Marketing Study Guide

What is Marketing

• Marketing is the process of helping people get what they need or want by creating, promoting, and exchanging valuable products or services.

• The goal is the meet the customers needs

Sales

Marketing isn’t just sales, it's more combined

Process of Marketing (create value for customers and build relationships)

• Understand customers and what they need or want.

• Create a marketing strategy focused on customers.

• Develop a marketing program that provides great value.

• Build strong relationships and satisfy customers.

• Gain profits and long-term customer loyalty.

Managing the Market effort

• Analysis (navigate in the market) 

  • Then is leads to planning → implementation → control 

• Planning; develop strategic plans → develop marketing plans 

• Implementation; carry out the plans

• Control; measure results → evaluate results → Take corrective action

Managing the Sale Force

• This is the analysis, planning, implementation, and control of sales force activities

• Process

  • Designing sales force strategy and structure → 

  • Recruiting and selecting salespeople → 

  • Training salespeople → 

  • Compensating salespeople → 

  • Supervising salespeople → 

  • Evaluating salespeople →

Strategic Planning

Is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

Steps in Strategic Planning

• Defining the company mission; the mission statement is the organization’s purpose, what it wants to accomplish in the larger environment 

• Setting the company objectives and goals; guides the organizations orientation, the objective should always be SMART 

  • Metrics and Measures → CSFs and KPIs → Objectives → Goals → Vision