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| creating and managing profitable customer relations. attracting new customers, keeping old customers happy |
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| a state of deprivation including physical, social, individual needs |
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| Form that a human need takes, as shaped by culture and individual personality. |
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| Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. |
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Occurs when sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products.
Focus on the “wants” and lose sight of the “needs” |
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| A set of potential buyers for a specific product, service, etc. |
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| The art and science of choosing target markets and building profitable relationships with them. |
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| The set of benefits or values a company promises to deliver to consumers to satisfy their needs |
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| Marketing Management Philosophies (5) |
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Production Concept
Product Concept
Selling Concept
Marketing Concept
Societal Marketing Concept, |
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Product
Price
Place
Promotion |
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| perceived performance relative to buyer's expectations |
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| The entire stream of purchases that the customer would make over a lifetime of patronage. |
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| The combined discounted customer lifetime values of all the company’s current and potential customers. |
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Evaluate competitive environment
Select target markets
Develop sustainable value proposition |
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| Decisions considering marketing mix variables (4Ps) |
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| Goal->Strategy->Tactics->Implementation->Control |
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| Context, Collaborators, Competition, Company, Customer. Used to understand the marketplace |
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| 3-V Marketing Value Framwork |
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| Customer Value, Company Value, Collaborator Value. Used to optimize the value of an offering to key parties |
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| Segmentation-Targeting-Positioning. |
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| Strengths Weaknesses (internal) Opportunities Threats (external) |
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| Consists of actors and forces outside of the organization that affect management’s ability to build and maintain relationships with target customers. |
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| The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. |
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| The changing age structure of the U.S. population is the single most important demographic trend. |
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Defined by shared experiences:
Increased parental divorce rates and more employed mothers made Generation X the first of the latchkey kids. |
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| Involves natural resources that are needed as inputs by marketers or that are affected by marketing activities. |
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| Technological Environment |
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Changes rapidly, creating new markets and opportunities and/or danger of products becoming obsolete.
Challenge is to make practical, affordable new products.
Safety regulations result in higher research costs and longer time between product conceptualization and introduction |
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| Includes laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society. |
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Core beliefs and values are passed on from parents to children and are reinforced by schools, churches, business, and government.
Secondary beliefs and values are more open to change.
Marketers may be able to change secondary beliefs, but NOT core beliefs. |
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| The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. |
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Components include:
Company’s value chain
Each department is a link.
Distributors
Suppliers
Customers
Improved performance in delivery value to customers is the goal. |
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Definition
Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
Two main functions:
Optimize Effectiveness
Customized offering for each segment
Optimize Cost Efficiency
Identify irrelevant differences
Deliver same offering to customers in segment |
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| Mass Marketing, Segment Based, One to One |
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Customers in the same segment should react in a similar fashion to the offering, while customers in different segments should vary in their response
Segments should be mutually exclusive and collectively exhaustive |
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| Value vs. Profile Based Segmentation |
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Value-Based Segmentation
Group customers according to needs and the benefits they seek from the offering
Functional, Monetary, Psychological
Profile-Based Segmentation
Grouped more on observable characteristics
Demographic Profile
Geographic Profile
Psychographic Profile
Behavioral Profile |
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Simply picking which segments to serve & which to ignore
Three criteria
Segment attractiveness
Segment compatibility
Competitive Advantage |
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