Principles of Marketing: 15e – Chapters 1 – 5 – Flashcards
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Five Step Marketing Process
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1. Understand the Marketplace and customer needs and wants 2. Design a customer-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value: Use the four P's 4. Build profitable relationships and create customer delight 5. Capture value from customers to create profits and customer equity
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When is demand created
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When you want something and can afford it i. Also called buying power ii. Adjust price to adjust size of market
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Conduct market research to:
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Find needs, wants, demand and market offering
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Paying more attention to products instead of the benefits produced
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Market myopia
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Receiving cash or word of mouth for your product
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Exchange
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Customers favor products with quality, performance and innovated features
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Product Concept
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Customers won't buy enough product unless properly promoted
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Selling Concept
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Achieving goals depends on knowing needs and wants/satisfying customers better than competitors
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Marketing Concept
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i. Relationships with everyone ii. Key is long term relationships and benefits
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Societal marketing Concept
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Product, Price, Promotion and Place
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Construct an integrated marketing program that delivers superior value: Use the four P's
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How do you build profitable relationships and create customer delight?
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a. Customer Satisfaction b. Perceived value c. Customer relations
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Give customers an experience they believe is worth the price
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Perceived value
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a. Cash b. Loyalty and Retention c. Grow market share d. Customer Equity (Good will)
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Types of capture-able customer value
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How to achieve the 5 steps
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1. Harness Technology 2. Manage global markets 3. Ensure ethics and social responsibility
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1. Design 2. Produce 3. Market 4. Deliver 5. Support
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Value Chain
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SWOT
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1. Internal: Strengths and Weaknesses 2. External: Opportunities and Threats
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Competitors, Regulators and Customers
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Threats
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1. The company itself 2. Suppliers 3. Marketing intermediaries a. Companies helping to sell 4. Competitors 5. Publics a. Any group with actual or potential impact 6. Customers
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Microenvironment
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1. Demographic - Age, gender, race, people moving/shifts, education 2. Economic 3. Natural - Shortages of raw materials 4. Technological - Things we use to produce product 5. Political/Social - Laws, regulations, pressure groups a. Anti-trust law: Fight fair or don't lie about your product
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Macro environment
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Common set of beliefs
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Cultural
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Example: when to get married
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Secondary values
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MIS
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1. Assess information needs 2. Internal Databases 3. Marketing Intelligence 4. Marketing research 5. Types of data
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Assess information needs
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Ask what to know to make a good decision
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Use info from company - cheap/available
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Internal Databases
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Activities that go into marketing plan a. Publicly available information
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Marketing Intelligence
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a. Stuff you have to get - Exploratory, Descriptive (Most common) and Casual b. Marketing research plan
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Marketing research
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Marketing Research Plan
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i. Define problem and what to accomplish ii. Develop plan to get data iii. Implementation of plan iv. Analyze data, and report information
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Types of Data
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a. Secondary Data/Already existing b. Primary Data - Relevant but costs a lot c. Commercial/online data d. Megadata - Already know what trends are e. Focus group - Intimate, you can ask questions about product f. Relative sample - Take one because you can't ask the whole world
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Secondary Data/Already existing
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i. Advantage - Cheap and quick ii. Disadvantage - May not be relevant
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Primary Data
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Relevant but costs a lot i. Observe, Questionnaire and Experiment ii. Contact methods - Mail, telephone, personal and online
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Laborers
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Line
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Everybody else
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Staff
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Everything sells
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Perfect Price
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A process by which companies create value for customers and build strong customer relationships in order to capture value from consumers in return
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Marketing
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Align organization's goals and capabilities with a changing market conditions
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Strategic planning
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Statement of the organization's purpose (Always from the view of the customers)
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Mission statement
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Used to prove you deserve the company investment
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ROI
