Marketing Foundations
This process involves creating and exchanging value with others to obtain what we need and want.
What is Marketing?
If marketers do this well, "selling becomes unnecessary."
Understanding Customer Needs
These are the only two elements of the marketing mix that most people think marketing is.
What are Selling and Advertising?
This concept holds that achieving goals depends on determining target market needs and delivering satisfaction better than competitors.
What is the Marketing Concept?
This functional area focuses on communicating value to customers and building awareness.
What is Promotion? (or Communication)
What is Marketing?
The text defines this as "a social and managerial process by which individuals and organizations obtain what they need and want."
This myopia occurs when companies focus on their products rather than on the underlying customer needs they serve.
What is Marketing Myopia?
Define Marketing Mix
These are the four traditional elements that work together as tools to satisfy customer needs and build relationships.
This orientation balances company profits, consumer wants, and society's long-term interests.
What is the Societal Marketing Concept?
This functional area determines how much customers will pay and captures value in return.
What is Pricing?
This is the goal of marketing: to engage customers and manage profitable _____ _____.
Customer Relationships
Companies must first decide whom to serve by dividing the market into these groups of customers.
What are Segments? (or Market Segmentation)
What is a Marketing Strategy? (or Marketing Plan)
Before applying the marketing mix, companies must develop this strategic plan based on understanding customer needs.
Marketing creates this for customers in order to capture it from customers in return.
What is Value?
This functional area ensures products are available where and when customers need them.
What is Distribution? (or Place)
What is a Value Proposition?
The set of benefits companies promise to consumers to satisfy their needs.
What is Target Marketing? (or Targeting)
After segmenting the market, companies must select which segments to cultivate through this process.
What is Satisfaction? (or Customer Satisfaction)
This core marketplace concept represents what customers get when product performance matches or exceeds expectations.
These marketing institutions connect producers with consumers and facilitate exchange relationships in society.
What are Markets? (or Marketing Channels/Intermediaries)
This functional area involves creating offerings that provide superior customer value and satisfy needs.
What is Product Development? (or Product)
These three core marketplace concepts form the foundation: needs, wants, and _____.
What are Demands?
Companies must decide how to serve targeted customers through these two strategic decisions about their market position.
What are Differentiation and Positioning?
This metric represents the total combined lifetime values of all current and potential customers.
What is Customer Equity?
The text emphasizes you'll be marketing this to others for the rest of your life, beyond business applications
What is Yourself? (or Your Personal Brand)
This comprehensive management approach involves engaging customers, understanding needs, and building long-term profitable relationships.
What is Customer Relationship Management? (or Marketing Management)