-
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:
- Product
- Price
- Place (distribution)
- Promotion
-
-
Any good, service, or idea that satisfies a need or want and can be offered in an exchange.
Product
-
A tangible object - can be seen and touched when used.
Good
-
An intangible product - involves human or mechanical effort.
Service
-
A philosophy, concept or image.
Idea
-
People with the desire and the ability to buy a specific product.
Market
-
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.
Needs
-
Maslow's Hierarchy of Needs: (5 top down)
- Self-Actualization
- Esteem (personal)
- Social
- Safety
- Physiological
-
Human needs shaped by knowledge, culture and personality.
Wants
-
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.
Production concept
-
Supply and demand about equal. Competition grows. Invest in training a sales force.
Selling concept
-
Focuses on needs/wants of target markets and delivering satisfaction better than competitors.
Marketing concept
-
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.
Market Orientation
-
The process of formulating goals, strategy and objectives for a target market(s) to create a sustainable competitive advantage.
Marketing Strategy
-
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.
Market Segmentation
-
Evaluationg each segment's attractiveness and selecting one or more segments to enter.
Market Targeting
-
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Market Positioning
-
A system of shared values, attitudes, and behaviors.
Organizational culture
-
Organization's special capabilities, including skills, technologies, and resources.
Competencies
-
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.
Benchmarking
-
Those entities that provide similar or comparable products or solve similar needs.
Competitors
-
Organization appraises its internal strengths and weaknesses plus its external opportunities and threats.
SWOT Analysis
-
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
- Measurable
- Specify time frame
- Consistent with unit and corporate strategy
-
Employees who report unethical or illegal actions of their employers.
Whistleblowers
-
A formal staement of ethical principles and rules of conduct.
Code of Ethics
-
AMA 6 ethical values:
- Honesty
- Responsibility
- Fairness
- Respect
- Transparency
- Citizenship
|
|