PRM

• Marketing


  The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
• Marketing


  A science, art, and profession guided primarily by the universal principles of ethics, corporate, citizenship, and corporate social responsibility
• Marketing


  The process of customer interaction, customer value formation, and good customer relationship building that captures customer value in return
• Marketing


  Involves processes focusing on the delivery of value and benefits to consumers, not just selling goods, services, and/or ideas, by using communication, distribution, and pricing strategies to offer customers and other stakeholders products, services, innovations, values, and benefits they desire when and where they want them. The goal is to create long-term, mutually satisfying relationships
• Marketing


  The creation, communication, and delivery of value to customers
• 9 Marketing Functions


  • Market Planning
  • Product and Service Management
  • Distribution
  • Pricing
  • Promotion
  • Selling
  • Marketing Information Management
  • Financing
  • Risk Management
• Situation Analysis


  The marketer examines and analyzes the external environment of the business, the market, the customers, and competitors, and does a keen audit of the business's internal operating characteristics
• Utility


  The total satisfaction consumers can receive from the consumption of a product or service
• Customer Value


  The relationship between benefits and the sacrifice necessary to obtain those benefits
• The marketing environment has actors and forces influencing the ability of marketing managers to establish and sustain effective relationships with target customers. Businesses consider the marketing environment as an uncontrollable element that they must react to and adapt to it. To avoid threats and take advantage of the opportunities the environment provides, businesses analyze environmental forces and design strategies. Rather than simply observing and reacting to the marketing environment, businesses must take proactive steps by developing business strategies and creating and forming new markets and market structures
• 5 Types of Customer Markets

  • Consumer markets
  • Business markets
  • Reseller markets
  • Government markets
  • International markets
• External Forces (PESTEL)


  • Political and Legal Forces
  • Economic Forces
  • Sociocultural Forces
  • Technological Forces
  • Environmental Forces
  • Demographic Forces
• Political and Legal Forces

  Business requires government regulations in protecting new technology innovators, society's interests in general, one business from another, and customers. Non-compliance with regulations can have major consequences for the business. A highly uncertain political situation may influence the stability of businesses. Legal forces include newly passed legislation (laws) and legislative bills that can be enacted into legislation. The effects of laws and bills should be on the planning agenda of a business
• Economic Forces


  Markets, as well as individuals, need purchasing power. The economic environment consists of economic forces that can drastically influence consumers' buying power and spending patterns
• Sociocultural Forces


  The cultural environment is made up of institutions and other forces that influence society's basic values, perceptions, preferences, and behaviors. People grow up in a particular society that influences their basic beliefs and values. They absorb a view of the world that determines their associations with others. Cultural forces significantly affect how individuals think and how they consume, so marketers are highly involved in the cultural environment. Culture is the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next. A culture can be divided into subcultures. A subculture is a homogeneous group of people who share elements of the overall culture and cultural elements unique to their group. Within subcultures, individuals' attitudes, values, and purchasing decisions are much more similar than they are within the wider culture. Subcultural variations in what, how, where, and where people purchase products and services can lead to significant variation within a culture. When marketers identify subcultures, they can design special marketing serving their needs. For marketing managers, social change is probably the most difficult external variable to forecast, influence, or integrate into marketing plans due to social forces that affect the prices of goods, the effectiveness of promotional activities, and the distribution of goods. Social forces include people's attitudes, principles (values), and lifestyles
• Technological Forces


  The technological environment consists of the forces in creating new technologies, new products, and market opportunities. Innovation is what technological success is based on; imagination and risk-taking are needed for innovation
• Environmental Forces


  The natural environment includes the physical environment and the natural resources required by marketers as inputs or influenced by marketing activities. Unexpected events in the physical environment, from weather to natural disasters, can impact businesses and their marketing strategies at the most basic level. To build a global economy that the world can sustain for the foreseeable future, today's progressive businesses are designing ecologically sustainable strategies. Environmental sustainability involves developing strategies and practices that create a world economy that the planet can support indefinitely
• Demographic Forces


  Demography is the study of quantitative data concerning population size, density, location, age, gender, race, occupation, and other statistics. The changes in demographics are considered changes in markets as it suggests shifts in marketing strategies. Demographic characteristics are strongly connected with consumers' purchasing behavior in the marketplace
• Actors or Internal Forces

  • Company
  • Suppliers
  • Marketing Intermediaries
  • Customers
  • Competition
  • Publics
• Company


