ch 1 terms Flashcards
what is marketing?
satisfying customer needs and wants to get value in return
marketing process (5 steps)
1 understand marketplace and consumers
2 design customer driven plan
3 intergrated marketing program
4 engage w customers for good relationship
5 capture value thru exchange
marketing process step 1
understand marketplace and consumers
marketing process step 2
design customer driven plan
marketing process step 3
integrated marketing program
align all tactics with one core message for consistent customer experience
marketing process step 4
engage consumers for strong bond
marketing process step 5
capture value through exchange
“needs”
needed to survive healthily
food, clothes
social belonging
self expression
wants
needs adapted by culture and individuality
“need food want a burger”
market offerings
thing being sold
value proposition
why potential customer should care abt us
marketing myopia
brand focuses on product rather than what product is doing/solving
“market”
actual or potential customers that share a want or need
business clarity
ID market to expand product range
nike shoes -> sportswear
strategic direction
find directions to grow in
