CHAPTER 1 Flashcards
marketing is simply as
“managing profitable customer relationships”
broadly, as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others
MARKETING
generally, as the process by which companies create value for customers and build strong relationships in order to capture value from customers in return
MARKETING
The marketing concept is a customer-centered
“Sense and Respond” Philosophy
Knowing the needs and wants of target markets and delivering the desired satisfaction better than sales and profits
CONCEPT OF MARKETING
3 TRADITIONAL APPROACHES TO MARKETING
- Product-Oriented Marketing
- Sales-Oriented Marketing
- Advertising-Oriented Marketing
Focuses on improving the product’s quality and features, assuming that a superior product will sell itself
Product-Oriented Marketing
Prioritizes aggressive selling techniques to persuade customers to buy, regardless of whether they need the product
Sales-Oriented Marketing
Relies heavily on print, radio, TV, and billboard advertisements to communicate with the audience and build brand awareness
Advertising-Oriented Marketing
are the outcomes a brand wants to achieve from its marketing activities
MARKETING GOALS
MARKETING GOALS
should be
SMART
Give the 8 MARKETING GOALS
- Attracting Customers
- Satisfying Customer Needs
- Building Customer Loyalty
- Increasing Sales and Revenue
- Building Brand Awareness
- Gaining Competitive Advantage
- Expanding Market Reach
- Promoting Innovation
Capturing the attention of potential buyers through effective communication and promotions
Attracting Customers
Providing products or services that meet customer expectations and preferences
Satisfying Customer Needs
Creating strong relationships to retain customers and encourage repeat business
Building Customer Loyalty
Driving purchasing behavior to boost the company’s profitability
Increasing Sales and Revenue
Establishing a recognizable and trustworthy brand image in the market
Building Brand Awareness
Differentiating the business from competitors through unique offerings and strategies
Gaining Competitive Advantage
Entering new markets or targeting new customer segments
Expanding Market Reach
Using market feedback to develop innovative products or services that solve customer problems
Promoting Innovation
adapts to modern technology, customer behavior, and market dynamics. It focuses on creating two-way communication and leveraging digital platforms
CONTEMPORARY APPROACHES TO MARKETING
6 CONTEMPORARY APPROACHES TO MARKETING
- Social Marketing
- Relationship Marketing
- Industrial Marketing
- Digital Marketing
- Content Marketing
- Influencer Marketing
is the newest among the marketing approaches that serve an organization with effective techniques and tools to reach specific goals
SOCIAL MARKETING
Helps organizations to maintain healthy relationship with their customer
RELATIONSHIP MARKETING
is a B2B process. It helps businesses to frame strategies that serve the needs of corporate customers
INDUSTRIAL MARKETING
Using online platforms such as social media, websites, email, and search engines to engage with customers
DIGITAL MARKETING
Creating and sharing valuable, relevant, and engaging content to attract and retain a target audience and focuses on providing information or entertainment that aligns with the audience’s interests and needs, building trust and authority over time
CONTENT MARKETING
Partnering with social media influencers or celebrities to promote products and reach niche audiences
INFLUENCER MARKETING
