week 1+2

• Marketing


  The set of strategies and activities by which companies acquire and engage customers, build strong customer relationships, and create superior customer value in order to capture value from customers in return
• Key elements of marketing

  • Set of strategies and activities
  • Acquire and engage customers
  • Build strong customer relationship
  • Create superior customer value
  • Capture value in return
• Needs


  States of felt deprivation
• Wants


  The form human needs take as they are shaped by culture and individual personality
• Needs are shaped by culture and personality
• Demands


  Human wants that are backed by buying power
• Market offerings


  Some combination of products, services, solutions, and experiences offered to a market to satisfy a need or want
• Marketing myopia


  The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
• Exchange


  The act of obtaining a desired object from a person or an organization by offering something in return
• Market


  The set of all actual and potential buyers of a product or service
• Production concept


  The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
• Product concept


  The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements
• Selling concept


  The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort
• Marketing concept


  A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
• Societal marketing concept


  The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests
• Customer relationship management


  The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
• Customer-perceived value


  The customer's evaluation of the difference between the benefits delivered by and the costs of obtaining and using a market offering, relative to those of competing offerings
• Customer satisfaction


  The sense of pleasure a buyer feels when a product's perceived performance matches or exceeds their expectations
• Customer-engagement marketing


  Making the brand a meaningful part of customers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community
• Customer brand advocacy


  Actions by which satisfied customers initiate favorable interactions with others about a brand
• Customer-generated marketing


  Brand exchanges created by customers themselves—both invited and uninvited—by which customers play a role in shaping their own brand experiences and those of other customers
• Partner relationship management


  Working closely with partners in other company departments and outside the company to jointly bring greater value to customers
• Customer lifetime value


  The value of the entire stream of purchases a customer makes over a lifetime of patronage
• Share of customer


  The portion of the customer's spending in its product categories that a company captures
• Customer equity


  The total combined customer lifetime values of all of the company's customers
• Internet of Things (IoT)


  A global environment where everything and everyone is digitally connected to everything and everyone else
• Digital and social media marketing

  Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices
• Strategic planning


  The process of developing and maintaining a profitable strategic fit between the organization's goals and capabilities and its changing marketing opportunities
• Mission statement


  A statement of the organization's purpose—what it wants to accomplish in the larger environment
• Business portfolio


  The collection of businesses and products that make up the company
• Portfolio analysis


  The process by which management evaluates and plans for the future of the products and businesses that make up the company
• Growth-share matrix


  A portfolio-planning method that evaluates a company's strategic business units (SBUs) in terms of market growth rate and relative market share
• Product/market expansion grid


  A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
• Market penetration


  Company growth by increasing sales of current products to current market segments without changing the product
• Market development


  Company growth by identifying and developing new market segments for current company products
• Product development


  Company growth by offering modified or new products to current market segments
• Diversification


  Company growth through starting up or acquiring businesses outside the company's current products and markets
• Value chain


  The set of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products
• Value delivery network


  A network composed of the company, suppliers, distributors, and, ultimately, even customers who partner with each other to improve the performance of the entire system in delivering customer value
• Marketing strategy


  The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships