What are the 5 core customer and marketplace concepts?
1) Needs: States of Deprivation
2)Wants: The for human needs take as they are shaped by cultures and personality
3) Market Offerings: Products, Services and Experiences
4) Customer value and satisfaction
5) Exchange and Market
Marketing Management
The science of choosing target markets and building profitable relationships with them
Production Concept
The idea that customers will favor products that are available and highly affordable
Product Concpet
The idea that consumers will favor products that offer the most quality, performance and features and companies should devote there energy to making continual improvments
Selling Concept
The idea that consumers will not buy enough of the firms products unless the firm undertakes a large-scale selling and promotion effort
Marketing Concept
A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets
Societal Mareting Concept
The idea that a companys marketing decisions should consider consumers wants and mainly society’s long run interests
4 P’s of Marketing
Price, Product, Place and Promotion
Customer Realtionship Management
Overall Process of building and maintaining customer realationships through superior customer service
Customer Perceived Value
The customers evaluation of the differnece in value among all competing offers
Customer Satisfaction
The extent to which a products perceived performance matchs a buyers expectations
Customer engagement Marketing
Making the brand a meaningful part of customers conversations and lives by fostering direct and continual relationships
Customer Generated Marketing
Brand exchanges are created by customers themselves Ex: Doritos Superbowl AD
Partner Relationship Management
Working Closely with partners in other company departments to bring greater value to consumers
Consumer Lifetime Value
The value of the entire stream of purchases a customer makes over a lifetime of patronage
Customer equity
The total combined values of all the companys customers
Diversification
A strategy for company growth through starting up or acquiring businesses outside of the company’s current products
Market Segmentation
Dividing a market into distinct groups of buyers who have different needs or behaviors who require seperate products
Market targeting
The process of evaluating each market segments attractivness and selecting one or more segments to enter
SWOT analysis
An analysis of a companys STRENGTHS, WEAKNESESS’s, OPPURTUNITES and THREATS
Marketing Intermediaries
Firms that help the company promote sell and distribute its goods to final buyers
Publics
Any group that has an actual or or potential interest in a organizations ability to achieve objectives
MIS
Marketing Information System. People and Procedures dedicated to assessing information needs and helping make key marketing decisons
Internal Database
Electronic collections of consumer and market information obtained from data sources within the company network
