Week 1 What is marketing Flashcards
Explain the nature of marketing
Creating value for customers
Building & managing customer relationships
Capturing value from them in return
What are the 5 marketing philosophies
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Production, product, selling, Marketing, Societal Marketing
Production philosophy
Favour products that are avilable & affordable - focus on production and distribution.
Product philosophy
Favour quality, performance, features. Org must make continuous improvements
Selling philosophy
Large scale selling & promotion will create the demand
Marketing philosophy
Achieving goals depends on knowing and satisfying needs of market
Societal marketing philosophy
Idea that marketing should encompass consumer, company and societies requirements and long term interests.
List the marketing mix (7p’s)
Product,
price,
place - place of sale and intermediaries to that point,
promotion -
people - represent product,
process - involved in the sale all reflect on product
physical evidence - product not experienced until sale, physical representations of business are a promise
Customer lifetime value
Total value of lifetime relationship w customer
Share of market / market share
percentage of market held
Share of customer
percentage of customers spending held
Overview of marketing
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Know needs (research, data) Market strategy (target market, value prop) Market programme (7p's) Build relationships (customer rels, partner) Capture value (loyal customers)
List the product side of the marketing mix (4p’s) and the consumer side (4c’s)
Product, price, place, promotion
Customer, cost, convenience, communication
Name some trends currently affecting marketing
Measuring impact Not for profits Digital marketing Globalisation Sustainable marketing
