Ch 1 Mkt

Role of Marketing

•Brands need to be differentiated and marketers are challenged to stay current to ensure their strategies and messages resonate with customers

Customer Value Proposition

•unique combination of benefits received by targeted buyers that will satisfy their needs

1)Product design

2)Pricing strategies

3)Service elements

Target Market

specific group (or segment) of existing and potential consumers to which marketers direct their marketing efforts

Marketing

•process through which goods and services move from concept to the customer.  It includes the coordination of 4 Ps of marketing:

•to identify, select, and develop a product;

•determine its price;

•select a distribution channel to reach a customer’s place; and

•develop and implement a promotional strategy.

Market

potential consumers who have both the willingness and ability to buy a product

Product

•: attributes, that make up a good, a service, or an idea, including product design, features, colour, packaging, warranty, and service levels.

Price

what is exchanged for a product, •including the expected regular retail or sale price

Place

distribution channels, retail formats, and merchandising used to sell a produ

Promotion

communication tools needed to inform consumers about a product, including advertising, public relations, sales promotion, direct response, event marketing, sponsorship, online approaches, and personal selling

•Marketing today focuses on:

–meeting short-term consumer needs and generating immediate company profits, as well as

–long-term viability and sustainability of a business through the transparent connections it makes with its business partners and

–by creating meaningful customer relationships and community initiatives

 Digital Marketing

-using digital technology to reach consumers through computers, gaming devices, out-of-home electronic screens, or mobile devices

-•display advertising, affiliate marketing, search engine marketing, search engine optimization, pay-per-click advertising, mobile marketing, e-mail marketing, and social media marketing.

Content Marketing

a marketing strategy used to attract, engage, and retain an audience by creating and sharing relevant articles, videos, podcasts, and other media.

Proximity Marketing

a tactic that allows marketing leaders to target potential consumers with advertising content based on their current location.

Experiential marketing

- an approach where marketers create opportunities for consumers to directly interact face-to-face with a brand

Partnership Marketing

-•- to create formal associations between brands that will result in incremental business for both brands that could not have been achieved separately.

-–Promotional partnerships

–Strategic alliance

strategic alliance

•Long-term arrangement between companies with similar values and marketing objectives that extend beyond short-term promotional offers into long-term formal business agreements

Environmental forces

social, economic, technological, competitive, regulatory

A need

occurs when a person feels deprived of basic necessities such as food, cloth- ing, and shelter

A want

a need that is shaped by a person’s knowledge, culture, and personality.

0. relationship marketing

Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.

market segments

The relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action.