Marketing Foundations

Marketing
the activity, set of institutions and process for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
Product Orientation
if we make it, somebody will buy it
Sales Orientation
Products will compete against each other for customers
Market Orientation
Have an understanding of the needs and wants of the market (Customers)
Societal market orientation
carbon footprint on the world
Value
customers assessment of an offering based on perception of what is received and given
market
group of customers with heterogeneous wants and needs
stakeholders
entities who have an interest in activities of a business
marketing mix
set of variables that marketer can exercise control over when creating offer for exchange
four P’s of Marketing mix
Product, Price, Promotion, Place
Brand
collection of symbols creating a differentiated image in customers mind
demand
what the customer wants
good
physical offering capable of being delivered to a customer
service
intangible offering that does not involve ownership
Promotion
marketing activities that make potential customers aware and attracted to offerings
Distribution
concerned with supply and transport. Gets the product to the market
Marketing Enviornment
all of internal and external forces that affect marketers ability to create, communicate deliver and exchange offerings of value
Environmental analysis
process that involves breaking marketing environment into smaller segments to get a better understanding
5 components of market research
defining problem
design research methods
collect data
analyze data, draw conclusion
make recommendations
cultural influences
power distance
uncertainty avoidance
subculture
multiculturism
social influences
socal factors
reference groups
membership reference group
aspirational reference group
dissociative reference group
Types of decisions
Habitual- little engagement
Limited Decision Making- minor level of info needed
Extended Decision Making- extensive research