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Marketing

Principles of Marketing (Kotler)

QuestionAnswer
Define: 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.
5 Stages of the Marketing Process 1.Understand marketplace + customer needs, wants, demands. 2.Customer-driven marketing strategy. 3.Integrated marketing program delivers superior value. 4.Build profitable relationships + create customer delight. 5.Capture value from customers.
Needs States of felt deprivation. Physical: e.g. food, Individual: e.g. knowledge and Social: e.g. belonging.
Wants The form human needs take as shaped by culture and individual personality.
Demands Human wants that are backed by buying power
Market offering Some combination of products, services, information or experiences offered to a market to satisfy a need or want.
Marketing Myopia The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
Customer Perceived value The customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.
Customer satisfaction The extent to which a product's perceived performance matches a buyer's performance.
Exchange The act of obtaining a desired object from someone by offering something in return.
Transaction A trade between two parties that involves at least two things of value, agreed-upon conditions, and a time and place of agreement.
Market A set of all actual and potential buyers of a product or service.
Marketing Management The art and science of choosing target markets and building profitable relationships with them.
Demarketing Marketing in which the task is to temporarily or permanently reduce demand.
Excitement Customer engagement through experiential and emotional involvement with sellers. The key to to creating excitement is interactivity and involvement.
Value Proposition The set of benefits or values it promises to deliver to consumers to satisfy their needs. It differentiates and positions the company in the marketplace.
Production Concept The idea that consumers will favour products that are available and highly affordable, and that the organisation should therefore focus on improving production and distribution and efficiency.
Product concept The idea that consumers will favour products that offers the most quality, performance and features, and that the organisation should therefore devote its energy to making continuous product improvements.
Selling Concept The idea that consumers will not buy enough of the firm's products unless it undertakes a large scales selling and promotion effort.
Marketing Concept The marketing management philosophy which holds that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
Societal Concept The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long run interests and society's long-run interests.
Elements of an integrated marketing program Product: Goods, Services and Experiences. Promotion, Price, Place, People Process Physical evidence.
Customer relationship management Overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer satisfaction The extent to which a product's perceived performance matches a buyer's expectations.
Customer managed relationships Marketing relationships in which customers, empowered by today's new digital technologies, interact with companies and with each other to shape their relationships with brands.
Consumer generated marketing Brand exchanges created by consumers themselves -both invited and uninvited -by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.
Partner Relationship management Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
Created by: acha5066
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