Introduction to Marketing Management Flashcards
Understanding Marketing Management
- An integration course
- The combination of past learnings about marketing 4Ps and more
- All about using frameworks, for putting these theories in perspective (guide practice)
The Need for Marketing Management
“Excellence is never an accident. It is always a result of high intention, since effort and intelligent execution; it represents the wise choice of many alternative - choice not chance, determines your destiny.” - Aristotle
Marketing must:
- Phenomenal
- Intentional
- Evolving
- Honoring individuality, allowing brand to fly
- Building customer loyalty
Managing marketing process
Businesses have to be intentional, focused, and make wise choices (data-driven and a creative force)
Definition of Marketing Management by Dawn Iacobucci, 2018
- It is everyone’s responsibility (in every department)
- This is the BIG IDEA
- Everyone must understand, by heart, the definition of marketing
- An exchange relationship
- Marketing framework:
5Cs: Customer, Company, Context, Collaborations, & Competitions
STP: Segmentation, Targeting, Positioning
4Ps: - Product, Place, Price, Promotion
Definition of Marketing
- A total system of business activities designed to price, plan, promote, and distribute one satisfying good and/or service to present and potential customers and industrial users.
- Marketing is both an art and science of creating value by designing and managing successful exchanges (an exchange between a firm and its customers).
Marketing Management
The process of creating, delivering, and communicating superior value to customers and the goal is to keep the customers growing through time.
The Science of Consumer Behavior
Consumers are human beings: sometimes simple but often complex.
Consumer Behavior is shaped by
- Sensation
- Perception
- Learning
