary chapters of Marketing block 1.
Marketing is a process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return.
Needs:
States of felt deprivation
o Physical – food, clothing, warmth, safety
o Social – belonging and affection
o Individual – knowledge and self-expression
Wants:
The form human needs take as they are shaped by culture and individual personality
Demands:
Human wants that are backed by buying power.
Building profitable relationships and create customer delight is to create superior customer
value and satisfaction.
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.
1
,Marketing myopia is focusing on only existing wants and losing sight of underlying consumer
needs.
Customer lifetime value is the value of the entire stream of purchases in the lifetime of a
consumer.
Share of customer is the portion of the customer’s purchasing that a company gets in its
product categories.
Consumer equity are all the captured value (exchange) from all your consumers throughout
their lives.
2
, Market offerings: some combination of products, services, information, or experiences
offered to a market to satisfy a need or want. Market offerings are not limited to physical
products. They also include services.
Market is the set of all actual and potential buyers of a product or service.
Marketing management: the art and science of choosing target markets and building
profitable relationships with them.
Selecting Customers to Serve: the company must first decide whom it will serve. It does this
by dividing the market into segments of customers (market segmentation) and selecting
which segments it will go after (target marketing). Simply put, marketing management is
customer management and demand management.
Production concept: the idea that consumers will favor products that are available and
highly affordable; therefore, the organization should focus on improving production and
distribution efficiency.
Product concept: the idea that consumers will favor products that offer the most quality,
performance, and features; therefore, the organization should devote its energy to making
continuous product improvements.
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 marketing offer 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.
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