Value From Market Opportunities 2.1 Flashcards
What is Marketing?
Process of engaging customers and build strong customer relationships in order to gain mutual benefit
What are the evolution of marketing?
Production orientation Product orientation Sales/Selling orientation Marketing orientation Market Value Orientation
What is Production orientation?
Consumers favour highly affordable and available products
Low-cost supply will generate demand
What is Product Orientation?
Consumer prefer Premium products with high performance
focus on product development
builds efficient production capabilities
What is Selling Orientation?
Consumers will buy the product only if the company promote/sells the product
the company focus on selling to achieve its objectives
Mass production
What is Marketing Orientation?
Focuses on the needs/wants of the target market (delivering satisfaction)
tactical rather than strategic
What is Market value orientation?
Creating value for the relevant market participants
strategic
focused on how the company create value for the consumer
Marketing is the central function of the enterprise
What is responsible Marketing?
It is when companies has a greater focus on customers
Being concerned about people, society, and environment
can lead to competitive advantage.
What is the Marketing process?
- Understand the marketplace
- design customer value driven stragegy
- Constuct an intgrated marketing program
- Engage customers and build relationships
- capture value from customers and create value
What are the six cirtical markets of exchanging values?
Customer Referrers Influencers Employees Suppliers internal markets
What Is a customer?
People who purchase your products
What is Referrers?
source of new business.
it can be a professional services or from a satisfied customers
What is a Influencers
individuals who have the ability to postively/negatively influence the marketing environement.
What is employees?
need to recruit employees who further the aims of an organization
What is suppliers?
Provide materials for product.
what is internal markets?
consist employees who have the ability to determine the style of the business.
What types of value can be exchanged?
Functional value
symbolic value
relation value
What is functional value?
performs the deisred function better
What is symbolic value
emotions, images and intangible perceptions
what is relational value
attributes that build cumulative value an enhance value overtime.
what are types of markets?
B2C business to consumer
B2B business to business
C2C consumer to conumer
B2G Business to government
