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What is marketing?

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Creating Value "an organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders"

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The marketing Mix

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The Four P's Place Product Promotion Price

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Customer Relationship Management

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CRM the overall process of building and maintaining profitable customer relationships through providing superior customer value and satisfaction

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Ethics

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a system of moral values or a set of principles that define right and wrong

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Exchange

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any activity such as buying and selling in which one party receives something by voluntarily giving something in return

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Fashion

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any designed product that is currently popular, that is of the moment and subject to change, and that people consider desirable and appropriate at a given time

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green marketing

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a business approach that protects the environment throughout the development and marketing of a company's product

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market

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the group of actual and potential customers who have both an interest and the ability to buy the company's product

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market segment

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a group of consumers displaying like needs, wants, values, and buying habits

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market segmentation

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defining smaller, more homogeneous customer groups based on similar customer characteristics

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perceived value

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a customer's internal calculation as to whether or not a product is worth its cost

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social responsibility

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the principle that everyone is responsible for making the world a better place for all its inhabitants

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target market

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the group of customers deemed most likely to purchase a given product and on whom the company's marketing efforts will be focused

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value proposition

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the sum of all benefits that marketers offer customers

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Five basic points of view that marketers can adopt

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The production concept the product concept The selling concept The marketing concept The societal marketing concept

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Microenvironment

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the set of forces close to an organization that have direct impact on its ability to serve its customers. Includes the company itself, its suppliers, customers, competitors, and publics

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Macroenvironment

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the collection of uncontrollable forces and conditions that face a company. Includes social, technological, economic, political and legal, and natural forces.

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Disposable income

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the amount left over after taxes but consumers must still allocate much of it to food, shelter, utilities, and transportation

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Discretionary income

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what is let after the necessities are paid for. Represents the funds that consumers can use for fashion and accessories, home furnishings, entertainment, vacations, and other optional items

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CSR

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Corporate Social Responsibility focuses on including public interest into corporate decision making, with the belief that responsible labor and environmental practices will benefit both the company and society as a whole

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Consumer behavior

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the decision making processes and actions of buyers as they recognize their desire or need for a product or service, and engage in the search, evaluation, use and disposal of a particular item

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Impulse item

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something purchased without previous thoguht

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Integrated marketing system

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IMS When all four elements of the marketing mix are planned, coordinated, and targeted and a marketing organization has continuous sharing of ideas and strategies to reach customers,

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Subculture

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a smaller group within a large society/culture who possess distinct beliefs, goals, interests, and values that differentiate them from the dominant culture

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Personal Influences

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Perception Learning Motivation Attitude Personality and Self-Concept

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B2B

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Business to business marketing compaines and organizations that buy from or sell to other businesses or organizations as opposed to consumers producers, resellers, government, and institutions

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types of marketing plans

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Strategic Functional Operational Contingency

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Mission statement

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a declaration that concisely conveys, in a big picture perspective, the overarching goals of a company

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Psychographics

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lifestyle preference descriptors such as individuals' attitudes, values, and interests

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SWOT analysis

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Internal factors: Strengths Weaknesses External Factors: Opportunities Threats

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Marketing strategy

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a plan of action designed to identify the target market and shape the marketing mix in order to satisfy target customer's needs and propel the marketed toward its goals

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Types of strategies

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Differentiation Strategy: a company clearly communicates its distinct solutions to consumers wants and needs Exit Strategy: a company no longer provides a product it provided in the past Expansion strategy: a company seeks ways to extend its business beyond its current status Segmentation strategy: marketers identify potential customers who share similar preferences, behaviors, values and so on

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Positioning

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using the various marketing tools to determine how a product fits within the marketplace and in relation to other products and to influence how consumers in specific segments view the product.

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Repositioning

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revising a marketing strategy in order to adapt to marketplace changes and modify the way consumers think about or perceive the brand could be: targeting a new age segment adding an unrelated product or service integrating a lifestyle change

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ROI

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return on investment defines the value (sales and profits) a company realizes after accounting for its expenses

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marketing intelligence

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a systematic collection and analysis of publicly available information about competitors and developments in the marketplace. Revels market opportunities, monitors the competition, improves strategies, and enables more informed decision making

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forecasting

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a process in which professional observers of culture and cultural shifts provide calculated predictions about the likely direction in which design and other consumer preferences are moving

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Marketing information system

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MIS a set of procedures and practices a company puts in place in order to analyze, assess, and distribute the marketing information being gathered continuously from sources inside and outside of the firm

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Quantitative Data

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objective information

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Qualitative Data

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subjective information

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Demographics

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statistical characteristics of a population such as age, sex, household income, education level, occupation, ethnicity, religion, birth and death rates, gender orientation, marital status, and family size

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Geographics

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the physical environment, climate, and natural resources inherent to a particular market

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Pyschographics

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involves consumers' lifestyle, leisure activities, or other personal preferences

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Usage

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the quantity and rate at which consumers make brand purchases, as well as their level of loyalty to a particular brand

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Niche marekting

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targeting specialized market sub segments within a larger group

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mass marketing

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d=undifferentiated targeting strategy focusing on an entire market universe

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CEM

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customer experience management the function of managing the overall experience that the customer has with the supplier

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