Ch. 1 Overview of Marketing
A controllable set of deciscions or activites that a firm uses to repsond to the wants of its target market
Marketng Mix (Product, Price, Place, Promotion)
An advantage over the competition that is not easily copied and can be maintain over a long period of time.
sustainable competitive advantage
Blogs, personal blogs, corporate blogs, professional blogs are a part of which of the 7Cs
Community
Factors that affect the marketing environment
culture, demographics, social trends, technological advances, economic situation, political/legal
The relationship of the benefits to costs.
What you get for what you give.
Value
There are 4 macro, or overarching strategies that focus on aspects of the marketing mix to create and deliver value and develop sustainable competitive advantages
1. Customer Excellence
2. Operational Excellence
3. Product Excellence
4. Locational Excellence
Source: Ch.2 page 31
Satisfies humans' innate need to connect with other people
The Connect Effect
Charateristics of human populations and segments used to identify consumer markets
Demographics
As a way to ensure value, firms, customers, and other stakeholders can engage in_________ such that customers collaborate with other members of the supply chain to create a product or service that appeals mostly to them offering optimal value
value cocreation
Market Penetration, Product Development, Market Development, Diversification
These are also know as what?
Growth Strategies (fig 2.7)
MP > exisiting market
MD > exisiting market to reach new markets segments
PD > new products for current market
Div > new product for new markets
How do firms engage their customers?
Listen
Analyze
Do
The macroenvironment also the acronym CDSTEP
Culture
Demographics
Social trends
Technological advances
Economic solutions
Political environment
A business philoshopy and set of strategies, programs, and systems that focuses on identifying and building loyalty among the firm's most valued customers
customer relationship management (CRM)
A measuring system that quantifies a trend, dynamic, or charateristic.
Metric
The outcome of social media engagement in which every time a firm or person posts information, it is transferred to the poster's vast connection across social media causing the information to spread instantaneously.
The Network Effect
What factors affect the immediate consumers' environment
Company capabilities
Competitors
Corporate partners
Physical environment
Value stems from 4 main activites that value-driven marketers undertake. In other words, how does marketing create value and how do firms become more value driven
Ch1 page 17
1. Adding Value
2. Marketing Analytics
3. Social & Mobile Marketing
4. Ethical & Social Dilemmas
A written document composed of the analysis of the current marketing situation, opportunities, threats for the firm, marketing objectives and strategy specified in terms of the 4 P's, action programs, projected income
Marketing Plan
Brands decide how much an influencer will carry their messages. They need a method to predict the value they will receive. Also know as the 4 Rs.
Relevance
Reach
Response
Return
Broadlydefined as having shared meanings, beliefs, morals, values, and customs of a group of people.
Culture
Marketing can be performed by individuals and organizations. The process by which businesses sell to consumers is known as what?
Business-to-Consumer or B2C
Once a firm has identified and evaluated different growth opportunities by completing the STP analysis, the forth step is to _____________ and __________.
Implement marketing mix and allocate resources
What are the fundamental drivers of social media engagement? Also known as the Wheel of Social Media.
Information, Connected, Network, Dynamic, Timeliness
These goals seek to perserve the physical environment and protect the planet.
Global Goals of Sustainable Development
4Ps are also known as ___________
The marekting mix
Achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service
Customer Excellence
What is the 4E framework for digital media?
Excitement
Education
Experience
Engagement
What is the most important marketing efforts of firms with Greener practices
sustainability