Marketing Management 1

Mission

a clear, concise, and enduring statement of the reasons for an organization's existence

Core Purpose

Long-term goal that provides company employees and management with a shared sense of purpose, direction, and opportunity

Good mission statements

- Focus on a limited number of specific goals

- Are as short, memorable, and meaningful as possible

Strategy

choosing a well-defined market in which the company will complete and determining the value it intends to create in this market

Tactics

marketing mix, make the companys strategy come alive; Execution of the strategy - Product, Place, Price, Promotion

Customers

receive value from benefit of a variety of clean, healthy energy drinks beverages available to them to fit their lifestyle needs

Collaborators

(distributors) receive monetary payments and a consistent demand for the Phorm Energy product

Company

AB inBev & 1st Phorm receive revenue and profits, build a brand, and increase market share

Market offering

the actual good that the company deploys to fulfill a particular customer need

- reflects the company tactics- the specific way the company will create value in the market in which it competes

Monetary goals

Net income, profit margin, ROI

Strategic goals (nonmonetary)

Increasing sales volume; brand awareness; social welfare

Control

How will the company monitor and measure performance to achieve the goal? What are the metrics?

Marketing

identifying and meeting human and social needs in a way that harmonizes with the goals of the organization

Managerial

The art and science of identifying, attracting, and retaining customers through creating, delivering, and communicating superior customer value

What is marketed

Goods, services, events, experiences, persons, places, properties, organizations, information, ideas

Places

Cities, states, regions, and whole nations complete to attract tourists, residents, factories, and company headquarters; economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies e.g., "What happens here, stays here!"

Market Force

any factor that influences the supply and demand of goods and services in a market, thereby affecting prices and the behavior of buyers and sellers

- the decline of companies can be attributed at least in part to failing to update their business model to positively react to new market forces

Four Componets of Holistic Marketing

- internal marketing

- performance marketing

- integrated marketing

- relationship marketing

Integrated marketing

consistent messaging across all advertising platforms

- Goal is to deliver consistent value and consistent message for customers

Internal marketing

hiring, training, and motivating employees

Relationship Marketing

aims to build mutually satifying long term relationships

1. Customers

2. Employees

3. Marketing partners/ Distributors

4. Financial community

Market-Value Concept

implies that products are transient (short lived) but basic needs and customer groups endure

- companies should define their business as a customer satisfying process rather than in terms of their products

Company wide passion

finding the right products for its customers, and not the right customers for its products

High Customer Centricity

Market driven

Customer focused

Outcome oriented

Making competitors irrelevant

Value driven

Teamwork

Product or brand organization

can be structured around a company's products, or a company can focus on product categories to manage brands

Brand/Product Managers Interactions

Makes sense if the company's products are quite different or unique, or if there are more products than a functional org can handle. Lets product manager concentrate on developing a cost-effective marketing program and react more quickly to new products in the marketplace