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| the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return |
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states of felt deprivation
an American needs food but wants a bigmac |
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| the form human needs take as shaped by culture an individual personality |
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| human wants that are backed by buying power |
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| a physical market offering that satisfies a need or want |
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| activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything. |
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| 5 step model for marketing process |
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Definition
1. understand the marketplace and customer needs and wants
2. design a customer-driven marketing strategy
3. construct a marketing program that delivers superior value
4. build profitable relationships and create customer delight
5. capture value from the customer to create profits and customer quality |
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| value gained from owning a product and costs of obtaining the product is customer value |
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| products precieved performance in delivering value relative to buyer's expectations is customer satisfaction |
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| delvers logn term value to customer, thereby securing satisfaction and retention of patronage over time |
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| the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction |
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| the extent to which a products perceived performance matches a buyers expectations |
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| Customer Relationship Groups (4) |
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Definition
| Butterflies, true friends, strangers, barnacles |
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| good fit w/ offerings and needs - high profit potential |
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| good fit with offerings and need - highest profit potential - long term projected loyalty |
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| little fit with offerings and needs - lowest profit potential |
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| limited fit with offerings and needs - low profit potential |
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1. needs, wants, demands
2. customer driven mkting strategy
3. crating customer value/4 P's
4. exchanges, delighting customers
5. Satisfaction and customer realtionship = company profits |
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| the precess of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities |
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| Steps in strategic planning |
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1. defining the company mission
2. setting company objectives and goals
3. designing the business portfolio
4. planning marketing and other functional strategies. |
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| a statement of the organizations purpose - what it wants to accomplish in the larger environment |
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| good characteristics of a mission statement |
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| market oriented, realistic, specific, fit market environment, distinctive competencies, motivating |
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1. Star: high growth and share, high profit potential, ma need heavy investment to grow
2. cash cow: low growth, high share established, successfull sbu's, produce cash
3. ?: high growth, low share. build into stars or phase out. require cash to hold market shares
4. Dogs: low growth/share, low profit potential. |
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| marketing growth strategies |
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1. market penetration: existing products, existing markets
2. market development: existing product, new market
3. product development: new products, existing markets
4. diversification: new products, new markets |
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| the precess of dividing a market into distinct groups of buyers with different needs, characteristics, or behavior who might require separate products or marketing programs. |
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product
price
place
promotion
position |
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customer solution
customer cost
convenience
communication |
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| involves evaluating each market segment's attractiveness and selecting on ore more segments to enter. target those segments that can sustain profitability. |
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| arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. begins with differentiating te company's marketing offer so it gives consumers more value. |
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| finding opportunities. avoiding threats. understanding strengths. analyzing weaknesses. |
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| the net return from a marketing investment divided by the costs of the marketing investment |
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| variety, quality, design, features, brand name, packaging, services |
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| advertising, personal selling, sales promotion, PR |
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| list price, discounts, allowances, payment period, credit terms |
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| channels, coverage, assortments, locations, inventory, transportation, logistics |
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| the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers. |
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| the actors close to the company that affect its ability to serve its customers-the company, suppliers, marketing intermediaries, customer markets, competitors, and publics |
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| the larger societal forces that affect the micro environment - demographic, economic, natural, technological, political, and cultural forces. |
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| the study of human populations in therms of size, density, location, age, gender, race, occupation, and other statistics. |
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78 million ppl born after WWII lasting
1946-1964 |
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| the 49 million ppl born btwn 1965 and 1976 |
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| the 72 million childern of the babyboomers born btwn 1977 and 1994 |
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| peoples views of themselves |
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| people use products, brands, and services as a means of self expression, and they buy prd/serv that match their views of themselves |
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| trend suggests a greater demand for social support products and services that improve direct communication btwn ppl, such as health clubs and family vacations |
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| peoples views of organizations |
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| ppl carry different views,. by and large ppl r willing to work for major organizations and expect them, in turn, to carry out society's work |
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| ppls orientation to their society influences their consumption patterns and attitudes toward the marketplace. |
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| attitudes vary. mastery over nature through technology. short term trend: natural organic lifestyle. |
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| ppls views of the universe |
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| moving away from materialism, dog eat dog ambition to seek more permanent values -- family, community, earth, faith, and more certain grasp of right and wrong. |
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