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
Macro stategies used to create and deliver value AND to develop sustainable customer advantages.
Customer Excellence
Operational Excellence
Product Excellence
Locational Excellence
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
Health and wellness, sustainability, and efficient distribution of food are important social trends around the world. What three additional socail trends are becoming important.
Energy, green marketing, technological advances
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 four main activites that value-driven marketers undertake.
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.
Relevance
Reach
Response
Return
Major factors that influence the state of the economy
Inflation
Foreign currency exchange rate
Interest rates
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
After a firm has conducted an STP analysis, what is the next step?
Implement marketing mix and allocate resources
What are the fundamental drivers of social media engagement?
Information, Connected, Network, Dynamic, Timeliness
These goals seek to perserve the physical environment and protect the planet.
Global Goals of Sustainable Development
To achieve long-term goals, firms develop this to specify the marketing activites that will occur over time.
Marketing Plan
Achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service
Customer Excellence
What is the framwork for digital media?
Excitement
Education
Experience
Engagement
sustainability