Module A - Step 2 Flashcards
What is the Second step of the Marketing Process?
Designing a customer-driven marketing strategy.
What is Marketing Management?
The act of choosing the desired target markets and building profitable relationships with them.
How do Marketing Managers select the customers to serve?
- Marketing Segmentation - dividing the markets into segments of customers
- Target Marketing - the choice of segments that a business decides to serve.
What is a marketing orientation/concept/philosophy?
An analysis of how a company implements its strategy to identify and satisfy customer needs and wants.
What is the production concept?
The idea that consumers will favour products that are highly affordable and available.
Only works when supplies are lower than demand.
What is the Product Concept?
The idea that consumers will favour products that offer the most quality, performance and features.
What is the Selling Concept?
The idea of selling products in bulk, regardless of quality or customer needs.
This concept doesn’t include building relationships with customers.
What is the Marketing Concept?
The idea that success depends on knowing the needs and wants of the target market and delivering satisfaction better than competitors.
Research is conducted to understand the customer’s needs and wants and to provide satisfactory results better than competitors.
Profits in the long run as relationships are established between the customer and the business.
Societal Marketing Concept
The idea that a company’s marketing decisions consider consumer’s interests, society’s interests and the company’s requirements to fulfill these interests.
