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51 Cards in this Set
- Front
- Back
What is Marketing?
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Marketing is an organizational function and a set of processes for creating,communicating, and delivering value to customers and for managingcustomer relationships in ways that benefit the organization and its stakeholders.
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Whatis Marketing Management?
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Marketing management is theart and science of choosing target markets and getting, keeping, and growing customers throughcreating, delivering, and communicatingsuperior customer value. |
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Whatis Marketed?
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•Goods•Services•Events•Experiences •Persons•Places•Properties•Organizations •Information•Ideas
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Demand States |
1. Negative demand—Consumers dislike the product and may even pay to avoid it.
2. Nonexistent demand—Consumers may be unaware of or uninterested in the product. 3. Latent demand—Consumers may share a strong need that cannot be satisfied by an existing product. 4. Declining demand—Consumers begin to buy the product less frequently or not at all. 5. Irregular demand—Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. 6. Full demand—Consumers are adequately buying all products put into the marketplace.7. Overfull demand—More consumers would like to buy the product than can be satisfied.8. Unwholesome demand—Consumers may be attracted to products that have undesirable social consequences. |
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KeyCustomer Markets
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Consumer markets, Business markets, Global markets, Nonprofit/Government markets
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Types of Needs |
Stated, Unstated, Real, Delight, Secret |
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Marketing Environment |
Includes the task enviroment & Broad Enviroment |
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MajorSocietal Forces in New Marketing
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1. Network information technology 2. Globalization 3.Deregulation 4. Privatization 5. Heightened competition 6. Industry convergence 7. Retail transformation 8. Disintermediation 9. Consumer buying power 10. Consumer participation 11. Consumer resistance |
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Company orientations |
Production Product Selling Marketing |
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Relationship Marketing |
Customers ->Emplyees->Marketing Partners-> Financial Community |
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Internal Marketing |
Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well. It ensures that everyone in the organization embraces appropriate marketing principles, especially senior management. Internal marketing requires vertical alignment with senior management and horizontal alignment with other departments, so everyone understands, appreciates, and supports the marketing effort. |
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Performance Marketing |
Financial Accountability & Social Responsibility Marketing |
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Typesof Corporate Social Initiatives |
Corporate social marketing Cause marketing Cause-related marketing Corporate philanthropy Corporate community involvement Socially responsible business practices |
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The Marketing Mix |
Product Price Promotion Place |
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The 4 P's |
Are the updated P's from the marketing mix.
People Processes Programs Performance |
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Marketing Management Tasks |
Develop market strategies and plans Capture marketing insights Connect with customers Build strong brands Shape market offerings Deliver value Communicate value Create long-term growth |
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Core Concepts |
Needs, wants, and demands Target markets, positioning, segmentation Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment Marketing planning |
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Why is marketing important? |
The heart of your business success lies in its marketing. Most aspects of your business depend on successful marketing. The overall marketing umbrella covers advertising, public relations, promotions and sales.To a greater extent marketing is the means by which the public may learn about a product that benefits them as well.
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What is the scope of marketing? |
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
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Markets And Prospects |
A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect. If two parties are seeking to sell something to each other, we call them both marketers.
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Marketplace |
Physcial Market |
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Marketspace |
Digital Marketplace |
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Metamarket |
cluster of complementary products and services closely related in the minds of consumers, but spread across a diverse set of industries
Example: The automobile metamarket consists of automobile manufacturers, new and used car dealers, financing companies, insurance companies, mechanics, spare parts dealers, service shops, auto magazines, classified auto ads in newspapers, and auto sites on the Internet. |
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Needs &Wants |
Needs are the basic human requirements such as for air, food, water, clothing, and shelter.
Humans also have strong needs for recreation, education, and entertainment. These needs become wants- AKA. You NEED food, but you WANT curry. Wants are shaped by society |
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Demands
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Demands are wants for specific products backed by an ability to pay. Many people want a Mercedes; only a few are able to buy one. Companies must measure not only how many people want their product, but also how many are willing and able to buy it.
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5 types of Needs |
1. Stated needs (The customer wants an inexpensive car.)
2. Real needs (The customer wants a car whose operating cost, not initial price, is low.)3. Unstated needs (The customer expects good service from the dealer.) 4. Delight needs (The customer would like the dealer to include an onboard GPS navigation system.) 5. Secret needs (The customer wants friends to see him or her as a savvy consumer.) |
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Target Markets
Positioning & Segmentation |
marketers start by dividing the market into segments. They identify and profile distinct groups of buyers who might prefer or require varying product and service mixes by examining demographic, psychographic, and behavioral differences among buyers.
