Principles of Marketing (Kotler) Chapter 1 - Chapter 4 16th edition Questions With Complete Solutions
Marketing management - is the art and science of choosing target markets and building profitable relationships with them
"what customers will we serve (target)"
"how can we serve these customers best (value proposition)"
Marketing - is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return... ENGAGE CUSTOMERS AND MANAGING PROFITABLE CUSTOMER RELATIONSHIPS
Market segmentation - refers to dividing the markets into segments of customers
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
Target marketing - refers to which segments to go after
process of evaluating each market segment's attractiveness and selecting one or more segments to enter
Value proposition - Set of benefits or values a company promises to deliver to customers to satisfy their needs Product Leadership - Using this strategy a company will develop
products that are innovative and add value to customers -Apple always focus on innovation, Intel also believe in it,....
Operational Excellence - This literally means that the organization excels in the correct and efficient implementation of all corporate process
-If we look at Toyota -it really focus on No Error -They believe that with no error they can achieve a lower cost, brand loyalty and increase sales of their products; Wal-Mart -Efficient distribution to achieve its low price,...
Customer Intimacy - -Intimate relations with the customer are achieved by supplying customized products -totally focused on individual customer and customer loyalty.
-All companies say that they are focused in the customer, and they should. These company adapt their products to customer needs -Verizon, AT&T
marketing mix - The blending of four controllable tactical marketing tools product, price, place, and promotion that the firm blends to produce the response it wants in the target market
4 P's
sellers point of view
customer equity - the total combined customer lifetime values of
all of the company's customers. its measure of the future value of company's consumer base Markets - the set of actual and potential buyers of a product
Marketing Process - Understand the marketplace and customer needs and wants Design a customer-driven marketing strategy Construct an integrated marketing program that delivers superior
value Build profitable relationships and create customer delight Capture Value from customers to create profits and customer equity
Marketing Management Orientations - production, product, selling, marketing, societal: concepts
Production Concept - Consumers will favor products that are available and affordable
company should focus on improving production and distribution
efficiency
Product Concept - Consumers will favor products that offer the most in quality, performance, and innovative features therefore the organization should devote its energy to making continuous PRODUCT IMPROVEMENTS
MAKE-AND-SELL
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