Summary Marketing: An Introduction

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ISBN-10 0273767186 ISBN-13 9780273767183
355 Flashcards & Notes
26 Students
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This is the summary of the book "Marketing: An Introduction". The author(s) of the book is/are Gary Armstrong, Philip Kotler. The ISBN of the book is 9780273767183 or 0273767186. This summary is written by students who study efficient with the Study Tool of Study Smart With Chris.

Summary - Marketing: An Introduction

  • 7 Chapter 1: Creating and capturing customer value

  • What is marketing?

    a process in which companies create value for customers and build strong customer relationships in order to capture value from customers in return. 

  • What is the goal of marketing?

    to attract new customers and keep grow current customers by delivering satisfaction. Not simple definition: marketing is a social and managerial process by which individuals and organisations obtain what they need and want through creating and exchanging value with others. 

  • What are the needs of the customers?

     

    states of felt deprivation (incl physical needs exp. Food. Social needs affection and individual needs knowledge and self-expression.) 

  • What are the wants of the customers?

    Human needs take as shaped by culture and individual personality.

    Example. Americans need food but want mc Donald’s.

     

    Wants become demands. 

  • What are the demands of the customers?

    when human wants are backed by buying power. Given their wants and recourses, people demand products with benefits that add up to the most value and satisfaction. 

  • What is the definition of market offerings?

     combination of products, services & information offered to a market to satisfy a need or want. 

  • What is marketing myopia?

    the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. 

  • What is an exchange?

    the act of obtaining a desired object from someone by offering something in return. (Can also be a church who wants memberships.) 

  • Give the definition of marketing management

    The art and science of choosing target markets and building profitable relationships with them. 2 questions to find a winning marketing strategy: What customers will we serve (target market.)? And how can we serve these customers best? (What is our value proposition?) 

  • What is market segmentation?

    dividing the market into segments of customers. And select which segment I will go after. (Target marketing).

     

    Marketing management is choosing the customers and their demands. 

  • What is a production concept?

    The idea that consumers will favour product that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. 

  • What is a product concept?

    The idea that consumers will favour products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous products improvements. 

  • What is a selling concept?

    The idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.

     

    (Creating an idea that consumers neat it and otherwise won’t buy it. It is focust on making sales not on a long-term relationship.) 

  • What is a marketing concept?

    the marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. 

  • What is the social marketing concept?

    The idea that a company’s marketing decisions should consider  Consumers ‘wants, the company’s requirements, consumers’’ long-run interest, and society’s longrun interest. 

  • What is customer relationship management?

    The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. 

  • What is the customer- perceived value?

    The customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. 

  • Customer-managed relationships

    Marketing relationships in which customers, empowered by today’s new digital technologies, interact with companies and with each other to shape their relationships with brands. 

  • Customer-generated marketing

    brand exchanges created by consumers themselves-both invited and uninvited-by which consumers are playing an increasing role in having their own brand experiences and those of other customers. 

  • Partner relationships management

    working closely with partners in other company departments and outside the company to jointly bring value to customers. 

  • What is a customer lifetime value?

     the value of the entire stream of purchases that customer would make over a lifetime of patronage. 

  • Customer share

    the portion of the customer’s purchasing that a company gets in its product categories. 

  • What is customer equity?

    the total combined customer lifetime values of all of the company’s current and potential customers. 

  • The internet

    a vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository. 

  • What is the most desirable?

    true friends, they buy a lot and will keep on buying stuff from this company. Least friends, Barnacales, they only buy stuff if the is a sale for example. 

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Latest added flashcards

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  3. public affairs
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Dit is een bureau dat bedrijven assisteert in het kiezen, plannen, voorbereiden etc. in advertentieprogramma's.
Wat is de return on advertising investment?
Dit is de netto terugkomst op advertentiekosten gedeeld door de advertentiekosten.
Welke stijlen kan een adverteerder gebruiken?
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Wat is madison and vine commercials?
Dit zijn commercials die zo leuk of interessant zijn om te kijken dat mensen ze daadwerkelijk echt willen zien.
Wat is een advertising stragegy?
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1 creating advertising messages
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Wat is de objective-and-task method?
Dit is een methode waarbij het promotiebudget wordt bepaald door:
1 doelen definieren
2 taken bepalen om de doelen te halen
3 kosten bepalen om deze taken uit te voeren
Wat is de competative-parity methode?
Dit is een methode van budgetbepaling van advertenties die overeenkomen met die van de concurrent
Wat is de percentage-of-sales method?
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