Principles of Marketing Flashcards
What is marketing
Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
The marketing Process: creating and capturing customer value.
What are the 5 processes
Understand the marketplace and customer needs and wants
Design a customer value driven marketing strategy.
Construct an integrated marketing program that delivers superior value.
Engage customers, build profitable relationships and create customer delight.
Capture value from customers to create profits and customer equity.
What are needs
Needs are states of felt of deprivation (food, drink, safety, warmth etc)
What are wants
Wants are from human needs take as they are shaped by culture and individual personality.
What are Market offerings ?
What the company offers the customer (a combination of the product / service / experience with communication, distribution and price)
What are Demands?
Demands are human wants that are backed by buying power.
________ - __________ = percieved value
Perceived Benefits - Perceived costs
Marketing Mix - 4Ps
Product, Price, Promotion, Place
Product factors
New Product development, Goods and extras, range, features, style, branding, packaging, after sales service.
Price Factors
Costs, profitability, value for money, competitiveness, product worth to the customer, choice / quality.
Promotion - how to communicate with customers
Advertising, sales promotion, personal selling, public relations, direct marketing, social media.
