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
competitive analysis
keep eye on competition to not get blindsided
resource allocation
how company spreads money to expand within market
customer equity
total value of all sales to all customers
