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York University (12,350)
ADMS 2200 (123)
M Louise (1)


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York University
Administrative Studies
ADMS 2200
M Louise

Marketing: The process of creating value for customers and building strong relationships to capture value from customers in return Marketing is managing profitable customer relationships Need: State of felt deprivation including physical, social, and individual needs Wants: Form that a human need takes, as shaped by culture and individual personality Wants + Buying Power = Demand Needs and wants are fulfilled through market offerings: Marketing Myopia:Mistake of focusing on specific products a company offers rather than the benefits and experiences produced by the products. They focus on the wants and lose sight of the needs Market: The set of actual and potential buyers of a product. These buyers share a need or want that can be satisfied through exchange relationships Marketing Management: choosing target markets and building profitable relationships with them Market Segmentation: Dividing the market into segments of customers Target Marketing: Selecting one or more segments to cultivate Value Proposition: The benefits or values a company promises to deliver to consumers to satisfy their needs Societal Marketing Concept: Marketing strategy considers consumers wants, company needs, and consumers and societys long-run interests Calls for sustainable marketing, socially and environmentally responsible marketing that meets present needs while considering future interests Integrated marketing plan: Transforms the marketing strategy into action Includes the marketing mix and four Ps of marketing: Product Price Place (Distribution) Promotion Customer Relationship Management (CRM): Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction Deals with all aspects of acquiring, keeping, and growing customers Customer value and satisfaction are key Customer-Perceived Value: Customers evaluation of the difference between all benefits and costs of a marketing offer relative to those of the competitors Customer Satisfaction: Extent to which the products perceived performance matches a buyers expectations. Customer Lifetime Value: The value of the entire stream of purchases that the customer would make over a lifetime of patronage Share of Customer: The portion of the customers purchasing that a company gets in their product categories Customer Equity: The total combined customer lifetime values of all the companys current and potential customer Strategic Planning: The process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities A mission statement is a statement of the organizations purpose what it wants to accomplish in the larger environment- market orientated Business Portfolio: The collection of businesses and products that make up the company Portfolio Analysis:Process by which management evaluates the products and businesses making up the company Evaluate the companys key businesses, called strategyic business units (SBUs): BCG Growth Share Matrix uses market growth rate and relative market share to classify SBUs into four groupsSegmentation: Dividing a market into distinct groups of buyers who have different needs, behaviours, characteristics, and who might require separate products or marketing programs Targeting: Evaluating the attractiveness of each market segment and selecting one or more segments to enter Positioning: Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers Differentiation: Creating superior customer value by actually differentiating the market offering The marketing mix: The set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market 4 Ps: Sellers View Product Price Place Promotion Product management organization: One person is responsible for the strategy and marketing program for a single product Market or customer organization:Manager responsible for specific market or type of customer (i.e. government buyers) Combination organization: Uses some combination of the previous four approaches Operating control: Evaluates performance against the annual plan and tak
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