The process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in dynamic environment
Marketing process
1. Begins with a marketer
2. Carried by a process
3. End at a consumer
Customers
The purchasers of organizations products; the focal point of all marketing activities
Target Market
A specific group of customers on who an organization focuses its marketing effects
Components of Strategic Marketing
Product
Price
Distribution
Promotion
The best ads express value of the company
Exchanges
The provision or transfer of goods, services, or ideas in return for something of value
Stakeholders
Hold a stake or claim in the company's products
Knowing the marketing environment is critical for successes
Marketing Concept
A managerial philosophy that an organization should try to satisfy customer's needs through a coordinated set of activities
Marketing Orientation
A organizational commitment to researching and responding to customer needs
Customer Relationship Management (CRM)
Using information about customers to create marketing strategies that develop and sustain desirable customer relation
A strategic process involving stakeholder assessment to create meaningful, long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
Strategic Marketing Management
The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently
Strategic Planning
The process of establishing an organizational mission and formulating goals, a corporate strategy, marketing objectives, and a marketing strategy
Everything starts with a mission and a goal
Mission Statement
A long term view, or vision, or what the organization wants to become
Levels of Strategic Planning
Corporate Strategy
Strategic Business Unit (SBU)
Corporate Strategy
A strategy that determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization goals
Strategic Business Unit (SBU)
A division, product line, or other profit center within the parent company
Market
A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products
Market Share
The percentage of a market that actually buys a specific product from a particular company
Growth Share Matrix by the Boston Consulting Group
Market growth rate
Market share
Diversification
Allows firm to make better and wider use of their managerial, technological, and financial resources
Core Competencies
Things a company does extremely well, which sometimes give it an advantage over its competition
Market opportunity
A combination of circumstances and timing that permits an organization to take action to reach a particular target market
Strategic Windows
Temporary periods of optimal fit between the key requirements of a market and particular capabilities of a company competing in that market
Competitive Advantage
The result of a company matching a core competency to opportunities it has discovered in the marketplace
SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
Porter's 5 Forces
1. Competition in the industry
2. Potential of new entrants into the industry
3. Power of suppliers
4. Power of customers
5. Threat of substitute
First-mover Advantage
The ability of a company to achieve long-term competitive advantages by being the first to offer an innovative product in the marketplace
Late-mover Advantage
The ability to achieve long-term competitive advantages by not being the first to offer a product in a marketplace
Marketing Objective
A statement of what is to be accomplishes through marketing activities
Marketing Strategy
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
Sustainable Competitive Advantage
An advantage that the competition cannot copy
Marketing Implementation
The process of putting marketing strategies into action
Centralized organization
A structure in which top-level managers delegate little authority to lower levels
Decentralized Organization
A structure in which decision-making authority is delegated as far down the chain of command as possible