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Marketing

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Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

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Marketing Management

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is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

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Marketing Environment

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Demographic Political - Legal Technological Economic Socio - cultural Natural

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Marketing Channels

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Communication Distributions Services

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Holistic marketing

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Production Products Selling -------- Marketing

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Original four Ps

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Product Price Promotion Price

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New Four Ps

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People Process Programs Performance

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Marketing management task

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Develop market strategies and plans Capture marketing insights Connect with customers Build strong brands Shape market offerings Deliver value Communicate value Create long-term growth Monitor and adjust as needed

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What is marketed

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goods, services, events, experiences, persons, places, properties, organizations, information, and ideas.

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Marketer

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someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect. If two parties are seeking to sell something to each other, we call them both marketers.

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Eight demand states possible:

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1. Negative demand—Consumers dislike the product and may even pay to avoid it. 2. Nonexistent demand—Consumers may be unaware of or uninterested in the product. 3. Latent demand—Consumers may share a strong need that cannot be satisfied by an existing product. 4. Declining demand—Consumers begin to buy the product less frequently or not at all. 5. Irregular demand—Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. 6. Full demand—Consumers are adequately buying all products put into the marketplace. 7. Overfull demand—More consumers would like to buy the product than can be satisfied. 8. Unwholesome demand—Consumers may be attracted to products that have undesirable so- cial consequences.

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Marketers

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Marketers must identify the underlying cause(s) of the demand state and deter- mine a plan of action to shift demand to a more desired state.

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Value chain

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is a tool for identifying was to create more customer value because every firm is a synthesis of primary and support activities performed to design, produce, market, deliver, and support its product.

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Phases of value creation

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Choosing the value Providing the value Communicating the value

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Maximizing core competencies

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(Re)defining the business concept (Re)shaping the business scope (Re)positioning the company's brand identity

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Holistic marketing

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integrating the value exploration, value creation, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and co-prosperity among key stakeholders

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Evaluating marketing Plan

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Is the plan simple? Is the plan specific? Is the plan realistic? Is the plan complete?

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Marketing Research

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Is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.

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Marketing research process

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Define the problem Develop research plan Collect information Analyze information Present findings Make decision

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Types of research

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Exploratory Descriptive Causal

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Research Approaches

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Observational and ethnographic Focus group Survey Behavioral Experimental

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Marketing Decision Support System (MDSS)

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Is a coordinated collection of data, systems, tools, and techniques with supporting hardware and software by which an organization gathers and interprets relevant information from business and environment and turns it into a basis for marketing action.

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Marketing metrics

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Set of measures that helps marketers quantify, compare, and interpret marketing performance.

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External Marketing Metrics

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Awareness Market share Relative price Number of complaints Customer satisfaction Distribution Total number of customers Loyalty

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Internal Marketing Metrics

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Awareness of goals Commitment to goals Active support Resource adequacy Staffing levels Desire to learn Willingness to change Freedom to fail Autonomy

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Marketing Mix Modeling

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Marketing-mix models analyze data from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, and promotion spending data, to understand more precisely the effects of specific marketing activities.

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Customer perceive value

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Is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives.

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Underwhelming Customers

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Little or no customer focus translates into an unfocused competitive position and minimal customer satisfaction. The result is a vicious circle of poor performance.

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Quality

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Is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.

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Loyalty

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Is a deeply held commitment to re-buy or re-patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.

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Customer Relationship Management CRM

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Is the process of carefully managing detailed information about individual customers and all customer touch points to maximize customer loyalty.

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Consumer Buying Process

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1. Problem recognition 2. Information search 3. Evaluation of Alternatives 4. Purchase decisions 5. Postpurchase Behavior

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Market Segment

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Consists of a group of customers who share a similar set of needs and wants.

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Steps in Segmentation Process

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Need-based segmentation Segment identification Segment attractiveness Segment profitability Segment positioning Segment acid test Market mix strategy

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Steps in Strategic Brand Management

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Identifying and establishing brand positioning Planning and implementing brand marketing Measuring and interpreting brand performance Growing and sustaining brand value

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Brand

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Is a name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.

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Branding

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Branding is endowing products and services with the power of the brand.

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Brand equity

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Is the added value endowed on products and services, which may be reflected in the way consumers, think, feel, and act with respect to the brand.

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Brand Promise

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A brand promise is the marketer's vision of what the brand must be and do for consumers.

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Cause Related Marketing

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Type of marketing involving the cooperative efforts of a for profit business and a non-profit organization for mutual benefit.

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Cause Related Marketing benefit

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Cause marketing differs from corporate giving (philanthropy), as the latter generally involves a specific donation that is tax deductible, while cause marketing is a marketing relationship not necessarily based on a donation.

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Tipes of strategic alliance

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Product or service alliances Promotional alliances Logistics alliances Pricing collaborations

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Mission statement

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to share with managers, employees, and (in many cases) customers. A clear, thoughtful mission statement provides a shared sense of purpose, direction, and opportunity.

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5 major characteristics of mission statement

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1.They focus on a limited number of goals. 2.They stress the company's major policies and values. 3.They define the major competitive spheres within which the company will operate. 4.They take a long-term view. 5.They are as short, memorable, and meaningful as possible.

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Focus group

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A focus group is a gathering of 6 to 10 people carefully selected by researchers based on certain demographic, psychographic, or other considerations and brought together to discuss various topics of interest at length. Participants are normally paid a small sum for attending. A professional research moderator provides questions and probes based on the marketing managers' discussion guide or agenda.

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3 main research instruments in collecting primary data

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questionnaires, qualitative measures, and technological devices.

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Qualitative research

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Qualitative research techniques are relatively unstructured measurement approaches that permit a range of possible responses. Their variety is limited only by the creativity of the marketing researcher.

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Popular qualitative research approaches

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Word associations Projective techniques Visualization Brand personification Laddering

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Satisfaction

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Is a person's feelings of pleasure or disappointment that result from comparing a product's perceived performance (or outcome) to expectations.

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Expectations

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Result from past buying experience, friends' and associates' advice, and marketers' and competitors' information and promises.

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Perception

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Is the process by which we select, organize, and interpret information inputs to create a meaningful picture of the world.

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3 Perceptual processes:

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selective attention, selective distortion, and selective retention.

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