What is a marketing strategy?
segmentation, targeting, positioning
What does marketing come from?
Market
What is or can be marketed?
people, goods, places, services, experiences properties, events, organizations, information, ideas
What is the short marketing definition?
It means meeting the customers' needs profitably
What is the long definition of marketing according to AMA?
It is the activity, set of institutions, and processes for creating, delivering, and exchanging offerings that have value for customers, partners, and society at large
What is marketing management?
The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value
Who is a marketer?
A person who seeks a response (attention, a purchase, a vote, a donation) from another party called prospect
What is a market?
A collection of buyers
What are the 8 demand states or types of demand?
Negative (we don't want it but we need it like the dentist -- we would pay to not go there), nonexistent (consumers are unaware or uninterested), latent (strong need but not satisfied by any existing product), declining (less frequent purchases), irregular (purchases vary on a seasonal, monthly, etc basis), full (consumers are buying adequately), overfull (more consumers would like to buy), unwholesome demand (consumers buy products that have undesirable social consequences)
What kinds of segmentation can be used to dive the market?
demographic, geographic, psychographic, behavioral, benefit
What does an industry give out and receive in a simple marketing system/loop?
It gives goods/services in return of money by using communication in return of information
What targeting strategies can be chosen?
Focused (best and most profitable segment), differentiated (multiple segments, channels, communication, set of benefits, prices), undifferentiated (low budget, same for all segments)
What are the steps for positioning?
Frame of reference (which products on the market solve the problem), preference map (ideal product for customers - what customers like most), perceptual map (how we are perceived by customers), positioning map (overlapping the two)
What are marketing tactics?
marketing mix
What are the existing markets?
resource market, manufacturer market, intermediary market, consumer market - plus the non-profit market, global markets, State and Government markets
What are marketing channels?
communication channels (digital, phone, etc), distribution channels (wholesale, retail, online), and service channels (transport, assistance)
What are the 4As?
Acceptability, Affordability, Accessibility, Awareness
What are the new 4Ps?
People (internal marketing), Processes (creativity, discipline, structure), Programs (consumer-oriented activities, 1+1=3), Performance (financial and non-financial returns)
What is satisfaction?
A person's judgment of a product's perceived performance in regards to their expectations.
The degree to which the product meets the needs and wants of customers. Exceeding the expectations will result in a happy customer
What does the firm's success depend on?
Market sensing
What are the 3 main tasks that marketers have to make?
choose, deliver, communicate value