lecture 1 + 2 Flashcards
what are the four P of marketing?
Product, Price, Place, Promotion (communication)
-which is the action plan
why would a marketer be involved in determining price and not just finance and accounting?
- look for what the consumer wants and are willing to pay
=which is a psychological concept when trying to understand what kind of value that an item can have based on their needs and how they would satigy those needs helps marketers understand teh value and place a price on it
what are the 5 c of marketing strategy process
customer : understanding the needs and wants
company: understand the strengths and weakness relative to the people in the marketplace
competition: what we can do better
collaboration: There might be entities to move products through the marketing channel
context: environmental factors
what are the two decisions driven by the 5 C’S?
aspirations and action plan
what is aspiration?
- firms hope to achieve in the market and what value the product will represent to different kinds of customers
-segmenting/targeting/positioning= marketing strategy
what is STP
-segmenting the market to identify which kinds of people to serve
- targeting a specific group to address
-determining the desired positioning in the minds of selected customers
action plan?
-what the product will actually look like
-how we promote it
get what they need where it is sold
pdt/promotion/place= value created
what are the three types of capital?
-equity: getting money from people who want to be apart of the company
-debt: taking on loans with interests
-revenues: money brought in
why do companys survive on revenue?
- long term
- you want this to be growth overtime because it means your wealth grows too
what is the primary responsibility for marketing?
-revenue growth over time
- if a marketer does not have the authority then they will fail
franchise
overtime we get more customers and build a solid base
what is today’s central problem business deals with?
shortage of customers because there are too many companies with lots of products that chase too few customers creating hyper-competition among business
marketing define
-activity set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value
-basically, you need to discover customer needs/satisfy customer needs
creating value equation
perceived value= f (what you get/what you pay)
what you get= product x place x promotion
what you pay = price
what are the four orientations?
production
sales
marketing
societal marketing
product orientation
what can we make/do best?
internal capabilities of the firm
-the primary approach of the business is to improve and create the product rather than addressing customer needs or market demands
sales orientation
how can we sell more aggressively to convince customers for transactions?
aggressive sales techniques and belief that high sales result in high profits
market orientation
what do consumers want/need?
-understanding the needs of customers to make more reliable streams of revenue from satisfied customers
=which decreased costs and increased profitability
societal marketing
-what do consumers want/need and how can we benefit society?
-increases with customers being interested in making their communities a better place and making better things (improving the environment/employees)
societal firms
are focused on making long-term consumer relationships and consider the needs of other people in business efforts
-adopt a societal marketing orientation, emphasizing not only customer satisfaction but also the broader impact of their actions on society.
why can you not target the entire marketplace?
too broad and too expensive
commodity
natural resource an item with no real distinguishable factors like water
what are effective positioning statements?
target customers
wants of customers
product type
key benefits
6 M model
market mission message media money measuremnet
