Marketing 101 Midterm #1

Goals of Marketing
-attract new customers by promising superior value
-keep and grow current customers by delivering satisfaction
Needs + Buying Power
Demand
core concepts of marketplace and customer needs
-Needs, wants, and demands
-Market offerings(products,services,and experiences)
-Value and satisfaction
-exchanges and relationships
-markets
market
set of actual and potential buyers of a product or service
value propositions
dictate how firms will differentiate a position their brand in the marketplace
integrated marketing (4p’s)
product,price,place,promotion
microenvironment
actors close to the company that affect its ability to serve its customers
macroenvironment
broader societal forces
ex: economic, political,technological,cultural
factors to affect economic environment
cost of living, recession, unemployment rate
MIS (marketing info systems)
-assess informational needs
-develop needed info
internal databases
electronic collections of consumer and market info obtained from data sources within a company network
competitive marketing intelligence
systematic collection and analysis of publicly available info about customers and competitiors
components of attitude
-cognitive component
-affective component
-behavioral component
Buying Decision Process
-need recognition
-information search
-evaluation of alternatives
-purchase decision
-post purchase behavior
To be useful market segments must be
-measureable
-accessible
-substantial
-differentiable
-actionable