Define Marketing

Integrated Marketing
Integrating all marketing elements requires a strategy and a marketing program that creates, communicates, and delivers value for customers.
The marketing mix for integrated marketing is the set of tools (Four Ps) the firm uses to implement the marketing program:
Production, Price, promotion, Place
Internal Marketing
Ensures that everyone in the organization embraces appropriate marketing principles. Most important functions: hire the right ppl, train and motivate employees, empower employees, monitor and reward/reinforce good performance. Ex: Southwest Airlines- man rapping.
Performance Marketing
Concerned with understanding the business returns from marketing activities, as well as addressing legal, ethical, social and environmental effects of business practices. Financial accountability and social responsibility are the two main themes.
Relationship Marketing
Building mutually satisfying long term relationships with key constituents in order to retain their business.
Key categories of constituents:
Customers, Employees, Partners
Customer Relationship Management (narrow definition)
Managing information about individual customers (using modern IT) in order to maximize loyalty.
Customer Relationship Management (broad definition)
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Strength and length of customer relationship management is determined by
Customer-perceived value is the difference between total benefits and total cost as perceived by customer. Customer satisfaction is the products perceived performance relative to buyers expectations (conformance quality).
Societal Marketing Concept
The idea that a company should make good marketing decisions by considering consumers wants, the company’s requirements to achieve profits, and society’s long run interest.
Marketer
Someone who seeks a response from a prospect. Must have diverse skills: quantitative, qualitative, entrepreneurial, and creative. Roles are defined in a logical marketing process.
(Mass) Production Concept
Customers prefer products that are widely available and inexpensive.
Product Concept
Consumers favor the best product (quality, performance, or innovative features).
Selling Concept
Customers, if left alone, will not buy enough of the organizations products.
Marketing Concept
Design the right product for your own customers.
Selling concept
An inside-out view that focuses on existing products and heavy selling. The aim is to sell what the company makes rather than making what the customer wants.
Marketing concept
An outside-in view that focuses on satisfying customers needs as paths to profits.
Market
Physical place where buyer and sellers meet to transact. Collection of buyers and sellers who transact over a particular product. Used to describe a group of customers. Sellers constitute an industry. Buyers constitute a market.
Marketing Myopia
The mistake of paying attention to product rather than customer benefits. The bread wheel is an example.
Target Market
The segment of customers that the company wants to serve. Companies decide who to serve by diving the market into segments of customers. For each target market, the firm develops a value proposition and attempts to position in the minds of customers.
Market Offering
Some combination of products, services, information, or experiences offered to the market to satisfy a need or want.
Value
The sum of the perceived tangible and intangible benefits and costs to customers. “Customer value triad”- quality, service, and price.
Satisfaction
A persons comparative judgment of a products perceived performance in relation to expectation.
Communication marketing channel
deliver and receive messages from target market.
Globalization
The process by which regional economies become integrated. It describes the transactional circulation of ideas, languages, cultures, and trade.
1.Understand the market and customer wants: Marketing Process
Research customers and markets. Manage marketing information and customer data.
2. Design a customer driven marketing strategy: Marketing Process
Select customers to serve. Decide on value proposition.
3. Implement an integrated marketing program: Marketing Process
Product and service design. Pricing. Distribution. Promotion.
4. Build profitable relationships: Marketing Process
Customer relationships management. Partner relationship management.
5. Capture value from customers: Marketing Process
Create satisfied, loyal customers. Capture customer lifetime value. Increase shares of market and customer.
Supply Chain
A longer channel stretching from raw materials to final customers. Marketing is often viewed as the art of managing a supply chain (Apple).
Competition
The rivalry b/t individuals and firms for a greater share of the market. Multi-dimensional.
Marketing Environment
Task environment includes immediate actors involved in producing, distributing, and promoting the offering. Broad Environment consists of six additional sub-environments.
Marketing
An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Societal (holistic) marketing concept
Premise: everything matters with marketing. Focuses on all aspects of marketing strategy with emphasis on integrated marketing planning, relationship marketing, internal marketing, performance marketing.
New Consumer Capabilities
Lower brand loyalty and more/better information.
New Company Capabilities
Increased market reach. Online communities increases brand awareness. IT improves efficiency in value chains. Interactive marketing techniques improve target marketing and facilitate permission marketing efforts.
Needs
States of felt deprivation. Marketing does not create needs.
Wants
Specific needs that are shaped by culture and personality. Marketing influences wants!
Demands
Wants backed by buying power.
Distribution marketing channel
Used to display, sell or deliver products or services.
Service marketing channel
Used to facilitate transactions.