BAM 191: Overview of Marketing Management

Flashcards covering key definitions and concepts from the 'Overview of Marketing Management' lecture notes.

Marketing Management (Philip Kotler)

The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer values.

Marketing Management (Scope)

Involves developing and implementing strategic marketing programs, processes, and activities that align with wider business objectives while utilizing customer insights, tracking metrics, and optimizing internal processes to achieve success.

Business Objectives (Marketing Management examples)

Can involve increasing brand awareness, boosting profits, or entering previously untapped markets.

Features of Marketing Management

Helps to understand and satisfy customer needs, assists in achieving overall company goals, consists of a range of activities, and facilitates successful exchanges between buyer and seller.

Market Research

Understanding customer preferences, behaviors, and market trends through research to inform marketing strategies.

Segmentation and Targeting

Dividing the market into segments based on characteristics and choosing specific segments to focus on.

Positioning

Creating a distinct image and identity for a product or brand in the minds of consumers relative to competitors.

Product Development

Designing, developing, and launching products that meet customer needs and expectations, and the process of bringing a new product to market.

Pricing Strategy

Setting prices that reflect value, competition, costs, and market demand.

Promotion

Creating awareness and interest through advertising, public relations, sales promotions, and other communication methods.

Distribution and Channel Management

Ensuring products reach consumers efficiently through appropriate distribution channels.

Marketing Mix (4Ps)

Fundamental elements managed in marketing: Product, Price, Place, and Promotion.

Product (4Ps)

Design, features, quality, and branding of the offering.

Price (4Ps)

Determining the right price point to attract customers and generate profits.

Place (4Ps)

Deciding where and how the product will be available to customers.

Promotion (4Ps)

Using various promotional methods to communicate with and persuade customers.

Digital Marketing

Utilizing online platforms and technologies to reach audiences through websites, social media, email marketing, and more.

Customer Relationship Management (CRM)

Managing interactions and relationships with customers to enhance satisfaction and loyalty.

Marketing Analytics

Using data and metrics to analyze the effectiveness of marketing strategies and make informed decisions.

Marketing Strategy

An organization’s plan for reaching prospects and converting them into customers.

Business Development

Strategic initiatives such as mergers and acquisitions, business transformation, and entering new markets.

Brand Management

Techniques to increase the perceived value of a brand over time.

International Marketing

Managing international distribution channels.

Media Relations

Engaging with media and influencers to spread the word about your organization.

Customer Marketing

Managing the customer experience to improve satisfaction and reduce churn.

Marketing Operations

Managing marketing processes, technology, and data.

Sales

Generating leads, developing opportunities, and closing deals.

How Effective Marketing Management Helps Businesses

Allows businesses to create tailored offerings, communicate value propositions clearly, build brand loyalty, and deliver exceptional customer experiences, attracting and retaining customers.

Marketing Management Adaptation

Continuously monitors market trends and consumer behaviors through data analysis and research, adjusting strategies and tactics to align with emerging trends and changing customer preferences.