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