What is marketing - Delivering value to customers.
Seeks to:
Discover needs and wants of customers
Satisfy them
Exchange - Money for goods and services
Requirements for marketing to occur - 1. Two or more parties with unsatisfied needs
2. Desire and ability to satisfy these needs
3. A way for the parties to communicate
4. Something to exchange
How marketing discovers consumer needs - Marketers need to ask the right questions and learn from
the past; consumers may not always know what they want or need.
Most new products fail
The Challenge; - "Focus on the consumer benefit"
"Learn from past mistakes"
Benefits is why we buy things and features use those benefits.
Target Market - A group of people or organizations for which an organization designs, implements, and
maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying
exchanges
The Marketing Mix (the 4 P's) - These are Controllable marketing mix factors
,-production
-promotion
-price
-place
customer value proposition - a cluster of benefits that an organization promises customers to satisfy
their needs
Environmental Forces - the uncontrollable social, economic, technological, competitive, and regulatory
forces that affect the results of a marketing decision
Feature - Something that "it" does
Benefits - What matters to you. Why those features are important to you.
They make your life easier.
Value = - benefits/price
Customer Value - the unique combination of benefits received by targeted buyers.
Best price
Best service
Best product
relationship marketing - Easy to understand
Hard to do
—> a strategy that focuses on keeping and improving relationships with current customers
,They but from you, they're happy and they come back.
Marketing program - a plan that integrates the marketing mix to provide a good, service, or idea to
prospective buyers
Marketing segments - relatively homogeneous groups of prospective buyers that have common needs
and will respond similarly to a marketing action
Production era - In the early 1900s, businesses refined production process and created greater
efficiencies
Sales era - company emphasizes selling because of increased competition
Marketing concept era - era that emphasized satisfying customer needs with a carefully developed
marketing mix. While achieving the org's goals.
Customer relationship era - firms seek continuously to satisfy the high expectations of customers
Market Orientation - The tendency of an economic activity to locate close to its market; a reflection of
large and variable distribution costs.
Ex - production era, sales era etc.
CRM (Consumer Relationship Management) - Process of identifying prospective buyers, understanding
them intimately, and developing favorable long-them perceptions of the or and its offerings so that the
buyer becomes an advocate.
Customer experience - What the firms Thinks they offer
Vs
What customers Say they receive
, societal marketing 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
Ethics - Companies develop their code of ethics
Social Responsibility - Orgs are accountable to a larger society
Who buys and uses what is marketed? - ultimate consumers and organizational buyers
ultimate consumers - the people who use the products and services purchased for a household
Organizational buyers - manufacturers, wholesalers, retailers, and government agencies that buy
products and services for their own use or for resale
Strategy (to be all things to people) - An org's long term course of action designed to deliver a unique
customer experience while achieving its goals
Corporate level - top management directs overall strategy for the entire organization
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