Question | Answer |
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. |
t | |