marketing test 1

• Definition of marketing - 

  • The process by which companies

    • Engage customers

    • Build strong customer relationships and 

    • Create customer value 

4 core marketing concepts

• Process

• Satisfying consumer needs and wants 

• Relationship (connections) 

• Exchanging something of values 

• Customer needs, wants, and demands

  • Needs - states of felt deprivation 

    • Physical needs - food,clothes, warmth, and safety

    • Social needs - belonging and affection 

    • Individual needs - knowledge and self - expression

  • Wants - from taken by human needs when shaped by culture and individual personality 

  • Demands - human wants that are back by power

• Customer value - driven marketing strategy 

  • Customer Value Defined - difference between perceived customer benefits and total customer Cost

  • Customer value 

    • CV= (perceived customer benefits - total customer cost)

• Marketing mix

4 P’s - Marketing Mix

1. Product 

2. Promotion - the communication 

3. Price 

4. Place 

The 4 A’s Model in Marketing - consumer centric approach

• accessibility- ensuring product availability where and when needed

• Affordability - pricing strategies that match consumer budgets

• Awareness - effective communication to make consumers knowledgeable about the product 

• Acceptability - product quality and brand image that meet or exceed customer expectations

• Marketing management orientation

  • Production concept 

    • Consumers will favor products that are available and highly affordable 

  • Product concept

    • Consumers will favor products that offer the most quality, performance, and features

  • Selling concept 

    • Consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort 

  • Marketing concept 

    • Understanding the needs and wants of target markets and delivering the desired satisfactions better than competitors do 

  • Societal marketing concept

    • Marketing decision should consider consumers’ wants, the companies requirements, consumers’ long-run interests, and society’s long-run interests

• Marketing process to create value for customers 

  • Marketing management 

    • Choosing target markets and building profitable relationships

  • Customer value driven marketing strategy

    • Which customers it will serve

    • How it will bring them value 

• PEST analysis 

PEST ANALYSIS - management method to assess major external factors that influence its operation in order to become more effective

• Political, economic, social, and technological factors

• SWOT analysis 

  • S- Strength  - internal 

  • W- weakness - internal 

  • O - opportunities - external 

  • T - threats - external 

• BCG matrix

  • a business planning tool used to evaluate the strategic position of a firm's brand portfolio.

• Competitive advantage 

  • - a unique advantage a company has over companies offering similar goods or services 

• Product differentiation - apple’s design and user experience on its smartphones compared to other brands

• Cost leadership - walmart’s ability to offer low prices due to efficient supply chain management 

• Brand reputation - coca-cola’s iconic brand image and recognition worldwide

• Customer service - amazon prime offering flexible return policies and loyalty programs 

• Distribution network - amazon’s extensive delivery infrastructure reaching a larger customer base

• Competitive strength assessment 

  • An assessment of the competition in a certain market to help managers account for the presence of competitors when making business decisions

  • THE WORKSHEET 3