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Entering an agreement with a larger company to provided needed services in exchange for the products it desires.

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Barter - Direct exchange of goods and services between two parties

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Experiencing rapid overall economic growth due to unprecedented growth in manufacturing. There is a new wealthy populace as well as a growing middle class.

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Emerging Economy - Fast growth in manufacturing results in rapid overall economic growth. Industrialisation typically creates a new rich class and a small but growing middle class, both demanding new types of imported goods.

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Simply Soup is an American company that produces soup and soup mixes. It has decided to branch out and enter into foreign markets, selling its signature soup with very little modification.

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Exporting - The practice of entering foreign markets by selling goods produced in the company's home country, often with little modification, is known as exporting

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The development of foriegn based assembly or manufacturing facilities

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Direct Investment

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A company making agreements with manufacturers in the foreign market to produce a product or provide a service

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Contract Marketing

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Practice of entering foreign markets by joining foreign companies to produce or market a product or service

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Joint Venturing

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An international marketing strategy that uses the same marketing strategy and mix in all of the company's international markets

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Standardised global marketing

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A global communication strategy to fully adapting advertising messages to local markets

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Communication Adaptation

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Takes time to create and maintain different product mixes and unique marketing strategies for each of the 28 countries in which it does business

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Adapted global marketing

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Markets a product in a foreign country without making any changes to its recipe

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Straight product extension

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Selling a product in a foreign market - which should be considered before planning any marketing program

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Cultural Differences

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A group of nations organised to work toward common goals in the regulation of international trade

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Economic Communities/Free trade zones

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Deciding to go global

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Ability to navigate a foreign market

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Channal design that takes the entire global supply chain and marketing channal into account in order to forge an effective global value delivery network

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Whole Channel View

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Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as -Customer Equity -Marketing Mix -The marketing concept -Market Offerings -Customer-engagement marketing

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The Marketing Mix

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Bertram's Beer Structure its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers

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Customer Equity

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Marketing

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The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

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Marketing Myopia

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Mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

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How has the internet most affected companies and customers

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The Internet has allowed consumers to take marketing content and share it

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The idea that a company's marketing decisions should consider consumer wants, the company's requirements, consumer long run interests, and society's long run interests

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Societal marketing concept ex. Attempting to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term

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The idea that consumers will favor products that are available and highly affordable; therefore, the organisation should focus on improving production and distribution efficiency

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Production Concept

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The idea that consumers will favor products that will offer the most quality, performance, and features; therefore, the organisation should devote its energy to making continuos product improvements

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Product Concept

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The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort Typically practiced with goods that buyers do not normally think of buying

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Selling concept

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A philosophy in which archiving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

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Marketing concept

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Aspects of sustainable marketing

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Seek ways to profit by serving long run interests of customers and communities Deliver value in a socially and environmentally responsible way Practise caring capitalism by being civic and responsible Help protect the natural enviroment NOT - OBSERVE ENVIROMENTAL LEGISLATION AS IT IS INSTITUTED

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Current trend in businesses in relationships with customers

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Hand-pick the most profitable customers and allow them more input

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Which marketing philosophy that consumers will favor products that offer the most in quality, performance, and innovative features

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Product concept

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Act of obtaining a desired object from someone by offering something in return is known as

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an Exchange

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Julie's Jump Rope Emporium is a brand new company, from a marketing stand point, what is the first thing Julie's company needs to do

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Determine who in the community wants or needs a jump rope 1. Understanding the marketplace and customer needs and wants

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How does the new concept of marketing differ from the old concept of marketing?

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It focuses on the experience of the customer

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How do market demands relate to needs and wants

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Needs are satisfied by wants, and buying power converts wants into demand

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Why is good marketing critical

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To ensure the company serves as many customers as it can as and as well as it can

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What is the main problem that sellers suffering from marketing myopia face

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The focus more on products than to the customer's underlying need

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Make and sell philosophy that focuses on improving their product

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Product Concept

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Customer oriented and find the right products for their customers

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Marketing concept

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What is the ultimate aim of customer relationship management

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Product high customer equity

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How has the Great Recession of 2008-2009 affected consumers' attitudes

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Consumers are showing an enthusiasm for frugality(cautious in spending)

