Marketing: An Introduction Chapters 1-4

Population of the United States of America
318 million
Population of the world
7.1 Billion
What is the new view of marketing?
Satisfying Customer Needs
Define Marketing
Marketing involves creating value for customers and building strong customer relationships in order to capture value from customers in return
________ new customers by promising superior value
attract
____ and ______ current customers by delivering satisfaction
keep and grow
What is the traditional view of marketing?
Making a sale
What is the contemporary view of marketing?
Satisfying customer needs
5 core customer and marketplace concepts
1.) Needs, wants, and demands
2.)Market offerings
3.) Value and satisfaction
4.) exchanges and relationships
5.) Markets
Paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
Marketing Myopia
Feelings of pleasure or disappointment resulting from comparing a product’s perceived performance in relation to expectations
satisfaction
Act of obtaining a desired object from someone by offering something in return
Exchange
Choosing target markets and building profitable relations with them
Marketing management
5 Marketing management orientation concepts
Production, Product, Selling, Marketing, Societal Marketing
Marketing Management = ?
Demand Management and Customer managment
Three considerations underlying the societal marketing concept?
Society, Consumers, Company
4 P’s?
Product, Price, Place, Promotion
Customer’s evaluation of the difference between all the benefits and costs of a marketing offer relative to those of competing offers
Customer Perceived value
Extent to which a product’s perceived performance matches a buyer’s expectations
Customer satisfaction
Fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community
Customer engagement marketing
Value of the entire stream of purchases a customer makes over a lifetime of patronage
Customer lifetime value
Engaging customers via their digital devices using digital marketing tools and social media
Digital and social media marketing
Using mobile channels to stimulate immediate buying, make shopping easier, and enrich the brand experience
Mobile Marketing
The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing oppurtunities
Strategic Planning
Series of internal departments that carry out value-creating activities
Value Chain
Made up of the company, its suppliers, its distributors, and its customers who partner with each otehr
Value delivery network
Four keys to a mission statement
Organizations purpose
market oriented
strengths
customers
What is McDonald’s brand mission?
to be our customers favorite place and way to eat
What is McDonald’s fifth P?
People
What is SBUs?
Strategic business units
What is the BCG?
Boston consulting group
Integration of product, place, price, and promotion
Marketing Mix
Differentiating the market offering to create superior customer value
Differentation
Actors close to eh company that affects its ability to serve its customers
Microenviornment
Larger societal forces that affect the microenviornment
Macorenviornment
Study of human populations in terms of size, density, location, age, gender, race occupation, and other statistics
Demography
What are the last four generations?
Generation Z, Y, X, and baby boomers
What percent of US residents move each year?
14
What concerns have grown steadily over the past three decades
Environmental sustainability
What is CSR?
Corporate Social Responsibility
What is the other CEO?
Chief Ethics Officer
What is MIS?
Marketing information systems
What data can be obtained more quickly and at a lower cost?
Secondary Data
What data is collected for the specific purpose at hand?
Primary Data
Sending trained observes to watch and interact with consumers in their natural environments
Ethnographic research
What are the three research approaches?
Observational, survey, and experimental
Segment of the population selected to represent the population as a whole
sample
What is CRM?
Customer relationship managment
“The product taste so good that it ___ ________” Is a tagline of what company
Sells itself. Lipton
What two basic factors are needed for a marketing strategy?
Target market
Value proposition
Dividing a market into distinct groups of buyers who have different needs
Segmentation
Arranging for a product to occupy a clear, distinctive, ad desirable place relative to competing products in the minds of target consumers
Positioning
What is ROI?
Return on investment
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
What is PMEG?
Product Market Expansion Grid