Summary Marketing: An Introduction

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

  • 1 Marketing

  • Objective outline: 
    1. Define marketing and outline the steps in the marketing process
    2. Explain the importance of understanding customers and the marketplace and identify the five core marketplace concepts
    3. Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy
    4. Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return 
    5. Describe the major trends and forces that are changing the marketing landscape in this age of relationship 

  • What is de definition of marketing?
    Managing a profitable relationships
  • 1.1 New Product Development Strategy

  • New-product development: The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts.

  • Define new-product development 

    The development of original products, product improvement, product modifications, and new brands through the firm's own product development efforts.

  • Explain new-product development
    the development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts.  
  • Strategy

    New products are important to both customers and the marketers who serve them: They bring new solutions and variety to customers' lives, and they are a key source of growth for companies. (Yet innovation can be very expensive and very risky.)

  • Why are new products expensive and very risky?

    New products face tough odds. By one estimate, 67 percent of all new products introduced by established companies fail. For new companies, the failure rate soars to 90 product. Each year, U.S. companies lose an estimated $260 billion on failed new products.

  • Why do so many new products fail?

    Although an idea may be good, the company may overestimate market size. The actual product may be poorly designed, or incorrectly positioned, launched at the wrong time, priced too high, poorly advertised. Poor marketing research findings, the costs of product development are higher than expected, competitors fight back harder than expected.

  • 1.2 Understanding the Marketplace and Customer Needs

  • As a fist stap the marketers need to understand customer needs and wants and the marketplace in which they operate. The are five customer and marketplace concepts: 1- Customer needs, wants and demands, 2- Market offering, 3- Customer value and satisfaction, 4- Exchanges and relationships, 5- Markets. 
  • Marketing myopia is the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. 
  • 1.2.1 Idea generation

  • What is Idea Generation?
    The systematic search for new-product ideas.
  • Define idea generation

    New-product development starts with idea generation - the systematic search for new-product ideas. A company typically generates hundreds - even thousands - of ideas to find a few good ones. Major sources of new-product ideas include internal sources and external sources such as customers, competitors, distributors and suppliers, and others.


    And crowdsourcing

  • What sources include Idea Generation?
    Internal Idea Sources, External Idea Sources and Crowdsourcing.
  • internal idea sources

  • Internal idea sources

    Using internal sources, the company can find new ideas through formal R&D (research and development). 

  • external idea sources

  • External idea sources

    Companies can also obtain good new-product ideas from any of a number of external sources. For example, distributors and suppliers.

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