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Marketing midterm.docx

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MidTerm Review for MarketingChapter 1Marketing a set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationshipsMarketing plan a written document composed of an analysis of the current marketing situation opportunities and threats for the firm marketing objectives and strategy specified in the 4ps action programs and projected or pro forma incomes and other financial statements Core aspects of marketingMarketing occurs in many settingsMarketing helps create valueMarketing is about satisfying customer needs and wantsMarketing entails value exchangeMarketing requires product place price and promotion decisionsWhat is marketing about It is about satisfying costumer needs and wants Need a person feeling psychologically deprived of basic necessities such as food clothing shelter and safetyWant the particular in which a human chooses to satisfy a need which is shaped by a persons knowledge culture and personalityMarket refers to the group of people to whom an organization is interested in marketing its products service or ideasTarget market the customer segment or group to whom the firm is interested in selling its product and services Potential customers to who have both an interest in the product or service and an ability to buyAttracting and retaining customersForming strong customer bondsoListen to the voice of the customeroCreate superior offeringoReward outstanding employeesAdding financial benefitsoFrequency programsAdding structural tiesoCreate longterm contractsoLower price for high volumeoTurn product into longterm serviceMarketing entails value exchangeExchange the trade of things of value between the buyer and the seller so that each is better off as a resultMarketing requires product price place and promotion decisionsMarketing mix four Ps the control label set of activities that a firm uses to respond to wants of its target marketsPrice transaction valueoPrice the overall sacrifice a customer is willing to make money time energy to acquire a specific product or servicePlace delivering valuePromotion communicating valueProduct creating valueoGoods items that can be physically touchedoServices intangible customer benefits that are produced by people or machines and cannot be separated from the produceroIdeas include thoughts opinions philosophies and intellectual conceptsMarketing helps createvalueProductionoriented era product innovation a good product would sell itselfSalesoriented era depend on heavy doses of personal setting and advertising Marketoriented era consumer products buyers market focus on consumer needsValuebased marketing era market oriented discover and satisfy customer needs oValue reflects the relationship of benefit to cost or what the consumer gets for what he or she givesoAlso called and relates to marketing conceptMarketing concept identify and satisfy customer needs while making a profitSatisfaction of consumer wants and needsCoordinated with other business functionProfit maximizationWhat is Value based marketingMarketing that focuses on providing customers with benefits that far exceed the cost money time and effort or acquiring and using a product of service while providing a reasonable return of the firmHow firms compete on the basis of valueMarketers must keep a vigilant eye on the marketplace so they can adjust their offering to meet customer needs and keep ahead of their competitionHow do firms become value drivenSharing information share information about customers and completion within the firm throughout the different sections Balancing benefits with costs measure the benefits that customers perceive against the cost of their offering Building relationships with customers oTransactional orientation regards the buyerseller relationship as a series of individual transactions so anything that happened before or after the transaction is of little importanceoRelationship orientation a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a longterm relationshipoCustomerrelationship management CRM a business philosophy and set of strategies programs and systems that focus on identifying and building loyalty among the firms most valued customers Importance of Marketing
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