Marketing Management 2e

Marketing management
Central function and set of processes essential to any enterprise, leading and managing the facets of marketing to improve individual, unit, and organizational performance. Core business activity.
Marketing
the activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing’s stakeholders
Any person or entity inside or outside a firm with whom marketing interacts, impacts, and is impacted by.
Societal marketing
broadest conceptual level, members of society at large can be viewed as a stakeholder for marketing.
Sustainability
Business practices that meet humanities needs without harming future generations.
Value
ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.
Exchange
in which a person gives up something of value for something else they desire to have.
Production orientation
early part of 20th century, improving products and production efficiency without much regard for what was going on in the marketplace.
Sales orientation
to increase sales and consequently production capacity utilization, professional salespeople need to “push” product into the hands of customers, both businesses, and end-users.
Marketing concept
organization-wide customer orientation with the objective of achieving long-run profits. Introduces marketing at the beginning of the production cycle and integrating marketing into each phase of the business.
Marketing mix (4 P’s of Marketing)
product, price, place, and promotion. By creating a “mix” or combinations of these elements, marketer’s can set their brand apart from the competition.
Product
overall offering, which include a bundle of goods, services, ideas, and other components.
Price
relationship with the concept of value.
Place
getting goods from A to B, including integrated supply chains.
Promotion
different media and platforms used for promotion, including cellphones, internet, etc..
Customer-centric
investment of the customer over the long term and focusing on marketing as an organization-wide issue.
Differentiation orientation
the idea of creating and communicating differentiation, what distinguishes your product from those competitors in the minds of the customer.
Market-orientation
the implementation of the marketing concept.
Customer orientation
placing the customer at the core of all aspects of the enterprise- takes the guiding business philosophy of the marketing concept and works to more usefully define just how to implement it within the firm.
Relationship orientation
the realization that it is far more efficient and effective to invest in keeping and cultivating profitable current customers instead of constantly having to invest in gaining new customers that come with unknown return on investment.
One-to-one marketing
the idea that firms should direct energy and resources into establishing a learning relationship with each customer and then connect that knowledge with the firms production and service capabilities to fulfill that customer’s needs in as custom a manner as possible.
Mass customization
combining flexible manufacturing with flexible marketing to greatly enhance customer choices.
Marketing (Big M)
serves as a core driver of business strategy. Understanding of markets, competitors, and other external forces, coupled with attention to internal capabilities, allows a firm to develop strategies for the future.
Strategic marketing
Long-term, firm level commitment to investing in marketing, supported at the highest organizational level, for the purpose of enhancing organizational performance.
Market creation
approaches that drive a market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before.
marketing (little m)
serves the firm and stakeholders at a functional or operational level, tactical marketing.
Tactical marketing
Specific programs and tactics aimed at customers and other stakeholders tend to emulate from little m, needs to be couched within the philosophy, culture, and strategies of the firms Big M.
Marketing metrics
Used to effectively measure and assess the level of success a firm’s investment in various aspects of marketing, they are designed to identify, track, evaluate and provide key bench marks for improvement.
Solutions
characterization of an offering as a solution because the implication that a solution has been developed in conjunction with specific, well-understood customer wants and needs.