Intro to Marketing (Schwartz) Chapter 1

marketing
– process by which companies create value in order to get value in return
value
– perceived benefits over perceived costs
5 types of perceived benefits/costs
– technical
– economic
– service
– social
– emotional
5 step marketing process
– understand the marketplace and customer needs/wants
– design a customer-driven marketing strategy
– construct an integrated marketing program that delivers superior value
– build profitable relationships and create customer delight
– capture value from customers to create profits and customer equity
5 C’s
– customers
– company
– competitors
– collaborators
– context
3 aspirational decisions
– segmentation
– targeting
– positioning
4 P’s
– product
– place
– promotion
– price
needs
– part of being human
– physical/individual
wants
– needs shaped by culture and individual personality
– specific objects
– ex: need food but want dessert
demands
– wants backed by buying power
market offerings
– fulfill customer needs and wants
marketing myopia
– focus on company’s needs instead of customer’s needs/wants
– ex: Blockbuster
customer satisfaction
– how well a market offering meets or surpasses customer expectations
exchange
– act of obtaining a desired object from someone by offering something in return
market
– set of actual and potential buyers of a product/service
production concept
– highly available and affordable products
– focuses on production and distribution efficiency
– lean and focused
product concept
– best quality, performance, features
– focuses on continuous product improvements
– build a better mousetrap
– ex: iPod
selling concept
– customers won’t buy unless pushed
– large-scale selling and promotion
– make and sell
marketing concept
– needs and wants of target markets
– focuses on delivering customer needs and value
– sense and respond
societal marketing concept
– short-term customer wants and long-term welfare
– focuses on improving customer and society well-being
– values driven
which of the concepts are internally driven
– production concept, product concept, selling concept
which of the concepts are market-driven strategies
– marketing concept
– societal marketing concept
5 changing marketing landscapes
– digital/social/mobile
– economy
– nonprofit marketing
– globalization
– social responsibility