W2 - Company & Marketing Strategy Flashcards
Market oriented
Market-oriented prioritizes understanding and meeting customer needs & wants.
Product oriented
Product-oriented is to concentrate and create the best possible product. (Strength - capabilities)
Why do companies prep annual and long-term plans?
So that the company can maintain a strategic plan, and make informed decisions towards their long-term vision.
The Four P’s
Price - Promotion - Product - Place
What is marketing?
Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers.
Involving understanding of customer needs
Explain consumer Needs
A state where the consumers feel deprived; this can be Physical (Food-health-clothes-safety)
Or
Social (belonging and affection)
Explain consumer wants
‘Wants’ is shaped by culture, trends and individual personality.
Explain consumer demands
A consumer ‘wants’ backed buy buying power.
What can you offer to the market?
I can offer, Products, Services, Information’s, and Experiences to the market to satisfy the needs or wants from consumers.
Explain the Marketing System
Suppliers > Company/Competitors > Marketing Intermedaries/middleman > Consumers
Exchange
Obtaining a desired object from someone by offering something in return.
“You give money; I provide goods/service.”
Customer value and satisfaction expectations.
It’s important for marketers to know the right balance of consumer expectations for the product.
If they’re expectation is high for the product and we don’t deliver, a decrease in consumer satisfaction increases.
How to set the right expectations?
- Being transparent and communicating the product to the consumers
- Set a structured time-frame of delivery/shipping
- Create a space where customers can write a review/feedback on the products to give potential customers ideas.