After identifying market segments, the marketer decides which present the greatest opportunities—which are its target markets. the firm develops a market offering that it positions in the minds of the target buyers as delivering some central benefit. |
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Offerings and Brands
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An offering is a physical value proposition which can be a combination of products, services, information and experiences that physically address customer need.
A brand is an offering from a known source EX: McDonald’= hamburgers, Kid friendly, golden arches |
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value proposition
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the whole cluster of benefits the company promises to deliver.
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Value and Satisfaction
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value, the sum of the tangible and intangible benefits and costs.
Value perceptions increase with quality and service but decrease with price. Satisfaction reflects a person’s judgment of a product’s perceived performance in relationship to expectations |
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customer value triad
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quality, service, and price (qsp)
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Communication channels
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newspapers, magazines, radio, television, mail, telephone, billboards, posters, fliers, CDs, audiotapes, and the Internet.
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distribution channels
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direct via the Internet, mail, or mobile phone or telephone, or indirect with distributors, wholesalers, retailers, and agents as intermediaries.
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service channels
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warehouses, transportation companies, banks, and insurance companies.
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Supply Chain
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The supply chain is a longer channel stretching from raw materials to components to finished products carried to final buyers.
Each company captures only a certain percentage of the total value generated by the supply chain’s value delivery system. When a company acquires competitors or expands upstream or downstream, its aim is to capture a higher percentage of supply chain value. |
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Competition
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Competition includes all the actual and potential rival offerings and substitutes a buyer might consider.
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Task enviroment
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Part of the marketing Enviroment The task environment includes the actors engaged in producing, distributing, and promoting the offering. These are the company, suppliers, distributors, dealers, and target customers. In the supplier group are material suppliers and service suppliers, such as marketing research agencies, advertising agencies, banking and insurance companies, transportation companies, and telecommunications companies. Distributors and dealers include agents, brokers, manufacturer representatives, and others who facilitate finding and selling to customers. |
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broad environment
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six components: demographic environment, economic environment, social-cultural environment, natural environment, technological environment, and political-legal environment.
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Disintermediation
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reduction in the use of intermediaries between producers and consumers (websites and digital media have especially expanded this)
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reintermediation
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What traditional companies do to fight disintermediaion. AkA.. Brick and mortar stores become brick and click stores. |
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marketing planning
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consists of analyzing marketing opportunities, selecting target markets, designing marketing strategies, developing marketing programs, and managing the marketing effort.
In practice, however, in the highly competitive marketplaces that are more often the norm, marketing planning is more fluid and is continually refreshed. |
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To create a strong marketing organization
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marketers must think like executives in other departments, and executives in other departments must think more like marketers
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The Production Concept
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consumers prefer products that are widely available and inexpensive
Managers of production-oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution This orientation makes sense in developing countries such as China or when marketers want to expand the market |
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The Selling Concept |
consumers and businesses, if left alone, won’t buy enough of the organization’s products. It is practiced most aggressively with unsought goods—goods buyers don’t normally think of buying such as insurance and cemetery plots—and when firms with overcapacity aim to sell what they make, rather than make what the market wants.
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The Marketing Concept
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customer-centered, sense-and-respond philosophy. The job is to find not the right customers for your products, but the right products for your customers.
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The Holistic Marketing Concept
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Holistic marketing acknowledges that everything matters in marketing—and that a broad, integrated perspective is often necessary.Holistic marketing thus recognizes and reconciles the scope and complexities of marketing activities.
four broad components characterizing holistic marketing: relationship marketing, integrated marketing, internal marketing, and performance marketing |
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Relationship Marketing
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aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business
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Four key constituents for relationship marketing are
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customers, employees, marketing partners (channels, suppliers, distributors, dealers, agencies), and members of the financial community (shareholders, investors, analysts)
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Integrated Marketing
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occurs when the marketer devises marketing activities and assembles marketing programs to create, communicate, and deliver value for consumers such that “the whole is greater than the sum of its parts.”
Two key themes are that (1) many different marketing activities can create, communicate, and deliver value (2) marketers should design and implement any one marketing activity with all other activities in mind. |
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integrated communication strategy
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communication options that reinforce and complement each other. A marketer might selectively employ television, radio, and print advertising, public relations and events, and PR and Web site communications so each contributes on its own as well as improving the effectiveness of the others. Each must also deliver a consistent brand message at every contact.
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Performance Marketing
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requires understanding the financial and nonfinancial returns to business and society from marketing activities and programs.
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