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Loyalty rewards program that rewards customers with seat upgrades and free miles fro their continued patronage

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Frequency Marketing program

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Four Ps of the marketing mix

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Product - create a need-satisfying market offering Price - How much it will charge for the offering Place - How it will make the offering available to target consumers Promotion - communicate with target customers about the offering and persuade them of its merits

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A local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows, starts poetry reading nights, and sends volunteers to the local high school. What is the drama club engaging in

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Market Exchange

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Barnacle

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Going to diner for 20 years, he only purchases a cup of coffee

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What is the most likely to cause a variation in customer perceived value

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The customer's opinion of what constitutes value

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When a company chooses a group of customers to serve, it is engaging in

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Target marketing

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The ultimate goal of the marketing process

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Receive value from customers

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Not for profit marketing

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In recent years marketing for non-profits have increased. Ex. military, Hospitals, schools

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What is the importance of selling and advertising in marketing

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The work in order in developing good customer relations

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Marketing Process

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Market - understanding the needs and wants of consumers Strategy - Create a customer driven strategy Plan/program - Develop marketing program that delivers superior value Build - build profitable and customer delight Capture - capture value from customers to create profits and customer equity

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Market Offering

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Some combination of products, services, information or experiences offered to a market to satisfy a need or a want

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When customers come to Queso's, we want them to breathe cheese, eat cheese, and absorb cheese through their very pores

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Brand Experience

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We will turn your child into ninja's

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The raised customer expectations too high

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Customer Equity

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Total combined customer lifetime values of all of the company's current and potential customers

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After examining the market and determining which segments

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Determine on a value proposition - differentiation and positioning

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It endeavours at all times to improve its eyewear, but it also is adamant about keeping production costs low and providing a low cost product to the consumer

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Production and Product

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Frieda's fries is in the process of finalizing its marketing strategy. The marketing manager has already examined the market, determinded which segments would be the best fit for the company's fries, and decided how to differentiate Frieda'd Fries from the competition.

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Choose a marketing philosophy to guide company practice

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Customer Perceived value

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Based upon the customer's opinion of value, not on the actual cost of the merchandise

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Customer Lifetime value

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value of the entire stream of purchases that a customer makes over a lifetime of patronage

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Customer Satisfaction

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based upon a product's perceived performance measured against the customer's expectations

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Share of customer

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Portion of the customer's purchasing that a company gets in its product categories

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Consumer Generated marketing

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Consumers themselves are playing a bigger role in shaping their own brand experiences and those of others Companies invite consumers to play a more active role in shaping products and brand messages ex A soda company holds a contest to determine the new flavor for its soda

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Great recession

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Marketers have begun to focus on the value for the money in their sale pitches

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Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs

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Sustainable Marketing

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Not for profit companies are looking ways to raise money or cut costs

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Use social marketing campaigns to raise money

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Pure Marketing concept overlooks possible conflicts between consumer short run wants and consumer long run welfare.

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Societal Marketing Concept

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Marketing Management

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Art and Science of choosing target markets and building profitable relationships with them

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Designing a customer-driven marketing strategy

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Selecting customers to serve - Market Segmentations and target marketing Choosing a value proposition - how it will serve targeted customers - how it will differentiate and position itself in the market place; set of benefits or values it promises to deliver to consumers to satisfy their needs

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Fiver marketing strategies

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Production - favor products that are available and highly affordable Product - Most in quality, performance and innovative features Selling - consumers will not buy enough of the firm's product unless it undertakes large scale promotion Marketing - archiving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Customer focus and value are the paths to sales and profits Societal marketing concept - pure marketing concept overlooks possible conflicts between consumer short run wants and consumer long run welfare

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Sustainable marketing

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socially and environmentally responsible marketing that meets the present needs of consumers and business while also preserving or enhancing the ability of future generations to meet their needs

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Shared value

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focuses on creating economic value in a way that also creates value for society

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Customer relationship management

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Overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

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Customer perceived value

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The customer's evaluation of the difference between all the benfits and all the cots of a market offering relative to thos eof competing offers

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Customer engagement marketing

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Making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuos customer involvement in shaping brand conversations, experiences and community

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Partner relationship management

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Working closely with others inside and outside the company to jointly bring more value to customers

Marketing Mid Term

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