Principles of Marketing
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| Marketing Orientation | making what you can sell
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| Production Orientation | selling what you can make
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| Added Value | offers individualized and customized benefits rather than standardized offerings. measured as the level of satisfaction at the lowest cost
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| Service Obsession | customer service, being close to the customer. Increases profit.
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| Relationship Marketing | repeated marketing transactions. Focus should not be on a single transaction but a relationship between buyer and seller.
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| Customer Relationship Managment (CRM) | Acquiring high-quality customer data enabled my IT. The term CRM is focused on winning and keeping customers by creating and delivering value to customers better than competitors.
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| Global Marketing Strategy | Same standardized products everywhere. One market.
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| International Marketing Strategy | Adaptation to localized needs. EX. Adapting soda formula based on people's taste.
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| Marketing Mix | Product (offerings aimed at satisfying customer needs.)
Distribution (the manner in which goods and serviced are mad available)
Price (offerings aimed at satisfying customer needs.)
Promotion
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| Strategic Marketing planning | selecting a target market and making a marketing mix
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| Strategic Market Planning | anticipating and responding to changes in the market
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| Target Market | group or many groups of people you want to appeal to
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| Strategy | the pattern of planned actions and approaches devised by marketing managers for achieving the company's objectives and reaching their long term positions
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| Marketing Objective (quantitative and qualitative) | Quantitative - measurable (market share, profits, sales)
Qalitive - not measurable (good product quality, expanded product line, leader in product innovation)
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| Marketing Process | consists of four interrelated stages, planning, implementation, and control of programs for achieving organization's objectives.
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| Analysis | Marketing research, developing an appropriate market plan that serves target market. Define the problem, gather data, analyze data, make the decision.
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| External (Analysis) | business periodicals, trade journals, trade shows
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| Internal (Analysis) | sales personnel who can provide info about new offerings and services of competition
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| Secondary (Analysis) | complied sources such as government and other public and private independent agences. US Dept of Commerce, foreign country embassies.
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| Primary (Analysis) | directly from marketplace from surveys, interviews, and other direct contact with customers and potential customers
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| Control | appraisal of performance and a search for oppurtunity. Direct purpose is to direct activities so that plans will be achieved to the extent feasible. taking corrective action to ensure organizational objectives are acheived.
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| SWOT Analysis | strengths, weaknesses, opportunities, threats. Powerful analytical tool for conducting an organizational analysis.
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| Threats | Undesirable trends or disturbances leading to turbulence for the company and it's offerings. EX: Limited resources, competition
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| Opportunities | set of conditions that provide rewards or limit barriers
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