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AMA 2009 definition of "marketing":
The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
4 P's of Marketing:
- Place (distribution)
Any good, service, or idea that satisfies a need or want and can be offered in an exchange.
A tangible object - can be seen and touched when used.
An intangible product - involves human or mechanical effort.
A philosophy, concept or image.
People with the desire and the ability to buy a specific product.
3 conditions for an exchange:
- Requires 2 or more parties
- Each party must have something of value to the other.
- Each party must be able to give up its thing of value or be free to reject the offer.
States of felt deprivation.
Maslow's Hierarchy of Needs: (5 top down)
- Esteem (personal)
Human needs shaped by knowledge, culture and personality.
Evolution of the Market Orientation (4 stage, earliest to most recent):
- Production concept
- Selling concept
- Marketing concept
- Societal marketing concept (value-based)
Goods are scarce/demand for goods is high. Improve production and distribution.
Supply and demand about equal. Competition grows. Invest in training a sales force.
Focuses on needs/wants of target markets and delivering satisfaction better than competitors.
Focuses on needs/wants of target markets, delivering superior value, while focusing on socity's well-being.
Societal marketing concept (value-based)
Continuous collection of information about consumers, sharing info across departments, balance benefits with costs, build customer relations = creating value.
The process of formulating goals, strategy and objectives for a target market(s) to create a sustainable competitive advantage.
5 steps of the marketing plan:
- 1.) Define business mission and/or vision
- 2.) Situation analysis (SWOT)
- 3.) Identify and evaluating opportunities (STP)
- 4.) Implement marketing mix and resources
- 5.) Evaluating performance using marketing metrics
Process of aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.
Evaluationg each segment's attractiveness and selecting one or more segments to enter.
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
A system of shared values, attitudes, and behaviors.
Organization's special capabilities, including skills, technologies, and resources.
A unique strength relative to competitors that is not easily copies.
Sustainable Competitive Advantage
Discovering how others do something better than your own firm so you can imitate or leapfrog competition.
Those entities that provide similar or comparable products or solve similar needs.
Organization appraises its internal strengths and weaknesses plus its external opportunities and threats.
The collection of businesses and products that make up the company.
The Portfolio of Business
Uses quantified performance measures and growth targets to analyze a firm's business unis.
The Boston Consulting Group (BCG) matrix
The BCG matrix forces corps to (2):
- Analyze its current Strategic Business Units (SBU's)
- Decide which SBU's should receive more, less, or no investment
Practice BCG matrix, SWOT analysis and Market-Product analysis.
4 marketing objective characteristics:
- Clear, simple terms
- Specify time frame
- Consistent with unit and corporate strategy
Employees who report unethical or illegal actions of their employers.
A formal staement of ethical principles and rules of conduct.
Code of Ethics
AMA 6 ethical values: