lesson 1 Flashcards
is an organizational function
and a set of processes for creating,
communicating, and delivering value
to customers and for managing
customer relationships in ways that
benefit the organization and its
stakeholders.
Marketing
is the
art and science
of choosing target markets
and getting, keeping, and growing
customers through
creating, delivering, and communicating
superior customer value.
Marketing Management
What is Marketed? (1)
• Goods
• Services
• Events
• Experiences
• Persons
What is Marketed? (2)
• Places
• Properties
• Organizations
• Information
• Ideas
Demands States
• Negative
• Nonexistent
• Latent
• Declining
• Irregular
• Unwholesome
• Full
• Overfull
Structure of Flows in Modern Exchange Economy
Government Markets:👇🏻👇🏻
- Manufacturer Market
- Resource Market
- Consumer Market
- Intermediary Market
Simple Marketing System
Industry ➡️ Market
Key Customer Markets
• Consumer markets
• Business markets
• Global markets
• Nonprofit/Government markets
Core Concepts
• Needs, wants, and
demands
• Target markets,
positioning,
segmentation
• Offerings and
brands
• Value and
satisfaction
• Marketing
channels
• Supply chain
• Competition
• Marketing
environment
• Marketing planning
Types of Needs
• Stated
• Real
• Unstated
• Delight
• Secret
Involves dividing the market into groups based on characteristics like demographics, geography, psychographics, or behaviors.
Segmentation
Involves selecting which customer group segment to target.
Target Markets
deciding how the business wants customers to perceive its product compared to competitors.
Positioning
A value proposition is made with a set of benefits that is offered to the customers to
satisfy their needs.
Offerings and Brands
A value proposition is made with a set of benefits that is offered to the customers to
satisfy their needs.
Offerings and Brands
The perceived benefits a customer receives from a product or service, relative to the cost. Customer value is a proactive process that takes place before the customer uses the product. It considers factors like quality, usefulness, and emotional connection.
Value
A measure of how well a product or service meets or exceeds customer expectations. Customer satisfaction is a reactive process that measures the gap between what customers expect and what they receive. It’s an emotional experience that’s difficult to measure.
Satisfaction
A measure of how well a product or service meets or exceeds customer expectations. Customer satisfaction is a reactive process that measures the gap between what customers expect and what they receive. It’s an emotional experience that’s difficult to measure.
Satisfaction
Marketing Channels
• Communication
• Distribution
• Service
Marketing Environment
• Demographic
• Economic
• Socio-cultural
• Political-legal
• Technological
• Natural
Major Societal Forces
• Network information
technology
• Globalization
• Deregulation
• Privatization
• Heightened competition
• Industry convergence
• Retail transformation
• Disintermediation
• Consumer buying power
• Consumer participation
• Consumer Resistance
Company Orientations
• Production
• Product
• Selling
• Marketing
Holistic Marketing
• Internal Marketing
• Integrated Marketing
• Performance Marketing
• Relationship Marketing
Holistic Marketing
• Internal Marketing
• Integrated Marketing
• Performance Marketing
• Relationship Marketing
