Term
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Definition
| Marketing is managing profitable customer relationships. The process of marketing is creating value for customers and building strong customer relationships in order to capture value from customers in return. |
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Term
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Definition
1. Understand the marketplace and the customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity |
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Term
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Definition
The mistake of paying more attention to the SPECIFIC PRODUCTS a company offers than to the BENEFITS AND EXPERIENCES produced by these products.
example: Kodak. went into bankruptcy b/c it focused too much on film industry and not on digital industry. It was in the photography business but thought it was just in the FILM business. |
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| Capturing value from customers to create profit |
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Definition
| How to do: Identify an UNMET need and satisfy that need by identifying a target and creating a product or service. |
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Term
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Definition
| The set of benefits a company promises to deliver to satisfy customers. |
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Term
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Definition
1. Product
2. Price
3. Place (Distribution)
4. Promotion |
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Definition
| not explicit, should be motivating, but not a sales goal or objective. Focus on the path they are on. |
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Definition
| their VALUES and beliefs. |
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Term
| Setting goals and objectives |
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Definition
| Create goals that support mission statement. Then make S.M.A.R.T. objectives to help you reach that goal. |
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Term
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Definition
Specific
Measurable
Attainable
Relevant
Timely |
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Term
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Definition
| Collection of business, products, and services that make up the company. This consists of STARS (invest), QUESTION MARKS, CASH COWS (harvest), and DOGS (divest). |
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Term
| Product/market expansion grid |
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Definition
Market penetration (existing market with existing products), Product development (Existing market, new products), market development (new markets, existing products), diversification (new products, new markets)
Example: Under Armour
Market penetration:
Sell to more men
Market Dev.:
Expand to women/new audience
Product Dev.:
New Products
Diversification:
Leisure wear/gym equipment |
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Definition
| Companies must also develop strategies for downsizing. Eliminating products or business units that are not profitable or no longer fit company. One company's dog can be another company's star (acquisition). |
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Definition
| The process of developing a strategic fit between the organization and the changing market needs. |
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Term
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Definition
| The process of developing a strategic fit between the organization and the changing market needs. |
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Term
| 4 product classifications |
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Definition
1. Convenience
2. Consumables
3. Durable
4. Specialty |
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Definition
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Term
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Definition
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Term
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Definition
1. Core (what is it and what is it used for?)
2. Actual (what are the actual and physical parts of it?)
3. Augmented (what are the additional added benefits that may come along? Not tangible) |
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Term
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Definition
Top to bottom:
Brand Essence
Emotional Benefits
Product Benefits
Product Attributes |
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Term
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Definition
1. Idea Generation
2. Idea Screening
3. Concept development and testing
4. Marketing strategy dev.
5. Business analysis
6. Product dev.
7. Test marketing
8. Commercialization |
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