Marketing Management ch. 1

Marketing management
A core business activity
Marketing’s Stakeholders
include any person or entity
inside or outside a firm with whom marketing interacts, impacts, and is impacted by
Societal Marketing
members of society at large can be viewed as
a stakeholder for marketing, a concept
Sustainability
refers to business practices that meet humanity’s
needs without harming future generations.
value
as a 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 to them for something else they desire to have
Production orientation
improving products and production efficiency without much regard for what was going on in the marketplace
Sales orientation
suggests that, 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
which is an organization-wide customer orientation with the objective of achieving long-run profits.
Marketing Mix/4 P’s of Marketing
originally for product, price, place, and promotion the idea was that these fundamental elements comprise the marketer’s “tool kit” to be applied in carrying out the job
Customer centric
focus on investment in customers over the long term,
and focus on marketing as an organization-wide issue (that is, not just relegated to a “marketing department”) are all relevant and important topics in business classes and boardrooms today, and each will be discussed further in later chapters
Differentiation
what clearly distinguishes your products from those of competitors in the minds of customers
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 a firm
Relationship Orientation
the power of securing, building, and maintaining long-term relationships with profitable customers
one-to-one marketing
advocates that firms should direct energy and resources into establishing a learning relationship with each customer and then connect that knowledge with the firm’s production and service capabilities to fulfill that customer’s needs in as custom a manner as possible
Mass customization
they combine flexible manufacturing with flexible marketing to greatly enhance customer choices
Strategic marketing
a long-term, firm-level commitment to investing in marketing supported at the highest organization level for the purpose of
enhancing organizational performance
Market creation
approaches that drive the market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before
Marketing little (little m)
marketing (little m) serves the firm and its stakeholders at a functional or operational level;
Tactical marketing
Marketing (little m)
Marketing metrics
must be designed to identify, track, evaluate, and provide key benchmarks for improvement just as various financial metrics guide the financial management of the firm
Marketing (Big M)
understanding of markets, competitors, and other external forces, coupled with attention to internal capabilities, allows a firm to successfully develop strategies for the future