Marketing Management Kotler 15th Ed (Ch 1 - 8) Already Verified A
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Mkt Management Kotler 15th Ed Alr
Marketing Management Kotler 15th Ed (Ch 1 - 8) Already Verified
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Creating value for customers and building strong customer relationships ️Marketing
Sum of the tangible and intangible benefits and costs to them. Marketers can increase value of a
customer offering by reducing price or incr...
Marketing Management Kotler 15th Ed (Ch 1 - 8) Already Verified
A
Creating value for customers and building strong customer relationships ✔️Marketing
Sum of the tangible and intangible benefits and costs to them. Marketers can increase value of a
customer offering by reducing price or increasing quality. ✔️Value
Consumers dislike the product and may even pay to avoid it (Demand) ✔️Negative
Consumers may be unaware of or uninterested in the product (Demand) ✔️Nonexistent
Consumers may share a strong need that cannot be satisfied by an existing product (Demand) ✔️Latent
Consumers being to buy the product less frequently or not at all (Demand) ✔️Declining
Consumer purchases vary on a seasonal, monthly, weekly, daily or even hourly basis (Demand)
✔️Irregular
Consumers are adequately buying all products put into the marketplace (Demand) ✔️Full
More consumers would like to buy the product than can be satisfied (Demand) ✔️Overfull
Global Markets, Consumer Market, Business Markets, Government Market ✔️Key Customer Markets
,Fewer, larger buyers
Close supplier-customer relationship
Professional purchasing
Multiple buying influences
Derived demand
Inelastic demand
Fluctuating demand
Geographically concentrated buyers
Direct purchasing ✔️Characteristics of Business Markets
Physical (Market) ✔️Market-places
Digital (Market) ✔️Market-spaces
Cluster of complimentary products and services closely related in the minds of consumers, but spread
across a diverse set of industries. ✔️Metamarkets
Basic human requirements such as air, food, water, clothing, shelter ✔️Needs
When needs are directed to specific objects that might satisfy the need. ✔️Wants
Wants for specific products backed by the ability to pay. People who want a Mercedes, but only those
that are willing and able to buy it ✔️Demand
A marketing strategy that involves dividing a broad target market into subsets of consumers, businesses,
or countries who have common needs and priorities, and then designing and implementing strategies to
target them. ✔️Segmentation
A particular group of consumers at which a product or service is aimed. Segments that present the
greatest opportunity to a firm ✔️Target Markets
, Promote (a product, service, or business) within a particular sector of a market, or as the fulfillment of
that sector's specific requirements. ✔️Positioning
Consumers will favor products that are available and affordable (Marketing Concept) ✔️Production
Concept
Consumers will favor products that offer the most in quality, performance, and innovative features
(Marketing Concept) ✔️Product Concept
Consumers will not buy enough without a large scale selling and promotion effort (Marketing Concept)
✔️Selling Concept
Focus on satisfying the needs and wants of target markets (Marketing Concept) ✔️Marketing Concept
This marketing concept improves both the consumer's and the society's well being (Marketing Concept)
✔️Societal marketing concept
Aims to build mutually satisfying long-term relationships with key constituents in order to earn and
retain their business. Customers, employees, marketing partners and members of the financial
community (Holistic Marketing) ✔️Relationship marketing
Occurs when the marketer devices marketing activities and assembles marketing programs to create,
communicate, and deliver value for consumers such that "the whole is great than the sum of its parts"
(Holistic Marketing) ✔️Integrated marketing
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