Exam 1 Power Point Part A Flashcards
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 Old View
Telling and Selling
Marketing New View
Satisfying customers’ needs
The Marketing Process
- Understand the marketplace and customers’ needs and wants
- Design a customer-driven marketing strategy
- Construct a marketing plan that delivers superior customer value
- Build profitable relationships and create customer satisfaction and delight
- Capture value from customers to create profits and customer equity
Market
Set of actual and potential buyers for a product or service
- Consumer Market
- Business, B2B, or industrial market
Industry
Group of sellers or providers of a similar product or service
Needs
- Physical
- Social
- Individual
Wants
- Shaped by culture
- Personality
Demands
-Backed by Buying Power ($)
Needs and Wants are Fulfilled Through?
Market Offering
- Products
- Services
- Plus: Information and Experiences
Value
All benefits minus all costs of market offering
Customer Perceived Value
- Subjective
- Not all customers view a market offering’s value in the same way
Suppliers
Firms that provide resources company needs to produce its products and services
Intermediaries
Firms that help an organization promote, sell, and distribute products and services to customers
Selecting Which Customers to Serve
- Market Segmentation
- Target Marketing
- Differentiation and Positioning
Marketing Mix Tools
- Product
- Price
- Place
- Promotion
Satisfaction
Extent to which the product’s perceived performance matches or exceeds buyer’s expectations
Strategy
Basic long-term goals and objectives of an enterprise
Strategic Fit
Degree to which an organization matches or aligns its resources and capabilities with opportunities
Strategic Planning
Process of developing and maintaining strategic fit
Mission Statement
- Describes Purpose
- How organization wants to be known
- Short; 1-2 sentences
- Market Oriented; satisfying customers
Problems with BCG matrix approach
- Difficulty defining and measuring SBUs
- Assumes SBUs are independent; there may be links or other connections
- Focuses on cash
- Considers Current Market, not future opportunities
Value Chain
Internal departments that carry out value-creating activities to design, produce, market, deliver, and support an organization’s products
Value Delivery Network
Network of an organization, its suppliers, its distributers, and ultimately, its customers, who parter with each other to improve performance of the entire system
