question

marketing

answer

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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should marketing be more similar to gardening or hunting? why?

answer

marketing should be similar to gardening because it is all about cultivating a long lasting relationship with the customer, much like one must cultivate a plant for the long term. You can't have a good plant if you dont start from the very beginning with proper soil, sunlight, and regular waterings. Hunting is more like, everything is already there and all that's needed is acquisition. Marketing should be more than just customer acquisition.

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How do companies capture value from consumers in the form of sales / profits?

answer

by creating value for the customer and building customer relationships

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First step in marketing process

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companies must fully understand consumers and the marketplace in which it operates

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Understanding consumers and the marketplace: 5 core concepts

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1. Needs, wants, and demands 2. market offerings (products, services, experiences) 3. Value and satisfaction 4. exchanges and relationships 5. markets

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Wants are shaped by...?

answer

culture and individual personality. for example, an american needs food but wants a big mac, whereas a mexican needs food but wants rice, beans, and paella

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Needs

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physical, social, individual

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Market offerings

answer

products, services, information experiences, organizations, ideas, persons (many things in some variable combination) that satisfy consumers needs and wants

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marketing myopia

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paying too much attention to the products and not the needs, wants, and demands the products satisfy. for example, a drill bit maker may focus on drill bits, without realizing what the consumer really wants is a quarter inch hole

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target marketing

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process of selecting which market segments the company will go after

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production concept

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idea that consumers will favor products that are highly affordable and available

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product concept

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idea that consumers will favor products with the most quality, performance, and features

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selling concept

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typically practiced with unsought goods, focuses on creating transactions rather than long term profitable business relationships. large scale selling and promotion effort is believed to be absolutely necessary to selling the product

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MARKETING CONCEPT

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achieving organizational goals depends on knowing the needs and wants of target markets and delivering desired satisfactions better than competitors do

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Which perspective does the selling concept undertake?

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Inside out, meaning it focuses primarily on customer conquest, gaining short term sales with little concern about who buys or why

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Which perspective does the marketing concept take?

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Outside in, meaning it focuses primarily on customer needs and yields profits by creating relationships

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What situation calls for customer driving approach?

answer

when the customer doesn't know what they want, understanding latent needs or future needs better than the customer themselves

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What situation calls for customer driven approaches?

answer

when a clear need exists when customers know what they want

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societal marketing concept

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examines original marketing concepts possible overlook of a conflict between short term consumer wants and long term consumer welfare. marketing strategy should deliver value to customers in a way that maintains or improves both consumers and societies well being

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4 p's order

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product, price, place, promotion

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customer satisfaction

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the extent to which a product's perceived performance matches a buyer's expectations

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in Markets with few, high margin customers, sellers want to develop what kind of customer relationship level?

answer

full partnership

question

in markets with many low margin customers, sellers want to develop what kind of customer relationship level?

answer

basic relationship

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old marketing approach

answer

marketing brands TO customers

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new marketing approach

answer

customer engagement marketing - making the brand a meaningful part of consumers' conversations and lives by fostering customer involvement (social media, twitter, club marketing programs to create sense of community)

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what type of marketing fosters brand community?

answer

customer engagement marketing

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micro environment

answer

actors close to the company that affect its ability to serve its customers the company, suppliers, marketing intermediaries, customer markets, competitors, and publics

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Suppliers

answer

provide resources needed by the company to produce its goods and services, most marketers treat suppliers as partners in creating and delivering customer value

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Market intermediaries

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like suppliers, form an important component of the company's overall value delivery network, market intermediaries are firms that help the company to promote, sell, and distribute its goods to final buyers

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types of marketing intermediaries

answer

resellers, physical distribution firms, marketing services agencies, and financial intermediaries

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resellers

answer

distribution channel firms that help the company find customers or make sales to them, include wholesalers and retailers that buy and resell merchandise such as walmart or home depot

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physical distribution firms

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help the company stock and move goods from their points of origin to their destinations

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marketing services agencies

answer

marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets

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financial intermediaries

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include banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods

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competitors

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competitive marketing strategy- take into consideration company's own size and industry position compared to its competitors

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public

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any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives

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types of publics

answer

financial publics, media publics, government publics, citizen-action publics, local publics, general public, internal publics

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financial publics

answer

this group influences the company's ability to obtain funds, major examples include banks, investment analysts, and stockholders

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media publics

answer

this group carries news, major examples include tv stations, newspapers, magazines, and blogs and other social media

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government publics

answer

marketers must often consult the company's lawyers on issues of product safety and truth in advertising

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citizen action publics

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a company's marketing decisions may be questioned by consumer organizations, environmental groups, minority groups, etc. Its PR dept can help to stay in touch with these groups

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Local Publics

answer

neighborhood residents and community orgs, Large companies usually create dept's and programs that deal with local community issues - walmart not being welcomed into community because of increase in truck traffic in community parks

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general public

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the public's image of the company affects its buying behavior, publics attitude toward its products and activities

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internal publics

answer

this group includes workers, managers, volunteers, and the board of directors, large companies use newsletters and other means to inform and motivate their internal publics

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Customers

answer

most important actors in the company's micro environment the aim of the entire value delivery network is to serve target customers and create strong relationships with them. The company might target any or all of the five types of customer markets

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5 types of customer markets

answer

1. consumer markets - individuals and households that buy goods or services for personal consumption 2. business markets - buy goods and services for further processing or use in their production processes 3. reseller markets - buy goods and services to resell at a profit 4. government markets - consist of government agencies that buy goods and services to produce public services or transfer the goods and services to others who need them 5. international markets - consist of these buyers in other countries, including consumers, producers, resellers, and governments

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Macro environment

answer

broader forces that affect actors in the micro environment demographic,

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