Marketing

• 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
• Exchange


  The facilitation of value between a business and its customers
• Market


  A place where products and services are exchanged, involving buyers and sellers interacting to facilitate these transactions
• Characteristics of a market

  • Ultimate consumers (buy products for personal use)
  • Organizational buyers (purchase for business purposes)
• Customer value


  The importance of understanding and addressing what customers value most
• Customer experience


  The enhancement of customer satisfaction and loyalty through addressing customer needs
• Marketing mix


  The combination of factors that can be controlled by a company to influence consumers to purchase its products, including product, price, place, and promotion
• Relationship marketing


  The building of long-term relationships with customers through direct interaction and engagement
• Customer Relationship Management (CRM)

  A strategy for managing a company's interactions with current and potential customers to improve business relationships and drive sales growth
• Environmental forces


  Social, economic, political, technological, and competitive factors that affect marketing strategies
• Marketing program


  The integrated coordination of marketing efforts with other business functions like finance and operations
• Market segments


  The definition of specific groups of consumers based on demographic data to tailor marketing strategies
• Societal marketing concept


  The emphasis on considering the societal and ethical dimensions of marketing practices
• Market orientation


  The understanding and meeting of the specific needs of local consumers, potentially differentiating from global competitors
• Chobani uses market orientation to address consumer needs by actively researching and responding to customer preferences and health trends, developing a wide range of yogurt products that cater to various dietary needs and preferences
• Environmental forces like social trends towards health and wellness, and technological advancements in food production have influenced Chobani's marketing strategies, leading them to expand their product line to include plant-based and organic offerings
• Chobani's strategic marketing planning process involves a clear understanding of its market segments and target market, focusing on product innovation and quality to continuously adapt its product offerings to meet the evolving needs of its customers
• Chobani utilizes multimedia marketing strategies, including leveraging social media platforms and online advertising, to enhance its brand visibility and customer engagement
• For-profit organization


  Privately owned organization that serves its customers to earn a profit so that it can survive
• Nonprofit organization


  Nongovernmental organization that serves its customers but does not have profit as an organizational goal
• Functional level in an organization

  • Marketing
  • Finance
  • Manufacturing/Operations
  • Accounting
  • Information Systems
  • Research and Development
  • Human Resources
• Mission


  A clear, concise, meaningful, inspirational, and long-term statement of the organization's function in society, often identifying its customers, markets, products, and technologies
• Business


  The clear, broad, underlying industry or market sector of an organization's offering
• Goals (or objectives)


  Statements of an accomplishment of a task to be achieved, often by a specific time
• 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 action or result
• Business portfolio analysis


  A technique that managers use to quantify performance measures and growth targets to analyze their firms' SBUs as though they were a collection of separate investments
• Market-product strategies in diversification analysis

  • Market penetration
  • Market development
  • Product development
  • Diversification
• Steps of the planning phase of the strategic marketing process

  • Conducting a situation analysis
  • Developing a market-product focus and customer value proposition
  • Designing a marketing program
• Points of difference


  Characteristics of a product that make it superior to competitive substitutes
• Implementation phase of the strategic marketing process

  Carries out the marketing plan that emerges from the planning phase
• Goals set for a marketing program in the planning phase


  Used as the benchmarks with which the actual performance results are compared in the evaluation phase
• For-profit organization


  Serves customers to earn a profit so that it can survive
• Nonprofit organization


  Nongovernmental organization that serves customers but does not have profit as a goal
• Government agency


  Federal, state, county, or city unit that provides a specific service to constituents
• Levels of strategy in large organizations

  • Corporate level
  • Strategic business unit level
  • Functional level
• Core values


  Fundamental, passionate, and enduring principles that guide an organization's conduct
• Mission


  Statement of an organization's function in society, often identifying customers, markets, products, and technologies
• Organizational culture


  Set of values, ideas, attitudes, and norms of behavior that is learned and shared among members
• Business


  Clear, broad, underlying industry category or market sector of an organization's offering