Marketing intro

What is marketing?

Marketing is how to win.

What are the roles and responsibilities of a business analyst?

1. Understand business needs

2. implement solutions

3. manage products

4. conduct market research

5. create reports

What is marketing (2)?

It is the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.

How power in the marketplace is shifting away from manufacturers and toward customers/retailers?

The factory moves closer to the end of the chain, not the beginning. (Restructure and relocation of power). The traditional supply chain, is factory - distributor - retailer - customer. The factory had a lot of power because they produced the actual product. Instead of factory - product - customer, the thinking becomes customer needs - market - product - factory.

What is relocation of power?

Power is shifting from the producer toward the customer and the market. The factory isn’t necessarily disappearing, its just no longer the starting point of the business’s thinking.

Tech advancement not seen as necessarily need satisfying.

Just because tech advances does not mean that customers actually need or want what the tech produces.

What is the difference between inside-out and outside-in?

Inside-out is when a company produces inside and then finds willing buyers outside. Outside in is when a company looks outside to understand consumer needs and then produces inside.

What is the production concept?

It assumes that consumers prefer products that are widely available and inexpensive.

What is the product concept?

It assumes that consumers favor products that offer most quality, value , performance and features.

What is the selling concept?

It assumes that consumers will only buy products if the company aggressively sells these products.

What is the marketing concept?

It focuses on needs/wants of target markets and delivers value. Very customer oriented, very competitor oriented.

What is societal marketing?

It is where companies make good marketing decisions by considering consumers’ wants and long term interests.

What is the basic idea behind Maslow’s hierarchy of needs?

People are motivated to satisfy different types of needs, starting with more basic needs and moving toward higher-level psychological needs.

What are psychological needs?

These are your basic survival needs such as food, water, sleep.

What are safety needs?

Needs such as security, financial security and health.

What are needs that fall under love and belonging?

Needs where people want to feel connected to other people. These include, friendship, family, romantic relationships.

What are needs that fall under esteem?

This is about wanting respect, recognition and a positive sense of yourself. Examples include status, achievement and recognition.

What are self-actualization needs?

Becoming the best version of yourself, reaching your full potential. Examples include personal growth, creativity, achieving you potential and self-development.

What are the problems with Maslow’s pyramid?

The hierarchy is not universal. The model suggest tat people generally progress through needs in the same order, but that is not always true. Culture affects people’s needs. Maslow’s hierarchy can be criticized for being too individualistic. Different cultures can place different importance on different needs. People have different priorities. Needs can operate simultaneously.

Why does marketing care about Maslow?

Consumers don’t just buy products. They buy products because those products help satisfy needs. The same product can appeal to different needs depending on how it is marketed.

How is value defined in marketing?

Value is determined by the utility combination of price and no-price benefits offered. Value is calculated as benefit minus cost.

What is marketing?

It is providing value to the consumer, capturing value from the consumer. Marketing is about exchange, it is the provision or transfer of goods, services, or ideas in return for something of value.

What are some other marketing definitions?

A process by which companies create value for customers and build strong customer relationships to capture value from customers in return.”

“To create, maintain, grow exchange relationships.”

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

What is value proposition?

Why should people do business with you? What do they get for the cost of doing business with you?

What is competitive advantage?

What do you offer that gives you the edge in people’s cost benefit calculation?