Marketing Strategy Notes
1. Marketing in Today’s Economy (26)
(27) Commodity Hell - Bad economy (commoditization, low price leaders do well, starbucks example)
(28) The Challenges and Opportunities of Marketing in Today’s Economy
Advances in computer, communication, and information technology forever changed the world
Power Shift to Customers
Massive Increase in Product Selection
Audience and Media Fragmentation
Changing Value Propositions
Shifting Demand Patterns
Privacy, Security, and Ethical Concerns (31)
Unclear Legal Jurisdiction
THE CHILDREN’S ONLINE PRIVACY PROTECTION ACT (COPPA)
(32) Basic Marketing Concepts
AMA defined marketing this way:Marketing is the process of planning and executing the conception, pricing,promotion, and distribution of ideas, goods, and services to create exchanges thatsatisfy individual and organizational objectives.
In 2005, the AMA changed the definition of marketing to better reflect the realities of competing in today’s marketplace: 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
stresses two critical success factors in marketing: value and customer relationships (33)
final way to think about marketing relates to meeting human and social needs
Basic Concepts:
Market: a collection of buyers and sellers (33)
Metamarket is a cluster of closely related goods and services that center around a specific consumption activity.
Metamediary provides a single access point where buyers can locate and contact many different sellers in the metamarket. (34)
Exhibit 1.3- COMMON METAMARKETS AND PARTICIPANTS (35)
Exchange: process of obtaining something of value from someone by offering something in return; this usually entails
(27) Commodity Hell - Bad economy (commoditization, low price leaders do well, starbucks example)
(28) The Challenges and Opportunities of Marketing in Today’s Economy
Advances in computer, communication, and information technology forever changed the world
Power Shift to Customers
Massive Increase in Product Selection
Audience and Media Fragmentation
Changing Value Propositions
Shifting Demand Patterns
Privacy, Security, and Ethical Concerns (31)
Unclear Legal Jurisdiction
THE CHILDREN’S ONLINE PRIVACY PROTECTION ACT (COPPA)
(32) Basic Marketing Concepts
AMA defined marketing this way:Marketing is the process of planning and executing the conception, pricing,promotion, and distribution of ideas, goods, and services to create exchanges thatsatisfy individual and organizational objectives.
In 2005, the AMA changed the definition of marketing to better reflect the realities of competing in today’s marketplace: 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
stresses two critical success factors in marketing: value and customer relationships (33)
final way to think about marketing relates to meeting human and social needs
Basic Concepts:
Market: a collection of buyers and sellers (33)
Metamarket is a cluster of closely related goods and services that center around a specific consumption activity.
Metamediary provides a single access point where buyers can locate and contact many different sellers in the metamarket. (34)
Exhibit 1.3- COMMON METAMARKETS AND PARTICIPANTS (35)
Exchange: process of obtaining something of value from someone by offering something in return; this usually entails