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
CDSTEP
Culture, demographics, social trends, technological advances, economic situation, political/legal
Sometimes referred to as a safety risk
physicological
The relationship of the benefits to costs, or 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
Various methods marketers use to present different choices to consumers
choice architecture
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
What are these?
Growth Strategies
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
For most people, this is the first sense triggered in a new setting
Visual
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 poester's vast connection across social media causing the information to spread instantaneously.
The Network Effect
The immediate marketing environment
Company capabilities
Competitors
Corporate partners
Physical environment
Marketers are particulary interested in this behavior because it entails actual rather than potential customers
Postpurchase behavior
Name the 4 main activities essential to value-driven marketing?
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
The 4 Rs
Relevance
Reach
Response
Return
Major factors that influence the state of the economy
Inflation
Foreign currency exchange rate
Interest rates
Internal conflict that arrises from an incosistency between two beliefs or between beliefs and behavior.
Postpurchase cognitive dissonance