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Marketing Study for Midterm.docx

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Concordia University
MANA 298

Marketing StudyDefining a marketing process5 Cores marketplace concept Major trendschanging the marketing landscapeMarketing Creating value for customers and building strong customer relationship to capture value from customers in returnNEEDSState of felt deprivation Physicalfood clothing warmth safetysocialbelonging and affectionIndividualknowledge and selfexpressionWANTSThe form human needs take as shaped by culture and individual personalityDemandswants the are backed by buying powerMarket Offerings are some combination of products services information or experiences Offered to a market to satisfy a need or wantMarketing Myopia Losing sight of underlying consumer needs Exchange is the act of obtaining a desired object from someone by offering something in returnMarketing Management art and science of choosing target markets and building profitable relationships with themMarket segmentationrefers to dividing the markets into segments of customersTarget Marketingrefers to which segments to go afterDemarketing marketing to reduce demand temporarily or permanentlythe aim is not to destroy demand but to reduce or shift itValue Propositionset of benefits or values a company promise to deliver to customers to satisfy their needsMARKETING STRATEGY 1Production concept 2 Product concept 3 Selling concept 4 Marketing concept 5 Societal conceptProduction concept is the idea that consumers will favour products that are available or highly affordableProduct concept idea that consumers will favour products that offer the most quality performance and features Selling concept is the idea that consumers will not buy enough of the firms products unless it undertakes a largescale selling and promotion effortMarketing concept is the idea that achieving organizational goal depends on knowing the needs and wants of the targets markets and delivering the desired satisfactions better than competitorsSocietal marketing company should make good marketing decision by considering consumers wants Longterm interestMarketing Mix4 Ps Product Price Promotion PlaceIntegrated marketing program comprehensive plan that communicates and delivers the intended value to chosen customers CRMcustomer relationship management overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction BUILDING CUSTOMER RELATIONSHIPCustomerperceived valuethe evaluation of the difference between all benefits and all costs of a market offeringsCustomer satisfaction products perceived performance matches buyers expectationsBasic Relationships relating more deeply and interactively and carefully selecting customers while interacting with them them blogs websites social networks For the more profitable customersPartner relationship management working together with partners in other companies in order to bring a greater customer valueElectronically Using crossfunctional teamsThe other siders use the supplies and other means of developing partnershipsCAPTURING VALUE from CUSTOMERS Customers lifetime value is the most important thing it is the stream of all purchases for the customers Share of customers Portion customers purchasing the a company gets in its product categories Customer Equity total combined customers lifetime values in companys customersWhen building the right customer relationship with the right customers involves treating customers the right wayDifferent customers requires different relationship management strategiesChanging Marketing Landscape Digital ageRapid globalization Ethics and social responsibility Notforprofit MarketingChallenges the digital agerapid globalizationethics and social responsibilitynotforprofit marketadvances in computers telecommunications information transportation tracking researchproduct developmentchallengesdigital age Same as beforegeographical and cultural distances have shrunkchallenges Ethics and social responsibilityschallenges notforprofit marketing
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