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| Identifying and metting human and social needs |
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| The art and science of choosing target markets and getting, keeping, and growing customer through creating, delivering and communicating superior customer value. |
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| The core concept of marketing is the process of obtaining a desired product from someone by offering something in return. |
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| A trade of values between two or more parties involving at least two things of value, agreed-upon conditions, a time of agreement and a place of agreement. |
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| party A gives something to party B but does not receive anything trangible in return. |
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| A MARKETER is someone who seeks a response from another party called the PROSPECT |
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| based on the development, design and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. |
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| The aim of building mutually satifsying long-term relationships with key parties-customer, suppliers, distributors, and other marketing partners-in order to earn and retain their business. |
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| the marketer's task is to devise marketing activities and assemble marketing programs that maximize the ability to create, communicate, and dealiver value for consumers. |
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| consists of the company and its supporting stakeholders with whom it had built mutually profitable business relationships. |
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| A tool for identifying ways to create more customer value. |
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| Value delivery network (Supply Chain) |
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| Many companies today partner with specific suppliers and distributors to create a superior Value delivery network (Suppy Chain) |
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Three Characteristics: 1. It is a source of competivive advantage in that it makes a significant contribution to perceived customer benefits 2. it has applications in a wide variety of markets. 3. it is difficult for competitors to imitate |
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| Share with managers, employees, and customers. A clear thoughtful mission statemeant provides purpose, direction, and opportunity and guides geographically dispersed employees to work independently and collectively toward realizing the organizations' goal. |
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| Stategic business unit (SBU) |
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Definition
1. It is a single business or collection of related vusinesses that can be planned separately from the rest of the company 2. has its own set of competitors 3. has a manager responsible for strategic planning and profit performance who controls most of the factors affecting profit |
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| Consists of its structures, policies, and corporate culture, all of which can become dysfunctional in a rapidly changing business enviroment |
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| has been defined as "the shared experiences, stories, beliefs, and norms that characterize an organization" |
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| Developing plausible representations of a firm's possible future that make different aassumptions about forces driving the market and include different uncertainties |
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| Area of buyer need and interest in which there is a high probability that the company can profitably satisfy that need |
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| Market opportunity analysis MOA |
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| to determine the attractiveness and success probability of each opportunith by asking five questions |
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| Challenge posed by an unfavorable external trend or development that would lead in the absence of defensive marketing action, to lower sales or profit. |
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| Once the company has performed a SWOT analysis, it can develop specific goals for the planning period in a process call goal formulaton |
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| describes the game plan for achieving those goals |
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| Firms pursuing the same strategy directed to the same target market constitute a strategic group |
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| Partner Relationship Management, PRM |
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| Corporations have begun deeloping organizationsal structures to support these alliances and have come to view the ability to form and manage partnerships as a core skill |
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| Is a written document that summarizes what the marketer has learned about the makretplace and how the firm plans to reach its makreting objectives |
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