Marketing

• Functions of Management; Planning, Organizing, Leading, Controlling
• Functional Areas of a Business; Operations, Human Resources, Accounting, Finance, Marketing
• MARKET are the set of actual and potential buyers of a product.
• -ING" act of" or "the process of". Hence, a process is a series of actions that you take in order to achieve a result
• Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. (Kotler, 2010)
• Marketing is having the right product, with the right price, with the right place (distribution channel), and with the right promotion. (Walton, 2013)
• Marketing is a activities through which goods and services move from concept to the customer. (Business Dictionary)
• Marketing is the delivery of customer satisfaction at a profit. (Kotler & Armstrong)
• Marketing It involves cultivating a relationship with customers by adding value to the goods or services being offered. (Kotler & Armstrong)
• New Product Development Process; Idea Generation, Idea Screening, Idea Evaluation, Product Development, Commercialization
• Promotion Mix; Advertising, Sales Promotion, Public Relation, Personal Selling, Direct Marketing, Events, Advocacies
• Marketing Mix; Product, Place, Price, Promotion, Process, People, Physical Evidence
• Marketing Mix; Product, Place, Price, Promotion, Process, People, Physical Evidence
• 2 views and perspectives of Marketing; Old Views and New Views
• Telling and Selling - Old Views
• Customer Relationships - New Views
• Strategic 3C' s of Marketing; Customers, Competition, Company
• MARKETING SYSTEM; Suppliers, Company, Competitors, Intermediaries, Consumers
• Marketing Management is defined as the art and science of choosing target markets and building profitable relationships with them
• USP - Unique Selling Proposition
• STP - Segmenting, Targeting, Positioning
• Value Proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs.
• NIKE offers four primary value propositions: accessibility, innovation, customization, and brand/status.
• Stage 1: Understanding the marketplace and customer needs
• are states of deprivation; deprived of something - Need
• are formed and shaped by culture and individual personality - Want
• are wants backed by buying/purchasing power - Demand
• Market Offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
• Marketing Myopia is focusing only on existing wants and losing sight of under lying consumer needs.
• GOAL = retain + capture
• Stage 2: Designing a Customer-Driven Strategy
• It is the process of dividing the total market into smaller groups seeking similar needs and wants from a product or service - Segmenting
• Consists of evaluating each market segment's attractiveness and selecting one or more market segments to enter - Targeting
• The way the product is defined by consumers on important attributes; the place where the product occupies in consumers' minds relative to competing products. - Positioning
• Dividing the market into segments based on the variables such as age,gender, family size cycle, income, occupation, education, religion, race,generation, and nationality - Demographic
• Dividing the market into different geographical units, such as nations,states, regions, countries, cities, or even neighborhoods - Geographic
• Dividing the market into segments based on social classes, lifestyles or personality characteristics. - Psychographic
• Dividing the market into segments based on consumer knowledge, attitudes, uses, or responses to a product - Behavioral
• MARKETING MANAGEMENT ORIENTATIONS; Production Concept, Product Concept, Selling Concept, Marketing Concept, Societal Concept
• Consumer Product Classification System; Convenience, Shopping, Specialty, Unsought