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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.
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4 P's of Marketing:
- Product
- Price
- Place (distribution)
- Promotion
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Any good, service, or idea that satisfies a need or want and can be offered in an exchange.
Product
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A tangible object - can be seen and touched when used.
Good
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An intangible product - involves human or mechanical effort.
Service
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A philosophy, concept or image.
Idea
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People with the desire and the ability to buy a specific product.
Market
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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.
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States of felt deprivation.
Needs
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Maslow's Hierarchy of Needs: (5 top down)
- Self-Actualization
- Esteem (personal)
- Social
- Safety
- Physiological
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Human needs shaped by knowledge, culture and personality.
Wants
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Evolution of the Market Orientation (4 stage, earliest to most recent):
- Production concept
- Selling concept
- Marketing concept
- Societal marketing concept (value-based)
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Goods are scarce/demand for goods is high. Improve production and distribution.
Production concept
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Supply and demand about equal. Competition grows. Invest in training a sales force.
Selling concept
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Focuses on needs/wants of target markets and delivering satisfaction better than competitors.
Marketing concept
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Focuses on needs/wants of target markets, delivering superior value, while focusing on socity's well-being.
Societal marketing concept (value-based)
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Continuous collection of information about consumers, sharing info across departments, balance benefits with costs, build customer relations = creating value.
Market Orientation
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The process of formulating goals, strategy and objectives for a target market(s) to create a sustainable competitive advantage.
Marketing Strategy
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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
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Process of aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.
Market Segmentation
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Evaluationg each segment's attractiveness and selecting one or more segments to enter.
Market Targeting
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Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Market Positioning
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A system of shared values, attitudes, and behaviors.
Organizational culture
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Organization's special capabilities, including skills, technologies, and resources.
Competencies
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A unique strength relative to competitors that is not easily copies.
Sustainable Competitive Advantage
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Discovering how others do something better than your own firm so you can imitate or leapfrog competition.
Benchmarking
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Those entities that provide similar or comparable products or solve similar needs.
Competitors
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Organization appraises its internal strengths and weaknesses plus its external opportunities and threats.
SWOT Analysis
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The collection of businesses and products that make up the company.
The Portfolio of Business
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Uses quantified performance measures and growth targets to analyze a firm's business unis.
The Boston Consulting Group (BCG) matrix
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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
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Practice BCG matrix, SWOT analysis and Market-Product analysis.
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4 marketing objective characteristics:
- Clear, simple terms
- Measurable
- Specify time frame
- Consistent with unit and corporate strategy
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Employees who report unethical or illegal actions of their employers.
Whistleblowers
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A formal staement of ethical principles and rules of conduct.
Code of Ethics
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AMA 6 ethical values:
- Honesty
- Responsibility
- Fairness
- Respect
- Transparency
- Citizenship
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