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| process by which companies create value for customers & build strong customer relationship |
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| states of felt deprivation |
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| the form human needs take as they are shaped by culture & individual personality |
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| human wants that are backed up by buying power |
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| some combo of products, services, info, or experiences, offered to a market to satisfy want or need |
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| the mistake of paying more attention to the specific products they offer than to benefits & experiences produced by products |
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| the act of obtaining a desired object from someone |
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| set of all actual & potential buyers of a product or service |
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| Modern Marketing System – |
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| suppliers--> company/competitors--> marketing intermediaries--> consumers |
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| the art & science of choosing target markets and building profitable relationships w/ them |
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| dividing the market into segments of customers |
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| selecting which segments it will go after |
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| the idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency |
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| idea that consumers will favor products that offer the most quality, performance, & features here for that organization should devote its energy to making continuous improvements |
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| the set of benefits or values that a product or service promises |
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| the idea that consumers will not buy enough of a firms product unless it undertakes a large-scale selling promotion effort |
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| basically achieving organizational goals depend on the needs and wants of target markets & delivering satisfaction better than competitors do |
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| Societal Marketing Concept |
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| the idea that a company's marketing decisions should consider consumers & society's long run interests |
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| the set of tools to implement a marketing strategy --> 4 p's |
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| to deliver on its value a firm must create a need satisfying market offering |
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| must decide how much it will charge |
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| how it will make it available to target consumers |
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| must communicate w/ target costumers about product |
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| Customer Relationship Management |
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| the overall process of delivering and maintaining profitable customer relationships by satisfaction |
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| the customers evaluation of the difference between all the benefits & all the costs of a product compared to competing offers |
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| a products performance matches a buyers expectations |
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| Customer-managed Relationships |
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| relationships where customers using technology interact with companies to shape their own relationships with brands |
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| Consumer-generated Marketing |
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| brand exchanges created by the costumers themselves--> shape their own experience and others |
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| Partner Relationship Management |
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| working closely with partners in other company departments & outside company to bring greater value to costumers |
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| longer channel, stretching from raw materials to components--> to final products that are carried to final buyers |
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| the value of purchases a single customer makes over a lifetime |
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| portion of a customers purchasing which a company get in its product categories |
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| total combined customer lifetime value of all the company's customers |
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| process of developing & maintaining a strategic fit between the organizations goals & capabilities |
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| statement of the organizations purpose |
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| collection of business & products that make up the company |
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| process by which management evaluates the products & businesses that make up the company |
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| share mix Boston Consulting Group Approach |
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| low growth, high share business or products, established and successful SBUs, need less investment and hold their market share, product a low of cash that company uses to pay bills |
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| high-growth, high-share business products. Often need heavy investments to finance their growth |
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| low-share business units in high-growth markets, requires a lot of cash to hold their share |
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| low-growth, low-share businesses & products, may generate enough cash to maintain themselves but do not promise to be large sources of cash |
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| Problems w. Boston Method |
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| can be difficult, time consuming, focus on present not the future of the business |
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| Product Market Expansion Grid |
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| portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development or diversification |
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| company growth by increasing sales of current products to current market segments w/ out changes |
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| company growth by developing new market segments for current company products |
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| company growth by offering modified or new products to current market segments |
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| company growth through starting up or acquiring businesses outside of the company's current products and markets |
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| the series of internal departments that carry out value-creating activities such as design, market, deliver, & support of a firms products |
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| network made up of the company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system |
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| marketing logic by which the company hopes to create customer value and achieve profitable customer relationship |
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| arranging for a product to occupy a clear, distinctive, and desirable market |
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| evaluates a company's strengths, weakness, opportunities, & threats |
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| internal capabilities that help the company reach its objective |
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| internal limitations that interfere w/ the company's ability to achieve its objectives |
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| external factors that the company may be able to use to its advantage |
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| current & emerging external factors that challenge the company's performance |
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| process that turns marketing plans into marketing actions |
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| measuring and evaluating the results of marketing strategies, plans, and taking actions to ensure that objectives are achieved |
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| Return on Marketing Investment (ROI) |
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| the net return from a marketing investment divided by the costs of the marketing investment |
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| the actors and forces outside marketing that affect marketing managements ability to build & maintain successful relationships with customers |
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| actors close to the company that affect its ability to serve its customers ex. Company, suppliers, competitors, publics |
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| larger societal forces that affect the company ex. Demographic, natural, economic, political forces |
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| human populations in terms of size, location, density, age, gender, race, etc. |
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| 78 million people born during WW2 until 1964 |
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| the 45 million people b/t 1965-1976 |
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| 83 million children of the baby boomers b/t 1977-2000 |
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| economic factors that affect consumer purchasing power |
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| natural resources that are needed as inputs by marketers that affect marketing activities |
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| Environmental Sustainability |
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| developing strategies & practices that create a world economy that is green |
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| Technological Environment |
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| forces that create new technologies creating new opportunities |
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| laws, gov't agencies, & pressure groups that influence and limite various organizations & individuals in a given society |
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| institutions and other forces that affect society's basica values, perceptions, preferences, and behaviors |
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| fresh understandings of customers and the marketplace derived from marketing information that becomes the basis for creating customer value |
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| Marketing Information Systems (MIS) |
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| people and procedures for assessing information & helping decision makers to use the information to generate and validate actionable customer and marketing insights |
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| systematic design, collection, anaylsis, and reporting of data relevant to a specific marketing situation facing an organization |
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| marketing research to gather preliminary info that will help define problems and suggest hypotheses |
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| marketing research to better describe marketin problems, situations such as attitudes of customers |
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| marketing research to test hypotheses about cause and effect relationships |
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| info that already exists somewhere else that was collected for another purpose |
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| information collected for the specific purpse at hand |
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| gathering data by observing peoples actions and behavoirs |
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| observational research that involves sending trained observers to watch consumers in their natural enviorment |
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| gathering data by asking people questions |
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| gathering data by selecting matched groups of subjects, giving them different treatments, controlling related factors |
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| personal interviewing that involves inviting 6-10 people to gather for a few hours |
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