Marketing 1

________- Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.

Philip Kotler

Porters

________ Five Forces is a framework for analyzing a companys competitive environment.

Administration

________ is the range of activities connected with organizing and supervising the way that an organization or institution functions.

market economy

In a(n) ________, prices of goods and services are determined by the interaction of demand and supply.

Indirect competitors

________ are the businesses that sell a product that is in a different category all together but which is seen as an alternative purchase choice; for example, coffee and mineral water.

Supply chain

________ is a group of functions and processes focused on optimizing the flow of products, services and related information from sources of supply to customers or points of demand.

Yes, because the business world exists because of PRODUCTS

goods and services

All other fields follow

Human Resource, Operations, Finance, etc

MARKET

A MARKETING PERSPECTIVE

EASY MEMORY

USING THE KEYWORDS

"Marketing management is ‘the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value (KOTLER and KELLER, 2008

5)."

FIRST STEP

MARKETING PROCESS

WHAT

product is needed/wanted

WHO

needs the product

WHEN

they need to buy the product

WHERE

they want to buy the product

Identify their STRENGTHS, WEAKNESSES, OPPORTUNITIES, AND THREATS in terms of the marketing mix (what)

end result is the TOWS MATRIX

Philip Kotler

Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit

REPHRASED DEFINITION

Marketing is the science and art of exploring, creating, and delivering value different from COMPETITORS to satisfy the needs aof a target market at a profit

Customer Analysis

asking questions such as "Who are your customers

Competitor Analysis

asking questions such as "Who are or key competitors

EX

safest car (Category) = Volvo (Brand)

RULE OF THUMB

When we talk about competitors, "differentiation" comes in