MMC Marketing – Flashcards
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simple definition
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the management process responsible for identifying, anticipating, and satisfying customer requirements profitably
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goals of marketing
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1. keep and grow current customers by delivering satisfaction 2. attract new customers by promising superior value
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marketing is the activity, set of instructions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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old view of marketing
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telling and selling
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new view of marketing
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satisfying customer needs
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the marketing process
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-understand the marketplace and customer needs and wants -design a customer-driven marketing strategy -construct an integrated marketing program that delivers superior value -build profitable relationships and crease customer delight -capture value from customers to create profits and customer quality
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needs
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-state of deprivation including physical, social, and individual needs -physical needs: food, clothing, shelter, safety -social needs: belonging, affection -individual needs: learning, knowledge, self-expression
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wants
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-form that a human need takes, as shaped by culture and individual personality
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customer value and satisfaction
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-dependent on the product's perceived performance relative to a buyer's expectations -care must be taken when setting expectations -customer satisfaction often leads to consumer loyalty -some firms seek to delight customers by exceeding expectations
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marketing management
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-the art and science of choosing . target markets and building profitable relationships with them -requires that consumers and the marketplace be fully understood -aim is to find, attract, keep, and grow customers by creating, delivering, and communicating superior value
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marketing managers must consider the following to ensure a successful marketing strategy
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1. what customers will we serve? -what is our target market 2. how can we best serve these customers -what is our value proposition
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choosing a value proposition
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-the set of benefits or values a company promises to deliver to consumers to satisfy their needs -value propositions dictate how firms will differentiate and position their brands in the marketplace
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the marketing concept
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a marketing management philosophy that holds that achieving organizational goals depending on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors
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customers perceived value
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"customers evaluation of the difference between all of the benefits and all of the costs of a marketing offer relative to those of competing offers" -perceptions may be subjective -consumers often do not objectively judge values and costs
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the marketing mix
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-the set of controllable, tactical marketing tools that the firm blends the produce the response it wants in the target market -product: variety, features, brand name, quality, design, packaging, and services -price: list price, discounts, allowances, payment period, and credit terms -place: distribution channels, coverage, logistics, locations, transportation, assortments, and inventory -promotion: advertising, sales promotion, public relations, and personal selling
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customer-driven marketing strategy
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-requires careful customer analysis -the be successful, firms must engage in: -marketing segmentation -marketing targeting -differentiation -positioning
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segmentation
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the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behavior who might require separate products of marketing programs
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targeting
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involves evaluating each market segments attractiveness and selecting one or more segments to enter
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differentiation
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creating superior customer value by actually differentiating the market offering
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positioning
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arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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market segmentation
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key segmenting variables: -geographic -demographic -psychographic -behavioral
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why segment
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-meet consumers needs more precisely -increase profits -segment leadership -retain customers -focus marketing communications
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evaluating market segments
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-segment size and growth --analyze current segment sales, growth rates, and expected profitability -segment structural attractiveness --consider competition, the existence of substitute products, and the power of buyers and suppliers -company objectives and resources --examine company skills and resources needed to succeed in that segment --offer superior value and gain advantages over competitors
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market targeting
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-evaluating market segments --segment size, attractiveness, and company objectives -selected target market segments --alternatives range from undifferentiated marketing to micromarketing -being socially responsible
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a products position is
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-the way the product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products -perceptual positioning maps can help define a brand's position relative to competitors
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identifying possible value differences and competitive advantages
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key to winning target customers is to understand their needs better than competitors do and to deliver more value
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competitive advantage
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extent to which a company can position itself as providing superior value -achieved via differentiation
