INTRO TO MARKERING BUS360

What is Marketing?

An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and it's stakeholders.

The marketing mix (4 p’s)

Controllable set of decisions or activities that the firm uses to respond to the wants of its target market

Promotion

Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service

Product

The value creation that satisfies customer needs by developing a variety of goods, services or ideas

Price

Everything the buyer gives away in exchange for the product

Place

All the marketing processes used to get the product to the right place and the right time to the customer

What are the 4 eras of marketing?

Production, Sales, Markerting, value-based marketing

Who can perform marketing?

Individual or corporation

How to sustain a competitive advantage?

Customer excellence, operational excellence, product excellence, locational excellence

The three components of a marketing strategy

Firms target market, a related marketing mix, the basis on which the firm plans to build a sustainable competitive advantage

The different phases of a marketing plan

Planning, implementing, controlling

Planning phases is made up of two segments

1) Business mission & objectives

2) situation analysis SWOT

Implementation phase is made up of two segments

3) identifying opportunities 4) implement marketing mix

Control phase is made up of one segment

5) evaluate performance using marketing metrics

Market penetration

Same product and same market

A growth strategy that employs the existing marketing mix and focuses on the firms efforts on existing customers.

Market development

Same product new market

A growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or International

Product development

New product same market

A growth strategy that offers a new product or service to a firms current target market.

Diversification

New product new market

A growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve.