Summary Class notes - Marketing

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Summary - Class notes - Marketing

  • 1451343600 Marketing

  • Marketing
    Developing, pricing, promoting and distributing products, services or ideas that are tailored to the market; this process includes all activities that create vakue and systematically lead to increase sales or another desired response, establish a good relationship and ongoing relationships with customers, so that all stakeholders achieve their objectives
  • Marketing mix
    Combination of 4 controllable marketing valuables developed to appeal to a particular target market:
    Product, Promotion, Price and Place (Distribution)
  • Target market
    The selected market segments on which a company focuses its marketing efforts
  • Exchange transaction
    A transfer of something of value between a buyer and a seller - underlying all marketing activities - so that both parties' needs are met
  • Exchange objects
    Products, money or intangible items of worth (such as services, information or status) that are exchanged in a marketing transaction
  • Bartering
    A direct exchange between parties of products or services, withput any money exchanging hands
  • Macromarketing
    Role ofn the marketing system in distributing goods and services to society to ensure that its scarce resources will satisfy people's needs as effectively as possible
  • Supply chain
    The series of persons and organisations - from manufacturer to consumer - involved in the production, distributio, and consumption of products and services
  • Sector
    Horizontal section or link in the supply chain, made up of companies that perform the same function in the production or trade of a certain product (for example, the detergent industry)
  • Branch of industry
    A group of organisations within a sector with similar production techniques and products (for example, book industry within the graphic sector)
  • Mesomarketing
    All activities developed by collaboration organisations within a supply chain or sector to match supply and demand, meet a certain need and realise their shared marketing objectives
  • Micromarketing
    The marketing activities of an individual organisation
  • Marketing management
    The analysis, planning, implementation and constant evaluation of all activities to ensure that a company's products and services are tailored to the needs and wants of potential customers
  • Production concept
    Business philosophy that empasises an efficient production process designed to maximise product output and reduce costs, often at the expense of meeting marketplace needs
  • Product concept
    Management orientation that focuses on improving product quality, while regarding marketing as unnecessary and assuming that 'a good product will sell itself'
  • Sellers' market
    Market in which demand exceeds supply, giving sellers an advantage over customers
  • Buyers' market
    Market in which supply exceeds demand so that buyers are in a stronger position than suppliers, and resulting in aggressive selling efforts to win over prospects
  • Selling concept
    Market approach in which a company's emphasis is on the selling function instead of other marketing activities
  • Buying power
    The financial ability of a consumer to purchase products and services
  • Market orientation
    Business philosophy in which companies consider not only customers, but also intermediaries and competitors in making decisions at all levels of the organisation
  • Societal marketing concept
    Extension of the marketing concept in which management considers the broader societal consequences of its production and marketing activities and tries to balance the long-term interests of the consumer, the company and society as a whole
  • Relationship marketing
    Strategy that focuses on developing long-term relationships with customers - tp earn and retain their business - as well as with distributors suppliers and society at large
  • Marketing concept
    A market-driven management mindset and business practice of 'making what customers want', based on the company's fundamental goal of satisfyibg customer needs while meeting its objectives
  • Internal marketing
    Marketing activities directed at individuals or departments within the organisation to encourage cooperation and ensure that all co-workers are well trained and motivated to satisfy customers
  • Marketing myopia
    A shortsighted management's tendency to narrowly define its business in term of its products instead of broader benefits that customers seek, often resulting in missed marketing opportunities
  • Mission
    A company's overall purpose, basic values and distinctive competencies to guide its decision-making in serving customers and answering the fundamental question: 'What business are we in?'
  • Competitor
    A rival firm with products that are considered as alternatives by buiyers with similar needs
  • Competitive advantage
    A company's unique strengths or capabilities (such as superior customer service) that cannot be easily duplicated by rivals, and account for its performance or market position
  • Brand equity
    The financial and marketing value of a company or brand name, based on its strengths, the customers' attitudes toward the brand and benefits of using the product
  • Demarketing
    Strategy to - temporarily or permanently - reduce total consumer demand ('general demarketing') or the demand of a specific group of buyers ('selective demarketing') for products that are in short supply or may be harmful to society
  • Need
    A deficiency that a consumer experiences when his physical or emotional balance is disturbed, prompting him to fill this void
  • Demand
    The quantity of products or services that buyers are willing to purchase at various prices at a given time, bases on certain wants or needs
  • Marketing manager
    Executive responsible for analysing, planning, implementing and controlling the company's marketing activities (such as customer service and social media use) and for coordinating these with other departments' marketing-related activities (such as product repair, shipping and warehousing)
  • Relationship
    Ongoing interaction with a customer, resulting in long-term satisfaction and loyalty
  • Exchange
    The transfer of products, services, money or other items of value between buyer and seller
  • Lifetime value
    Present value of the profit a company anticipates making from an individual customer who buys the company's products over an average lifetime
  • Customer loyalty
    The extent to which a customer makes repeat purchases from a particular supplier or continues to buy the same brand
  • Fast Moving Consumer Goods (FMCG)
    Product that consumer buy frequently and, like other convenience products, have a relatively low profit margin
  • Consumer marketing
    An organisation's marketing activities directed at the end users of a product
  • Business-to-business marketing
    Marketing to companies to support the resale, use in daily operations or manufacture of other products.
    (B2B, business, industrial or organisational marketing)
  • Trade marketing
    Marketing strategy aimed at intermediaries such as retailers that carry the products or consider including them in their product range
  • Retail marketing
    Marketing strategy of a retail company, including the analysis of customers and competitors as well as the use of a store format and retailing mix to create loyal customers
  • Non-profit marketing
    Strategy of organisations with charitable or other public service goals that, without seeking profits, strive to satisfy customers' needs and maintain market share.
    (Not-for-profit marketing).
  • Strategy
    The courses of action through which - in what markets and with what resources - a company intends to realise its marketing goals (such as an increased market share_ in the next 2 to 5 years
  • Scenario
    Description of a likely outcome of pssible developments at some point in the future in light of the company's current decisions
  • Tactic
    A company's actions to implement the broader strategy and meet its short-term objectives (one year or less)
  • Product-market combination
    One of the units in which the organisation is split up for implementing its strategic decisions to focus - with specific products - on groups of prospects with particular needs
  • Strategic business unit
    A self-contained business or part of a diversified company (such as subsidiary, product line or brand) with its own management, set of competitors and a distinct strategy (SBU)
  • Strategic profile
    Snapshot of a company's 'big-picture' strategy - including its target markets and products - outlined at the highest organisational level
  • Strategic planning
    Development of a long-term plan to effectively use the company's resources - within the constraints of its mission and business definition - in order to maintain a strategic fit between its objectives and the market opportunities
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Attempt to create a new image in the customer's mind for an existing brand through a combination of advertising and other marketing activities
Expressive product characteristics
Symbolic product features - such as the emtional meaning of a brand - that meet the buyer's need to express his lifestyle (e.g. status) or personality (e.g. ambition), often used as a positioning theme
Instrumental product characteristics
Product features (such as the design or technology used) that - since they satisfy the buyer's functional needs - are sometimes used in the positioning strategy
Perceptual map
A graph showing how (potential) customers perceive competibg brands in a product category along two or more dimensions (e.g. cheap/inexpensive and progressive/conservative), usually important product attributes (Product positioning map)
Creating a clear, powerful and consistent image for the company's products - relative to those of competitors - that should occupy a prominent position in the customer's mind
Target market selection
Choosing the segment(s) of buyers that the company defines as its market, and for which it develops specific marketing activities
Differentiated marketing
Targeting strategy in which a company tries to reach the entire market (or the greatest possible part of it) by developing a unique, tailored marketing mix for each of the segments it operates in
Market leader
A company holding the largest share of a certain market segment, thanks to economies of scale in production, promotion, and distribution
Niche strategy
A company that - as a 'nicher' - concentrates on only one market segment that is of minor interest to major rivals, hoping to avoid a competitive fight
Concentrated marketing
Targeting strategy in which a firm - with the same marketing mix - focuses on only one or a few markets, hoping to gain a large share of these segments