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marketing ch.1

marketing

QuestionAnswer
marketing An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organizers and stakeholders
relationship marketing Aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business.
integrated marketing requires the marketer to devise marketing activities and assemble fully integrated marketing programs that create, communicate, and deliver value for customers. 4 Ps
marketing management The art and science of choosing target markets and getting, keeping, and growing customers through creating delivering, and communicating superior customer value.
segment markets 1. need market 2. product markets 3. demographic markets 4. geographic markets 5. other
marketer someone who seeks a response from another party called a prospect.
CMO- chief marketing officer What do they do? 1. strengthen a brand 2. measure marketing effectiveness 3. use consumer needs to drive product development. 4. gather meaningful customer insights. 5. leverage new marketing technology.
marketing process 1. analyze marketing opportunities 2. select target markets 3. design marketing strategies. 4. develop marketing programs 5. manage the marketing effort.
segmentation identify and profile distinct groups of buyers examining demographics.
target markets segments presenting the greatest opportunity
positioning what the offering means in the minds of the target buyers as delivering some central benefit(s)
value proposition a set of benefits to satisfy customer's needs.
value the sum of the perceived tangible and intangible benefits and costs to customers. ex= customer value triad--> Quality, Service, Price QPS
satisfaction a person's comparative judgment of a products perceived performance (or outcome) in relation to expectation.
communication channels deliver and receive messages from target markets.
distribution channels display, sell, or deliver the physical product or service to the buyer or user.
service channels carry out transactions with potential buyers.
production concept premise-consumer's prefer products that are widely available and inexpensive. focus on: -high production efficiency -low costs -mass distribution
product concept premise- consumers favor products offering the most quality, performance, or innovative features. focus on: -making superior products -improving them over time
integrated marketing requires the marketer to devise marketing activities and assemble fully integrated marketing programs that create, communicate, and deliver value for customers.
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Created by: hmirza
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