MKTG 301 Study Guide - Midterm Guide: Swot Analysis, Customer Engagement, Psychographic
Document Summary
5 step marketing process: understand the marketplace, customers needs, wants, and demands. Value -> peoples" buying power within a company. Market (active potential buyers: designing a customer driven marketing strategy, select the customers you will serve. Targeting: choosing which and how many segmentations to use. Value proposition: an innovation, service, or feature intended to make a company or product attractive to customers: select your marketing orientation. Product orientation: focus product differentiation (ex: apple best in the world) Marketing concept: how are we going to innovate. Societal: balance needs for customers and the business. Selling: dedicating business to a selling point: preparing an integrated marketing program. Crm (customer relationship marketing: capture customer value. Strategic planning is a business plan longer than 1 year but typically shorter than 5, after 5 market is unpredictable. Focused on creating value for customers: defining the company"s mission: market oriented.
