Chapter 1: Understanding Marketing Management

Marketing
the activity set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing Management
the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering and communicating superior customer value
value proposition
a set of benefits that satisfy the needs of consumers
Production Concept
consumers prefer products that are widely available and inexpensive
Product concept
consumers favor products offering the most quality, performance, or innovative features
selling concept
consumer and businesses if left alone won’t buy enough of the organizations products
marketing concept
a customer-centered, sense and respond philosophy
Holistic marketing concept
based on the development, design and implementation of marketing programs, processes and activities that recognize their breadth and interdependance
Relationship marketing
aims to build mutually satisfying long-term relationship with key constituents in order to earn and retain their businesses
integrated marketing
occurs when the marketer devises marketing activities and assembles marketing progress to create, communicate, and deliver value for consumers such that the whole is greater than the sum of its parts
internal marketing
the task hiring, training, and motivating able employees who want to serve customers well
performance marketing
requires understanding the financial and non financial returns to business and society from marketing activities and programs