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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Marketing mix
Target market
Exchange transaction
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