Deca marketing

Interested parties

Persons or entities who have an interest in the success or failure of a company. Includes internal and external.

Internal interested parties

entities within an organization that affect or are affected by the actions of a company. Includes employees, owners, managers, and investors(shareholders).

Internal marketing

promoting objectives, services, and products of a company to its internal people. Includes enhancing communication for productivity, preaching values, and creating a positive work space

External interested

parties outside the equity that have a stake in the company, such as customers, suppliers, investors, and society. They don’t have a say in decision-making but allow the company to prosper

Utility

the value of a product or service to a costumer. Its usefullness to a costumer, different types.

Form utility

how well an orginization can increase the value of its product in the customers eyes by altering the physical appearence.

Time utility

the products or services are avaliable when customers need them

Place utility

Products and services are available at convenient locations and accessible to customers

Possession utility

the customers can obtain the product easily due to the price or satisfaction of a product.

Marketing process

the series of steps that assist businesses in planning, analyzing, and interpreting, and adjusting their marketing strategy. Understand the needs and wants of consumers(the market), develop a marketing strategy to reach the customers, deliver good customer value, gain profitable customer relationships, and finally gain customer value(create satisfaction to gain loyalty

Customer equity

the potential profits a company earns from its current and future customers. This reflects the value of the customer base. It is also the goal of marketers because more customer equity means more profit and growth for the business

Market

the set of all actual and potential buyers of a product or service. Buyers share a need or want and are satisfied through exchange relationships. Size of market depends on how many have the need, have the recources to obtain, and how many want to exchange.

transaction

a trade of values between two parties. measures exchange by adding values to the goods exchanged(values in money)

exchange

the act of obtaining a desired object from someone by offering something in return. Does not need values.

Customer satisfaction

how well a product or service’s performance lives up to the customer expectations. Key influence on future buyers, must be careful when setting expectations

customer value

difference between the values and benefits of owning/using a product and the cost(time,money) of getting the product. Customer value=Customer benefits-customer costs.

Services

activities or benefits offered for sale that are not physical and do not result in ownership. Includes banking, airlines, hotels, insurance etc.

marketing offer

a combination of products, services, information, or experiences offered to a market to satisfy a need or want.

value proposition

a set of benefits that companies promise to consumers to satisfy their needs. Fufilled through a marketing offer. ex. statement saying “we have the best jackets”. Helps gain customers over others competitors.

demands

Consumer wants that are backed by the ability to buy. The consumers have the purchasing power to fulfill these wants. Demand products that have the most value and satisfaction.

wants

form of human needs that are shaped by culture, society, and indivual personality. Specific desires, not vague needs. Ex. Might need a pair of shoes, but want the Air Jordans.

Types of needs

Physical: warmth, food water

Safety: protection, law, order

Love and belonging: friendship, trust, acceptance and belonging

Self esteem: accomplishment, pride, status, independence

Self-actualization: achieving personal goals and creative standards

Needs are not created by markets. Markets can create wants, and do so by meeting the needs of people.

Core marketing concepts

Needs, wants, and demands→marketing offers(products, services, experiences)→customer value and satisfacion→exchange, transactions, and customer relationships→creates markets→satisfies needs, wants, and demands and process restarts. Guide business strategy.

Marketing

a social managing process where indivuals and groups get what they need and want through creating and exchanging products and value with others.