MARKETING MANAGEMENT – Marketing 5000

Marketing – Defined
the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing – Paul’s definition
Marketing is about identifying the needs of customers (expressed as wants) and developing strategies to meet those needs for the good of the customer and the firm
the Marketing Framework – 5 C’s
1. Customers
2. Company
3. Context
4. Collaborators
5. Competitors
The Marketing Framework – STP
Segmentation
Targeting
Positioning
The Marketing Framework – 4Ps
1. Product
2. Price
3. Place
4. Promotion
5Cs – Customers
Who are they? What are they like? Do we want to draw different customers?
5Cs – Company
What are our strengths and weaknesses? what customer benefits can we provide?
5Cs – Context
What is happening in our industry that might reshape our future business?
5Cs – Collaborators
Can we address our customers’ needs while strengthening our business-to-business (B2B) partnerships?
5Cs – Competitors
Who are the competitors we must consider? What are their likely actions and reactions?
STP – Segmentation
Customers aren’t all the same; find out how they vary in their preferences, needs, and resources
STP – Targeting
Pursue the group of customers that makes the most sense for our company
STP – Positioning
Communicate our product’s benefits clearly to the intended target customers
Marketing Mix 4Ps – Product
will customers want what your company is prepared to produce?
Marketing Mix 4Ps – Price
will customers pay what you’d like to charge?
Marketing Mix 4Ps – Place
where and how will customers purchase your market offering?
Marketing Mix 4Ps – Promotion
what can you tell your customers or do fro them to entice them to purchase?
Product – 3 things
1. Attributes
2. Packaging – Promotion
3. Branding
Product – definition
a good, service, or idea consisting of a bundle of tangible & intangible attributes that satisfies consumers needs & is received in exchange for money or something else of value.