Summary Principles of Marketing, Global Edtion

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ISBN-10 1292341130 ISBN-13 9781292341132
350 Flashcards & Notes
5 Students
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This is the summary of the book "Principles of Marketing, Global Edtion". The author(s) of the book is/are PHILIP T ARMSTRONG KOTLER (GARY ) Gary Armstrong. The ISBN of the book is 9781292341132 or 1292341130. This summary is written by students who study efficient with the Study Tool of Study Smart With Chris.

Summary - Principles of Marketing, Global Edtion

  • 1 Marketing

  • ... Is engaging customers and managing profitable customer relationships. The aim of markting is to create value for customers in order to capture value from customers in return.
    Which word needs to be on the ...?
    Marketing
  • In recent years marketers are using social media platforms to reach you directly, personally and interactively. Why are marketers doing this?
    They want to become a part of your life
  • We ... Marketing as the process by which companies engage customers, build strong customer relationships and create customer value in order to capture value from customers in return.
    Which word needs to be on the ...?
    Define
  • Marketers need to understand customer needs and wants and the marketplace in which they can operate. We examine 5 core customer and marketplace concepts. Name all 5.
    • Needs, wants, demands
    • Market offerings
    • Value and satisfaction
    • Exchanges and relationships
    • Markets
  • ... Is some combination of products, services, information or experienes offered to a market to satisfy a need or a want. Which word needs to be on the ...?
    Market offerings
  • ... Is the mistake of paying more attention to the specific products a company offers tan to the benefits and experiences produced by these products. Which word needs to be on the ...?
    Market myopia
  • Creating ... More than just selling products.
    Which word needs to be on the ...?
    Customer experiences
  • ... Is the act of obtaining a desired object from someone by offering something in return.
    Which word needs to be on the ...?
    Exchange
  • ... Is the set of all actual and potential buyers of a product or service. These buyers share a particular need or want that can be satisfied through exchange relationships. 
    Which word needs to be on the ...?
    Market
  • Today's digital technologies made marketing a tryly two way affair. In addition to customer relationship management, today's marketers must also deal effectively with ...? 
    Which word needs to be on the ...?
    Customer managed relationships
  • ... Is the art and science of choosing target markets and building profitable relationships with them. Which word needs to be on the ...?
    Marketing management
  • To design a winning marketing strategy, the marketing manager must answer two important questions. Name these questions.
    1. What customers will we serve (what is our target market)
    2. How can we serve these customers best (what is our value proposition)
  • The company must decide whom it will serve. It does this by dividing the market into segments of customers. How is this also called?
    Market segmentation
  • The company must decide whom it will serve. It does this by dividing the market into segments of customers (market segmentation). Than it select which segments it will go after. How is this also called?
    Target marketing
  • Marketing management wants to design strategies that will engage target customers and build profitable relationships with them. Very often, a few interests conflict. There are 5 alternative concepts under which organizations design and carry out their marketing strategies. Name all 5.
    1. The production
    2. Product
    3. Selling
    4. Marketing
    5. Societal marketing concepts
  • ... Is the idea that consumers will favor products that are available and highly affordable. Therefore the organization should focus on improving production and distribution efficiency. 
    Which words needs to be on the ...?
    The production concept
  • ... Is the idea that consumers will favor products that offer the most quality, performance and features. Therefore the organization should devote its energy to making continuous product improvements. 
    Which words needs to be on the ...?
    Product concept
  • ... Is the idea that consumers will not buy enough of the firms products unless the firm undertakes a large scale selling and promotion effort.
    Which words needs to be on the ...?
    Selling concept
  • ... Is a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
    Which words needs to be on the ...?
    Marketing concept
  • ... Is the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long run interests and society's long run interests. 
    Which word needs to be on the ...?
    Societal marketing concept
  • The major marketing mix tools are classified into 4 broad groups, called the four Ps of marketing. Name these 4 groups.
    1. Product
    2. Price
    3. Place
    4. Promotion
  • ... Is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
    Which words needs to be on the ...?
    Customer relationship management
  • ... Is 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.
    Which words needs to be on the ...?
    Customer perceived value
  • ... Is the extent to which a product's perceived performance matches a buyer's expectations.
    Which words needs to be on the ...?
    Customer satisfaction
  • ... Is making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences and community. 
    Which words needs to be on the ...?
    Customer engagement
  • ... Are actions by which satisfied customers iitiate favorable interactions with others about a brand.
    Which words needs to be on the ...?
    Customer brand advocacy
  • ... Is brand exchanges created by consumers themselves, both invited and univited, by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.
    Which words needs to be on the ...?
    Consumer generated marketing
  • ... Is working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
    Which words needs to be on the ...?
    Partner relationship management
  • ... Is the value of the entire stream of purchases a customer makes over a lifetime of patronage. Which words needs to be on the ...?
    Customer lifetime value
  • ... Is the proportion of the customer's purchasing that a company get in its product categories.
    Which words needs to be on the ...?
    Share of customer
  • ... Is the total combined customer lifetime values of all the company's customers.
    Wich words needs to be on the ...?
    Customer equity
  • ... Is a global environment where everything and everyone is digitally connected to everything and everyone else.
    Which words needs to be on the ...?
    Internet of things
  • ... Is using digital marketing tools such as websites, social media, blogs, etc to engage consumers anywhere, at any time via their digital devices.
    Which words needs to be on the ...?
    Digital and social media marketing
  • ... Is a company growth by increasing sales of current products to current market segments without changing the product.
    Which words needs to be on the ...?
    Market penetration
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Latest added flashcards

The four elements of the global environment
  1. The international trade system
  2. Economic environment
  3. Political-legal environment
  4. Cultural environment
What is a global firm
A firm that operates in more than one country and gains advantages in its costs and reputation
What is a customer value analysis
Conducted to determine what benefits target customers value and how they rate the relative values of various competing offers.
Comparing the company's products and processes to those of competitors or leading firms in other industries to identify best practices and fine ways to improve quality and performance
Benchmarking
What is a group of firms in an industry following the same or a similar strategy called?
Strategic group
The three steps of analyzing competitors
  1. Identifying
  2. Assessing
  3. Selecting
What is a competitor analysis?
Identifying key competitors, assessing their objectives, swot and reaction patterns
What is the difference between digital/social media marketing and traditional direct marketing?
Digital/social media marketing is the use of digital tools, traditional direct marketing is selling products directly to consumers.
What are the two major forms of direct and digital marketing?
  1. Digital and social media marketing
  2. Traditional direct marketing
What are direct to consumer brands?
Brands that avoid direct competition with established traditional brands.