IM week 1

44 flashcards · Other · by Daniel F.

1. Marketing process

   1. Understand the marketplace and customer needs and wants. 2. Design a customer value-drive marketing strategy. 3. Construct an integrated marketing program that delivers superior value. 4. Engage customers, build profitable relationships, and creative customer delight. 5. Capture value from customers to create profits and customer equity.

2. Needs

   states of felt deprivation (physical, social, and individual needs)

3. Wants

   the form human needs take as they are shaped by culture and individual personality

4. Demands

   human wants backed by buying power

5. market offerings

   Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

6. 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.

7. Exchange

   The act of obtaining a desired object from someone by offering something in return.

8. market

   set of actual and potential buyers of a product or service

9. Marketing management

   art and management science of choosing target markets and building profitable relationships with them

10. marketing orientations under which organizations design and implement their marketing strategies

    The production concept The product concept The selling concept The marketing concept The societal marketing concept

11. marketing orientations The production concept

    cheap and available revolves around the idea that consumers will favour products that are available and highly affordable; therefore, the organization should devote its energy to making continuous product improvements.

12. marketing orientations The product concept

    quality, performance and features consumers will favour products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.

13. marketing orientations The selling concept

    selling and promotion effort based on the idea that consumers will not buy enough of the firm’s product unless the firm undertakes a large-scale selling and promotion effort.

14. marketing orientations The marketing concept

    better knowledge of needs and wants helps deliver better satisfaction achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

15. marketing orientations The societal marketing concept

    marketing has to consider society's long run interests a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interest, and society’s long-run interests

16. Customer relationship management

    process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

17. customer-perceived value

    the customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

18. customer satisfaction

    The extent to which a product’s perceived performance matches a buyer’s expectations

19. Customer-engagement marketing

    making the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community

20. consumer-generated marketing

    involves 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

21. partner relationship management

    Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.

22. Customer lifetime value

    the value of the entire stream of purchases a customer makes over a lifetime of support of the company

23. share of customers

    portion of customer’s purchasing that a company gets in its product categories

24. customer equity

    the total combined customer lifetime value of all the company’s current and future customers The ultimate goal of customer relationship management

25. four categories of customer relationship groups

26. five major developments that are changing the marketing landscape

    1. The digital age: online, mobile, and social media marketing. 2. The changing economic environment. 3. The growth of not-for-profit marketing. 4. Rapid globalization. 5. Sustainable marketing the call for more environmental and social responsibility.

27. Strategic planning

    he process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities 1. Defining the company mission. 2. Setting company objectives and goals. 3. Designing the business portfolio. 4. Planning marketing and other functional areas

28. mission statement

    A statement of the organization’s purpose—what it wants to accomplish in the larger environment.

29. business portfolio

    the collection of businesses and products that make up the company

30. portfolio analysis

    management evaluates the products and businesses that make up the company main activity in strategic planning

31. growth-share matrix

    A portfolio-planning method that evaluates a company’s SBUs (Strategic business unit) in terms of market growth rate and relative market share.

32. Parts of the growth-share matrix

    Stars. They often need heavy investments to finance their rapid growth. Eventually their growth will slow down, and they will turn into cash cows. Cash cows. These established and successful SBUs need less investment to hold their market share. Thus, they produce a lot of the cash that the company uses to pay its bills and support other SBUs that need investment. Question marks. They require a lot of cash to hold their share, let alone increase it. Management has to think hard about which quest…

33. Product/market expansion grid

    A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.

34. Parts of the Product/market expansion grid

    Market penetration - Company growth by increasing sales of current products to current market segments without changing the product. Market development - Company growth by identifying and developing new market segments for current company products. Product development - Company growth by offering modified or new products to current market segments. Diversification - Company growth through starting up or acquiring businesses outside the company's current products and markets.

35. Value chain

    The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.

36. value delivery network

    A network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value.

37. marketing strategy

    The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships. Steps: Market segmentation Market targeting Positioning Differentiation

38. Steps of marketing strategy

    Market segmentation - where a market is divided into distinct groups of buyers who have different needs, characteristics, or behaviors and who require separate marketing strategies or mixes. A market segment can be defined as a group of consumers who respond a similar way to a given set of marketing efforts. Market targeting involves evaluating each market segment's attractiveness and selecting one or more segments to serve. Positioning is arranging for a product to occupy a clear, distinctive,…

39. Marketing mix

    a set of tactical marketing tools, the four P’s, that the firm blends to produce the response it wants in the target market.

40. SWOT analysis

41. marketing implementation

    Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.

42. marketing control

    measure and evaluate the results of marketing strategies and plans and take corrective action to ensure that the objectives are achieved

43. marketing return on investment (marketing ROI)

    the net return from a marketing investment is divided by the costs of the marketing investment

44. EPRG framework

    Ethnocentric - marketing mix based on home country, standardized, no changes for rest of the world, main focus is on home country Polycentric - marketing mix is changed for every country and adapted Regiocentric - marketing mix is standardized within regions, but adapted between regions Geocentric - marketing mix is standardized for the global consumer, but of course there is room for globalization.