marketing

• Marketing


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


  • Discovers the needs and wants of prospective customers
  • Satisfies the needs and wants of prospective customers
• Exchange


  The trade of things of value between a buyer and a seller so that each is better off after the trade
• Factors required for marketing to occur


  • Two or more parties with unsatisfied needs
  • Desire and ability to satisfy these needs
  • A way for the parties to communicate
  • Something to exchange
• Marketers often use customer surveys and other form of marketing research to better understand customer ideas
• Experts suggest to focus on what the customer benefit is and learn from the past mistakes
• Need


  When a person feels deprived of basic necessities such as food, clothing and so on
• Want


  A need that is shaped by a person's knowledge, culture, and personality
• Elements of the marketing mix


  • Product
  • Price
  • Promotion
  • Place
• Environmental forces that affect a marketing decision consist of social, economic, technological, competitive, and regulatory forces
• Customer value


  The unique combination of benefit received by target buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price
• Relationship marketing


  Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
• Stages in the evolution toward the market orientation

  • Production era
  • Sales era
  • Marketing concept era
  • Customer relationship era
• Customer relationship management (CRM)


  The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perception of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase
• Many marketing issues are not specifically addressed by existing laws and regulations
• Many companies, industries, and professional associations have developed codes of ethics, policies, and guidelines to assist managers
• Social responsibility


  The idea that organization are accountable to a larger society
• Types of organizations

  • For profit organization
  • Non-profit organization
  • Government agency
• Strategy

  An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals
• Levels of organizational structure


  • Corporate Level
  • Strategic Business Unit Level
  • Functional Level
• Core values


  The fundamental, passionate, and enduring principle that guide an organization's conduct over time
• Mission


  A statement of the organization's function in the society that often identifies its customers, markets, products, and technologies
• Organizational culture


  The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organizations
• Business model


  The strategies an organization develops to provide value to the consumers it serves
• Goals or objectives


  Statements of an accomplishment of a task to be achieved, often by a specific time
• Organizational Culture


  The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
• It is important for an organization to be able to connect with all of its stakeholders and to communicate both the core values and the mission to them
• Business


  The clear, broad, underlying industry or market sector of an organization's offering
• With today's increased global competition, many organizations are rethinking their business model, the strategies an organization develops to provide value to the consumers it serves
• Business model changes


  • Netflix shifting from DVD rental to video streaming to original content production
• Goals/Objectives


  Statements of an accomplishment of a task to be achieved, often by a specific time
• Types of business goals

  • Price
  • Sales
  • Market share
  • Quality
  • Customer satisfaction
  • Employee welfare
  • Social responsibility
• Corporate level strategy


  Top managers create a portfolio of market-product businesses (SBUs) that is consistent with the mission statement
• Strategic business unit (SBU) level strategy


  Managers focus on specific value-creation activities
• Marketing plan


  A road map for the marketing actions of the organization for a specific future time period
• Marketing dashboard


  The visual display of the essential information related to achieving a marketing objective

  
• Marketing metric


  A measure of the quantitative value or trend of a marketing actions or result
• Data visualization


  Presents information about an organization's marketing metrics graphically so marketers can quickly spot deviations from plans

  
• Competencies


  An organization's special capabilities (its skills, technologies, and resources) that distinguish it from other organizations and provide customer value
• Customers


  A genuine value must be provided to customers to ensure that they have a satisfying experience