Key Marketing Concepts

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* What is marketing?
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

* What is the marketing process?

* Needs, wants and demands
Needs : basic human requirements
Wants: the needs becomes wants when they are directed to a specific objects and might satisfy the need Demands: are wants for a specific product backed up by an ability to pay

* Target markets, positioning, segmentation

Segmentation: identifying and profile distinct group of buyers who might prefer or require varying products or service mixes by examining demographic, psychographic & difeerence behavior between buyers.

Target marketers : deciding whish segment present the greatest opportunities

Positioning : developing marketing offering wish delivers certain benefits to the buyer

* Value
Combination between quality service & price

* Marketing environment
1. Task environment : immediate actors involved in producing distributing and promoting 2. The broad environment: consist of six components

* Holistic marketing
Is an approach to marketing that attempts to recognize and reconcile the scope and complexities of marketing activities.

* Internal marketing
Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well.

* Value delivery process

Sell the product

Make the product

Choose the Value

Provide the Value

Communicate the Value

(a) Traditional physical process sequence
(b) Value creation & delivery sequence
Strategic marketing

Tactical marketing

* Generic value chain
A tool for identifying ways to create more customer values

* SWOT analysis
The overall evaluation of business ( strength , weakness , opportunities and threats) * Contents of a marketing plan
1. Executive summary
2. Situation analysis
3. Marketing strategy
4. Financial projections
5. Implementation controls
* Marketing metrics
Is the set of measurements that helps marketers to quantify, compare, and interpret their marketing performance

Chapter 3 & 4

* Marketing research system
Is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company * Marketing research process
1. Observation
2. Ethnographic
3. Focus group
4. Survey
5. Behavioral data
6. experimentation
* Trends vs fads

* Demographic environment
Size and growth rate of the population in cities
Regions and nations
Age distribution and ethnic mix
Educational level
House hold patterns
Regional characteristics and movement

* Customer perceived value CPV
Is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives.

* Customer profitability analysis CPA
Is the best conducted with an accounting technique called Activity based costing ABC the company estimates all the revenue coming from a customer less all the costs. This helps to classify customers into different profit tiers. * Customer relationship management(CRM)

All the activities in building deeper understanding, relationships, and offerings to individual customers * Database marketing
Is the process of building, maintaining, and using customer databases and other databases (products, suppliers, resellers) to contact, transact, and build customer relationships.

Chapter 5 & 6
* Culture: is the most fundamental determinant of a person’s wants and behavior. * Social class: are...
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