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Marketing

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Managing profitable customer relationships & creating value for the customers in order to get value in return

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The 5 Steps of the Marketing Process

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1. Understand the marketplace and customer needs & wants 2. Design a customer-driven strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships 5. Capture value from customers in return to create profits & equity

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Needs

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States of felt deprivation

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Wants

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Needs shaped by culture and individual personalities

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Demands

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Wants backed by purchasing power

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Market Offerings

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Combination of products, services, information, or experience offered to a market to satisfy a need or want

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Marketing Myopia

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Loss of sight of customer needs due to over-focus on products themselves

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Market

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Set of actual and potential buyers of a given product or service

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Marketing Management

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Choosing target markets and building profitable relations

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Value Proposition

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Set of beliefs or values a company promises to deliver to customers to satisfy their needs

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Production Concept

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Consumers will favor products that are available and highly affordable

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Product Concept

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Consumers favor products that offer the most in quality, performance, and innovation

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Selling Concept

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Consumers will not buy enough of the firm's product unless it undertakes a large-scale selling and promotion effort

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Marketing Concept

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Achieving organizational goals depends on knowing the market better than competitors

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Societal Marketing Concept

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Marketing strategy should deliver value to customers that improves both consumer's and society's well-being

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Customer-Relationship Management (CRM)

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Building and maintaining profitable relations through customer value and satisfaction; Management of detailed information about individual customers & touch points to maximize customer loyalty

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Customer Perceived Value

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Customer's evolution of the difference between all benefits and costs of a market offering to another

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Frequency Marketing Programs

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Programs rewarding customers who purchase frequently or in large amounts

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Customer Engagement Marketing

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Fostering direct and continuous customer involvement

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Customer-Generated Marketing

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Customers themselves play a larger role in shaping their brand experiences

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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

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Customer Lifetime Value

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Monetary potential value a customer could spend over a lifetime of patronage

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Share of Customer

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Monetary share business receives from customers purchasing in the business's product categories

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Strategic Planning

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Developing and maintaining strategic fit between an organization's goals and capabilities and market opportunities

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Steps of Strategic Planning

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1. Defining the Company Mission 2. Setting Company Objectives & Goals 3. Designing the Business Portfolio 4. Planning Marketing and Other Functional Strategies

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Mission Statement

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Statement of the organization's purpose

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Business Portfolio

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Collection of businesses and products that comprise the company

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Steps For Developing Business Portfolios

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1. Analyze Current Business Portfolio 2. Shape Future Portfolio By Developing Strategies For Growth &/or Downsizing

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Market Penetration

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Making more sales to current customers without changing original products

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Market Development

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Identifying and developing new markets for current products

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Product Development

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Offering new or modified products to current markets

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Diversification

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Starting up or buying businesses beyond current products and markets

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Value Chain

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The process of adding value to a firm's products

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Parts of the Value Chain

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• Design • Production • Marketing • Distribution • Support

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Value Delivery Network

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Joint efforts of supplier, distributers, and ultimately customers

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Marketing Strategy

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Marketing logic by which the company hopes to create value for the customer and achieve profitable relationships

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Market Segmentation

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Grouping customers based on geographic, demographic, psychographic, and behavioral factors

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Market Segment

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Group of customers who are likely to respond in a similar way

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Market Targeting

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Evaluating each market segment's attractiveness and selecting one or more to enter

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Positioning

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Arranging for a product to occupy a clear, distinctive, and desirable place in a market relative to competitor products

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Differentiation

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Creating a unique market offering in an effort to provide customers more value

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Marketing Mix

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Set of tactical marketing tools the firm blends to elicit their desired response from customers

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The 4 P's of Marketing Mix

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1. Product (Customer Solution) 2. Price (Customer Cost) 3. Place (Convenience) 4. Promotion (Communication)

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The 4 Marketing Management Functions

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1. Analysis 2. Planning 3. Implementation 4. Control

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Marketing Analysis

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Complete analysis of the company's situation in any given market

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SWOT Method

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1. Strengths 2. Weaknesses 3. Opportunities 4. Threats

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Marketing Planning

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Deciding what to do with each business unit

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Marketing Implementation

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Turning marketing plans into marketing actions

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CMO

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Chief Marketing Officer

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Functional Organization

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Different marketing activities headed by various managerial heads

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Geographic Organization

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Sales and marketing people are assigned to specific countries, regions, and districts

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Product Management Organization

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A product manager develops and implements a complete strategy and marketing program for a specific product or brand

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Customer Management

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Focusing on customer profitability and equity

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Marketing Control

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Evaluating the results of implemented marketing strategies and taking corrective action

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Operating Control

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Comparing ongoing performance against the annual plan and taking corrective actions

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Marketing ROI

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(Net return from marketing initiative)/(Cost of marketing investment)

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Marketing Environment

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The actors and forces outside marketing that affect management's ability to build and maintain successful customer relationships

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Parts of the Microenvironment

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1. Company 2. Suppliers 3. Intermediaries 4. Customer Markets 5. Competitors 6. Publics

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Forces of the Macrovironment

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1. Demographic 2. Economic 3. Natural 4. Technological 5. Political 6. Cultural

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Marketing Intermediaries

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Entities that help company promote, sell, and distribute product to customers

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Publics

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Any group with actual or potential interest in a company's ability to achieve it's objectives

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Examples of Publics

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• Media • Government • Citizens-Action • Local • General • Internal

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Demography

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Study of human population in terms of size, density, location, age, gender, race, etc.

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Economic Environment

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Economic factors that affect customer purchasing power and spending patterns

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Natural Environment

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Physical environment and natural resources needed as inputs by marketers or that are affected by marketing activities

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Examples of Environmental Trends

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o Increased Pollution o Increased Government Intervention

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Purposes of Government Regulation

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1. Protect companies from each other 2. Protect consumers from unfair business practices 3. Protect the interests of society against unrestrained business behavior

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Cultural Environment

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Institutions and other forces affecting a society's basic values, perceptions, preferences, and behaviors

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Marketing Information System (MIS)

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People and procedures dedicated to assessing information needs, developing the needed information, and using the information to generate and validate actionable customer and market insights

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Internal Databases

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Electronic collections of consumer and market information obtained from data sources within the company's network

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Competitive Marketing Intelligence

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Systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace

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Marketing Research

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Systematic design, collection, analysis, and reporting of relevant data to a specific marketing situation

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The Marketing Research Process

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1. Define the problem and research objectives 2. Develop a research plan for collecting information 3. Implement the plan and collect and analyze data 4. Interpret and report the findings

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Exploratory Research

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Gathering preliminary information to define problem and suggest hypothesis

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Descriptive Research

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Describing things such as market potential for a product or the demographics and attitudes of potential customers

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Causal Research

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Testing hypothesis and cause-and-effect relationships

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Secondary Data

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Information that already exists and is available for use

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Primary Data

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Information newly collected for a specific purpose at hand

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Secondary Data Must Be

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1. Relevant 2. Accurate 3. Current 4. Impartial

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Observational Research

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Gathering primary data by observing people, actions, and situations

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Ethnographic Research

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Sending observers to watch and interact with customers in their natural environment

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Experimental Research

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Selecting matched groups of subjects, giving them different treatments, controlling unrelated factors, and checking for differences in response

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Behavioral Targeting

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Using online data to target ads and offers to specific consumers

MRKT 341 Test #1 (Chapters 1-4) – Flashcards

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