Slide 1 & 2 Flashcards
What is marketing?
Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Marketing Process
Understand the Marketplace and Customer Needs and Wants
Design a Customer Value-Driven Marketing Strategy
Construct an Integrated Marketing Programme that Delivers Superior Value
Build Profitable Relationships, and Create Customer Delight
Capture Value from Customers to Create Profits and Customer Equity
marketing myopia
Marketing myopia refers to focusing only on existing wants and losing sight of underlying consumer needs, often resulting in missed opportunities and hindered long-term business growth.
customer equity
the total combined customer lifetime values of all the company’s customers.
market segmentation
dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors
Marketing Management Orientation
Production
product
selling
marketing
societal marketing
Integrated Marketing
comprehensive plan that communicates & delivers the intended value to customers.
PR Advertising Direct selling Sales promotion SM Research
Consumer market
Made up of all the individuals & households that buy goods and services for personal consumption
Business market
Markets in which organizations sell their goods & services to other organizations to use in manufacturing
Factors affecting customer behavior
Culture
Social
Personal
Psychological
needs, wants, and demands in marketing.
Needs are basic human requirements, wants are desires shaped by culture and personality, and demands are wants backed by purchasing power.
Buyer’s decision process
- Need/ problem recognition/ awareness
- information search
- Evaluation of alternative
- Purchase decision
- Post purchase evaluation
