Term
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Definition
| Keeping in contact with customers and advertising. "getting your message to consumers" |
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Term
| The marketing process (5 steps) |
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Definition
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 satisfy customer
5) capture value from customers to create profits and customer equity |
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Term
| Societal Marketing Concept |
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Definition
concept that companies balance three considerations in settings in marketing strategies: company profits, consumer wants, and society's interests.
ex: bottled water. |
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Term
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Definition
Price: list price, discounts
Product: variety, quality, design
Promotion: advertising, public relations. ex: bogo
Place: location, logistics |
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Term
| Two marketing strategy questions |
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Definition
"what customers will we serve?"
"How can we best serve targeted customers?"
*these deal with differentiation and positioning. |
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Term
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Definition
| dividing a market into distinct groups of buyers who have different needs, characeristics, or behaviors, and who might require separate products or marketing programs. |
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Term
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Definition
| evaluating each market segment's attractiveness and selecting one or more segments to enter |
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Term
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Definition
product-customer solution
price-customer cost
place-convenience
promotion-communication |
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Term
| Broad concepts in Marketing |
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Definition
Product concept- centered on consumers buying based on what product is/costs
selling concept-Focus is on sale. sales are all that matter. transactional.
marketing concept-customers are the center of everything
societal marketing-designing a customer driven marketing strategy. |
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Term
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Definition
the value the product will have on customer
BS: "WHAT'S IN IT FOR ME?" |
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Term
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Definition
| once someone is hooked on your product, they will keep coming back. |
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Term
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Definition
| BS: "THE CONSUMER IS CHANGING FASTER THAN WE ARE." |
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Term
| STP (differentiation is an important tool.) |
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Definition
Segmentation: divying up the market(first step in knowing thy customer.)
Targeting: refining(profiling using demographics, gender or psychographics)
Positioning: face on shelves(why a consumer will pay more for a product) |
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Term
| Top 3 trends affecting marketing |
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Definition
| Technology, Demographics, economy |
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Term
| Guest speaker Brian Maynard Key points |
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Definition
1) you only want to talk to people who are going to see your ad.
2) loose your ego to be a good marketer. Your opinion DOES NOT MATTER, IT MATTERS WHAT THE CUSTOMER SAYS. |
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Term
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Definition
| "You cannot hit the target if you dont know what the target is" -aristotle |
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Term
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Definition
| Geographic segmentation, demographic segmentation, psychographic segmentation, behavioral segmentation |
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Term
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Definition
used to market segments
Accessible? Differentiable? Actionable? Measurable? Substantial? |
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Term
| Basic Market preference patterns |
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Definition
| a) homogeneous b)diffused c) clustered |
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