MARKETING MANAGEMENT – Marketing 5000 – Flashcards
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the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large
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Marketing - Defined
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Marketing is about identifying the needs of customers (expressed as wants) and developing strategies to meet those needs for the good of the customer and the firm
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Marketing - Paul's definition
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1. Customers 2. Company 3. Context 4. Collaborators 5. Competitors
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the Marketing Framework - 5 C's
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Segmentation Targeting Positioning
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The Marketing Framework - STP
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1. Product 2. Price 3. Place 4. Promotion
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The Marketing Framework - 4Ps
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Who are they? What are they like? Do we want to draw different customers?
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5Cs - Customers
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What are our strengths and weaknesses? what customer benefits can we provide?
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5Cs - Company
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What is happening in our industry that might reshape our future business?
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5Cs - Context
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Can we address our customers' needs while strengthening our business-to-business (B2B) partnerships?
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5Cs - Collaborators
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Who are the competitors we must consider? What are their likely actions and reactions?
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5Cs - Competitors
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Customers aren't all the same; find out how they vary in their preferences, needs, and resources
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STP - Segmentation
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Pursue the group of customers that makes the most sense for our company
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STP - Targeting
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Communicate our product's benefits clearly to the intended target customers
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STP - Positioning
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will customers want what your company is prepared to produce?
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Marketing Mix 4Ps - Product
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will customers pay what you'd like to charge?
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Marketing Mix 4Ps - Price
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where and how will customers purchase your market offering?
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Marketing Mix 4Ps - Place
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what can you tell your customers or do fro them to entice them to purchase?
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Marketing Mix 4Ps - Promotion
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1. Attributes 2. Packaging - Promotion 3. Branding
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Product - 3 things
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a good, service, or idea consisting of a bundle of tangible & intangible attributes that satisfies consumers needs & is received in exchange for money or something else of value.
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Product - definition
