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Samenvatting - Principles of Marketing, Global Edtion
What are needs?States of felt deprivation (necessity)
1.1 What is marketing
What is the definition of marketingThe process by which companies engage customers, build strong customer relationships and create customer value in order to capture value from customers in return.
The five steps of the marketing process1. Understanding the market place
2. Designing a strategy
3. Marketing programme
4. Engage customers
5. Capture value from customers to create profit and customer equity
1.2 Understanding the marketplace and customer needs
In what way must marketing be understood?In the sense of satisfying customer needs
What are wants?Human needs shaped by culture and individual personality
What are demands?Human wants backed by buying power
Market offerings is a combination of products, services, information or experiences that satisfy a need or a want.
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
What is exchange?The act of obtaining a desired object from someone by offering something in return
The main elements in a marketing system are: suppliers, company, competitors, marketing intermediaries and the final customers
1.3 Desgining a customer value-driven marketing strategy and plan
Marketing managementThe art and science of choosing target markets and building profitable relationships with them
The aim of the marketing manager is to engage keep and grow target customers by creating, delivering and communicating superior customer value.
How does a company decide whom to serve?By dividing the market into segments of customers
What is a brand's value proposition?The promise they make towards the customers
The five concepts of designing a marketing strategy
- Production concept
- Product concept
- Selling concept
- Marketing concept
- Societal marketing concept
- Production concept
Production conceptAvailable and highly affordable products
Product conceptQuality products
Selling conceptLarge-scale selling and promotion effort
Marketing conceptKnowing the needs and wants of the target market and delivering the desired satisfactions
Societal marketMarketing decisions should considers consumers' wants, company's requirements, long-run interests of consumers and society.
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Laatst toegevoegde flashcards
What are the four dimensions of the product mix?
When does an organization have a product mix?
When the organization has several product lines.
What is a product mix?
Set of all product lines and items that a particular seller offers for sale.
What is place marketing?
Activities taken to shape attitudes or behavior towards particular places
Wat is person marketing?
Activities taken to shape attitudes or behavior towards particular people.
What is organization marketing?
Activities taken to shape the attitudes and behavior of target consumers toward an organization.
What are other market offerings, besides tangible products and services?
Organization, persons, places and ideas
Consumer might not know about this or knows about it but does not normally consider buying.
Product with unique characteristics or brand identification.
Consumer product that customers usually compares on such attributes as suitability, quality, price and style