Concise Summary of Marketing Management Concepts

Marketing Management

  • Definition: The art and science of selecting target markets and managing customer relationships.

What is Marketed?

  • Goods
  • Services
  • Events
  • Experiences
  • Persons
  • Places
  • Properties
  • Organizations
  • Information
  • Ideas

Who Markets?

  • Marketer: Seeks a response from prospects (attention, purchase, vote, donation).

Demand States

  • Types:
    • Negative
    • Nonexistent
    • Latent
    • Declining
    • Irregular
    • Unwholesome
    • Full
    • Overfull

Key Customer Markets

  • Consumer markets
  • Business markets
  • Global markets
  • Nonprofit & governmental markets

Core Marketing Concepts

  • Needs: Basic human requirements (air, food, water, clothing, shelter).
  • Wants: Specific objects fulfilling needs.
  • Demands: Wants for specific products with purchasing power.
  • Value proposition: Benefits that satisfy needs.
  • Offerings: Products, services, information, and experiences.
  • Brands: Offerings from a known source.

Marketing Channels

  • Communication, Distribution, Service.

Media Types

  • Paid Media: TV, ads, sponsorships.
  • Owned Media: Company websites, blogs, social media accounts.
  • Earned Media: Word of mouth, buzz, viral marketing.

Customer Engagement

  • Impressions: Occur when consumers view communications.
  • Engagement: Level of attention and involvement.

Customer Value

  • Value: Quality, service, and price (qsp: customer value triad).
  • Satisfaction: Judgment of product performance vs. expectations.

Supply Chain

  • Interdependent organizations/processes transporting products from origin to consumers.

Competition

  • All actual and potential rival offerings and substitutes.

Marketing Environment

  • Includes task and broad environments.

New Marketing Realities

  • Influenced by technology, globalization, and social responsibility.

Changing Marketplace

  • New capabilities for consumers and companies:
    • Internet as a shopping/purchasing tool.
    • Active interaction with brands.

Changing Channels

  • Retail transformation and disintermediation.

Marketing Management Tasks

  • Develop market strategies and plans.
  • Capture marketing insights.
  • Connect with customers.
  • Build strong brands.
  • Create and communicate value for long-term growth.