  Although marketing can be the company's lifeblood, marketing does not operate independently of the other functions of the organization, such as research and development, finance, operations, and human resources. It is crucial for marketing that there is awareness of the significance of the functions. Marketing decisions need to be consistent with the business's goals and strategies. All departments share the responsibility of identifying customer needs and creating customer value. To create customer value and relationships, marketers must cooperate in harmony with other departments of the business
• Suppliers


  These provide businesses the raw materials, manpower/labor, and equipment required to produce goods and deliver services. Monitoring of the prices of these supplies must be done. Effective partnerships or relationship management with the vendors of the business are important. The performance of the suppliers directly affects the business's ability to consistently satisfy its clients. In the overall consumer value delivery network of the business, suppliers form a significant connection. Problems with suppliers can have a serious effect on marketing. In creating and delivering consumer value, most marketers today regard their suppliers as partners. Marketers must work in partnership with other businesses in the business's value delivery network in creating and delivering value for clients
• Marketing Intermediaries


  These include the channels that link the business to its customers, such as distributors, wholesalers, and retailers. These help in the promotion of the business's products. Businesses distribute their goods through intermediaries to be more practical and have fewer costs. Marketing intermediaries aid the business in the promotion, selling, and delivery of its offerings to final customers. Today's marketers understand the significance of operating as partners with their intermediaries rather than simply as the channel by which their goods are sold. Resellers, firms for physical distribution, agencies for marketing services, and financial intermediaries are also examples of marketing intermediaries
• Customers


  Customers are the end-users (business-to-consumer; B2C). Customers can also refer to other businesses or organizations (business-to-business; B2B). Customers generate the demand for goods and services. The most important actors in the microenvironment of the business are customers. The goal of the entire value delivery network is to engage and form strong relationships with target customers. The business could target all or any of the five (5) types of customer markets: consumer markets, business markets, reseller markets, government markets, and international markets. Each type of market has unique characteristics that require the seller to research carefully
• Competition


  Demand for the goods and services of the business is affected by the nature and strength of competition. It is important to know the competitor(s) for the business to be successful. Since competition is very unpredictable and not static, it is important to track the competitors' movements. To create and maintain a relative advantage, businesses must be prepared and swift to act on those movements. A business must have greater customer value and satisfaction than its rivals do to be successful. Marketers must also do more than just become accustomed to the needs of the target customers. Businesses must also gain strategic advantages by positioning their offerings strongly against the rivals' in customers' minds
• 7 Types of Publics

  • Financial publics
  • Media publics
  • Government publics
  • Citizen-action publics
  • Internal publics
  • General public
  • Local publics
• Financial publics


  These impact the ability of the business to get funds. Examples: banks, investment analysts, and stockholders
• Media publics


  These include news, features, editorial views, and other content. Examples: Television stations, newspapers, magazines, blogs, and other social media
• Government publics


  Management must take into consideration developments in the government. On matters of product safety, honesty in ads, and other matters, marketers often consult their business's lawyers
• Citizen-action publics


  These include consumer organizations, environmental groups, minority groups, and others that can question the marketing decisions of a business. The Public Relations Department can help the business to keep in contact with citizen groups and customers
• Internal publics


  These include workers/employees of the company, managers, volunteers, and the board of directors. Large businesses have newsletters and other ways of informing and motivating their internal publics. This optimistic attitude carries over to the external public as workers feel good about the businesses they work for
• General public


  A business ought to be concerned about the general public's attitude (nationwide) towards its goods and activities. The image of the business influences the public's purchasing behavior
• Local publics


  These include residents and organizations in the local community where the business operates
• Publics that marketers need to consider

  • Regulatory publics
  • Citizen-action publics
  • Internal publics
  • General public
  • Local publics
• Macroenvironment


  External forces that cannot be affected and altered by the business, with some anticipated degree of uncertainty affecting the business
• Microenvironment


  Actors or internal forces that affect the business' capacity to develop and maintain sustainable consumer/customer relationships
• SWOT (Strength, Weakness, Opportunity, Threat)

  • Helps marketers recognize the competitive strengths and weaknesses of the business
  • Strength should be used to come up with effective strategies
  • Weakness should be eliminated and converted into a strength
  • Opportunities should be capitalized on as they are beneficial to the business
  • Threats need to be mitigated to minimize the degree of harm/loss
• Trend


  A pattern of gradual change in a process, output, or condition in business, pertaining to the average or a general tendency
• Consumer behavior


  The study of consumers and how they make decisions, including influencing how they purchase and use products and services
• Types of buying motives

  • Emotional motives
  • Rational motives
  • Patronage motives
• Types of consumer buying behavior

  • Complex buying behavior
  • Dissonance-reducing buying behavior
  • Variety-seeking buying behavior
  • Habitual buying behavior