Marketing Flashcards
a process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services in order to create exchanges that satisfy individual and organizational goals
Marketing
Marketing management is art and science of choosing
target market
Marketing management is (G,K,GC)
getting, keeping and growing customers
through creating, delivering, and communicating superior customer value
marketing management
Laboratory-Customers Relationship
- Managers focus on operations
Before
Laboratory-Customers Relationship
- They generate business in addition to maintaining the clientele.
Today
The _____ Philosophy
- Strategic process of attracting and maintaining a customer
Marketing
The _______ Philosophy
- Has to do with how the laboratory deals with the new reimbursement
Marketing
The _____ Philosophy
- mechanisms and restructuring of laboratory delivery system
Marketing
A communication tool designed to influence public attitudes toward the organization.
Public Relations
Marketing Philosophy a _____ that becomes a part of all the work that a marketing department accomplishes for a company or organization.
foundational idea
Marketing Philosophy is E____, O____, R__ taking and P__ knowledge.
Exploration
Openness
Risk
Practical
Marketing Philosophy is ability to ___ and ____ market opportunities (I&P)
Identify and Pursue
represents a mix between the internal and external forces which surround an organization and have an impact upon it, especially their ability to build and maintain successful relationships with target customers.
Market Environment
Macro Environmental Factors include events outside the organization, Total ____ population
, P___ habits,
C____
Patient
Purchasing
Competition
forces closely influencing the company and directly affect the organization’s relationships.
Micro Environment Factors
Micro Environment Factors
A. C____ and it’s current e___
Company
Employees
Micro Environment Factors
B. S____, M___ intermediaries, C____, C___
Suppliers
Marketing
Competitors
Customers
anyone who is in the market looking at a product/service for attention, acquisition, use or consumption that satisfies a want or a need.
Customer
Two basic groups of purchasing decision makers
- customers whose tests must be performed by the hospital laboratory
Captive Users/ Captive Markets
Two basic groups of purchasing decision makers
- entity that decides where a service is performed
Discretionary Buyers
Customer Expectations
- most sophisticated and specialized laboratory procedure
Best total product
Customer Expectations
- complete package of services
Best total solution
Customer Expectations
- volume and price
Best total cost
First step of Core Concepts of Marketing
-N,W,D
needs
wants
demands
2nd step of Core Concepts of Marketing
- P
products
3rd step of Core Concepts of Marketing
- U, V, S
utility
value
satisfaction
4th step of Core Concepts of Marketing
- E, TR
exchange
transaction relationships
5th step of Core Concepts of Marketing
- M&M
marketing and marketers
6th step of Core Concepts of Marketing
- M
markets
food (is a must)
need
pizza, burger, French fries (translation of a need as per our experience)
wants
burger (translation of a want as per our willingness and ability to buy)
demands
have a burger in a five-star hotel
desire
Marketing Triangle
-CCC
Customers
Company
Competition
As a priority, we must bring to our customers
what they need
We must be in a position to understand their problems Or in a new situation to give them a chance to avoid the problems
Customers - Problem solution
Customers look for value
Value =
Value = benefits/cost
Customer looks for value
Benefit =
Benefit = Functional Benefit + Emotional Benefit
Customer looks for value
Cost =
Cost = Monetary Cost + Time Cost + Energy Cost + Psychic Cost
The 4 Ps and PCs
Product - Customer Solution
Price - Customer
Promotion - Communication
Place - Convenience
anything that is offered to the market for attention, acquisition, use or consumption that satisfies a want or a need
product
Types of products (3)
Consumer
Service
Industrial
marketing is responsible for establishing the price of their service/product
price
must consider the costs of all the inputs (materials, labor, etc.)
price
how much profit do you want to make on every product/customer
mark-up price
basing your prices on those of the competition
competition
making your price low while new just to get some business
penetration
putting the product/service with another item and bundling the prices
bundle
making the price say something about the quality of your product
psychological
refers to how & where you are going to sell the product to the consumer
place
selling your product directly to the consumer
direct distribution
sold through a 3rd party
indirect distribution
What retailers are the best for reaching your Target Market?
example: selling autoanalyzer: where do I sell?
Sold 3rd party
Where are you going to locate in order to best reach your target market
EXAMPLE: “Where should I put-up my laboratory?”
for a service
Your target market frequents
Says something about your business
you want to be in an area
a successful product or service means nothing unless the benefit of that product/service can be communicated to the target market.
promotion
Promotion are many ways to get the
word out
a written document that acts as a guidebook of marketing activities for the marketing manager
the marketing plan
The marketing plan a formal strategy for m,i, a c
maintaining
identifying
attracting customer
Marketing Proposal Format (SOMPA)
Swat analysis (strength, weakness, analysis, tactics)
Opportunities
Market overview
Purpose
Approval for implementation
the systematic and objective process of generating information for aid in making marketing decisions
marketing research
Marketing research is a
Tool
Marketing research system (IRMIMRAM)
Internal Record System
Marketing Intelligence System
Marketing Research System
Analytical Marketing System
It assists marketing managers in their decision making
Marketing Research Tool
It is not a replacement for managerial judgment.
Marketing research tool
