slides

• Marketing (vs sales)

  Long-term, larger extend on customer input, stimulating demand
• Sales (vs Marketing)

  Short-term, limited extent on customer input, satisfying existing demand
• Maketing Mix

  set of tactical marketing tools that the firm blends to produce the response it wants in the target market. It consists everything a firm can do to engage consumers and deliver customer value
• Four P's

  Product, Price, Place, Promotion
• Product

  the good and services combination the company offers to the target market
• Price

  The amount of money customers must pay to obtain the product
• Place

  includes company activities that make the product available to target consumers
• Promotion

  refers to activities that communicate the merits of the product and persuade target customers to buy it
• Marketing Process

  1. Understand the marketplace and customer needs and wants

  2. Design a customer-driven marketing strategy

  3. Construct an integrated marketing program that delivers superior value

  4. Build profitable relationships and create customer delight

  5. Capture value from customers to create profits and customer equity
• human needs

  Physical, social and individual need
• Market offering

  is a combination of product, services, information or 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
• STP Process

  segmentation, targeting, positioning, differentiation
• The production concept 1900s-production

  Consumers will favor available and highly affordable product -> improving production and distribution efficiency
• The product concept 1915-quality

  Consumer will favour product that offer the most quality, performance, innovative futures -> continuous product improvement
• The selling concept 1930-sales

  Consumers will not buy enough of the firm's product unless the firm undertakes a large-scale selling and promotion effort
• The marketing concept 1960-needs

  Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
• The societal marketing concept 1975-environment

  Short-term customer wants vs long-term customer well being
• Four C's

  consumer, cost, convenience, communication
• Customer Relation management CRM

  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 all the benefits and all the costs of a marketing offer relative to those of competing offers
• customer satisfaction

  the extent to which a product's perceived performance matches a buyer's expectations. => Customer Relations Management (CRM)
• Customer-engagement marketing

  make the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversation, experiences, and community
• Customer lifetime value

  the value of the entire stream of purchases a customer makes over a lifetime of patronage.
• Losing a customer

  losing the entire stream of purchases that the consumer would make over a lifetime + worst if he talks about it to other consumers
• Customer equity

  the total combined customer lifetime of all company's current and potential customers. It's a measure of the future value of the company's customer base
• Strategic Planning Process

  The process in which the objectives and capacities of the company are continuously matched against evolving opportunities and threats in the external environment
• Mission statement

  the organization's purpose - what it wants to accomplish in the larger environmen, guides people in the organization and is market-oriented, not product-oriented
• Abell-diagram

  What ? Customer needs

  Who ? Customer segment

  How ? Product/technologie/service
• The business portfolio

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

  a major activity in strategic planning whereby management evaluates the products and businesses that make up the company
• BCG Growth-Share Matrix

  a portfolio-planning method that evaluates a company's SBUs in terms of market growth rate and relative market share
• Stars (BCG Matrix)

  high growth, high market share, heavy investment

  -upper left corner
• Cash Cows (BCG Matrix)

  low growth, high market share, established and successful

  -lower left corner
• Question Marks (BCG Matrix)

  high growth, low market share, requiring a lot cash to hold their share

  -upper right corner
• Dogs (BCG Matrix)

  -low growth, low market share

  -lower right quadrant
• Ansoff matrix

  
• Market penetration

  company growth by increasing sales of current market segments without changing the product
• Market development

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

  company growth by offering modified or new products to current market segments