PRINCIPLES OF MARKETING

CHAPTER 1: Marketing Creating and Capturing Customer Value
1. Marketing: The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
  1. Needs
  2. Wants
  3. Demands
  4. Market offerings: Some combination of products, services, information, or experiences offered to a market to satisfy a need or want
    1. 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.
    2. Exchange
    3. Market
  6. Modern Marketing System
  7. 1. Marketing management: The art and science of choosing target markets and building profitable relationships with them.
      1. Production concept: The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.
      2. Product concept: 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.
      3. Selling concept: The idea that consumers will not buy enough of the firm’s products unless the promotion effort.
      4. Marketing concept: 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.
      5. Societal marketing concept: 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.
        Customer relationship management
        Customer-managed relationships
        Consumer-generated marketing
        Customer satisfaction
        Customer lifetime value
        Share of customer
        Customer equity
        Partner relationship management
        Internet
CHAPTER 2: Company and Marketing Strategy Partnering to Build Customer Relationships
1. Strategic Planning: The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
  1. Mission statement: A statement of the organization’s purpose—what it wants to accomplish in the larger environment
  2. Business portfolio: The collection of businesses and products that make up the company
    1. Portfolio analysis: The process by which management evaluates the products and businesses that make up the company.
      1. Growth – share matrix: A portfolio-planning method that evaluates a company’s SBUs in terms of market growth rate and relative market share
      2. Product/market expansion grid: A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
  3. Market penetration: Company growth by increasing sales of current products to current market segments without changing the product
    1. Market development: Company growth by identifying and developing new market segments for current company products
      1. Product Development: Company growth by offering modified or new products to current market segments
        Diversification
  4. SWOT analysis: An overall evaluation of the company’s strengths (S), weaknesses (W), opportunities (O), and threats (T).
    1. Marketing implementation: Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
      1. Marketing control
      2. Return on marketing investment (or marketing ROI)
2. Value chain: The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.
  1. Value delivery network: The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system.
3. Marketing strategy
  1. Market Segmentation
  2. Market Segment
  3. Market target
  4. Positioning
  5. Differentiation
  6. Marketing Mix: The set of tactical marketing tools— product, price, place, and promotion— that the firm blends to produce the response it wants in the target market.
CHAPTER 3: Analyzing the Marketing Environment
1. Marketing environment: The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers.
  1. Microenvironment
  2. Macroenvironment
2. Marketing intermediaries: Firms that help the company to promote, sell, and distribute its goods to final buyers.
  1. Public
    1. Demography: The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
      1. Millenials (or Generation Y): The 83 million children of the baby boomers born between 1977 and 2000
      2. Generation X: The 49 million people born between 1965 and 1976 in the “birth dearth” following the baby boom.
      3. Baby Boomers: The 78 million people born during the years following World War II and lasting until 1964.
3. Environments
  1. Environmental sustainability: Developing strategies and practices that create a world economy that the planet can support indefinitely.
  2. Technological environment: Forces that create new technologies, creating new product and market opportunities.
  3. Political environment: Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.
  4. Cultural environment: Institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors.
CHAPTER 4: Managing Marketing Information to Gain Customer Insights
1. Customer insights: Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.
  1. Focus group interviewing: Personal interviewing that involves inviting 6 to 10 people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer “focuses” the group discussion on important issues.
    1. Sample: A segment of the population selected for marketing research to represent the population as a whole.
  2. Customer relationship management (CRM): Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty
2. Marketing information system (MIS): People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
  1. Internal databases: Electronic collections of consumer and market information obtained from data sources within the company network
  2. Competitive marketing intelligence: The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
  3. Marketing research: The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
    1. Exploratory research: Marketing research to gather preliminary information that will help define problems and suggest hypotheses.
    2. Descriptive research: Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.
    3. Causal research: Marketing research to test hypotheses
    4. Secondary data
    5. Primary data
      1. Online marketing research: Collecting primary data online through Internet surveys, online focus groups, consumers’ online behavior
        Online focus groups: Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior
    6. Observational research: Gathering primary data by observing relevant people, actions, and situations.
    7. Ethnographic research: A form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environments.”
    8. Survey research: Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
Greta Morrill Zaragoza A01335228

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PRINCIPLES OF MARKETING

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	Created by Greta Morrill over 7 years ago

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