MARKETING: Midterm reviewer Modules 1-3

Marketing

 - Form of communicating and promoting the value of a brand, product or service

1. Creation

2. Communication

3. Delivery of value to customers

American Marketing Association - process of planning and executing:        

1. conception

2. pricing         

3. promotions

4.distribution of ideas,goods, and services

• to create exchanges that satisfy individual and organization goals.

Core Marketing Concepts

a. Needs - Must have to survive

  Maslow’s Hierarchy of needs

1. Physiological needs-basic

2. Safety needs-security

3. Belongingness and love needs-intimacy

4. esteem needs-achievement

5. self actualization- enlightenment/contentment

       b. Wants - Desire to have it

       c. Demands - Wants supported with buying power

       d. Exchange - Buyer and seller trades something of equal value

       e. Market - Composed of people with desire and ability to buy a service or product

Scope of Marketing

1. Goods - Volume of most countries production and marketing effort

2. Services - growing proportion of activities

3. Experiences - Organizing a number of services and goods

4. events - Endorse time based events(seasonal)

5. Persons - celeb marketing

-products marketed by influencers 

6. Places - economic developments

-tourist attractions / publicly accessible places 

7. Properties - intangible rights of ownerships 

8. Organizations - aggressively labor to create a strong positive image

9. Information - Production, packaging and distribution of info 

Traditional Concept Marketing

↳marketing strategy to determine if products are a want or need

1. Production Concept - internal potentials of the company

2. Relationship Concept - maintaining and improving value to long term relationships

-loyalty and maintaining the quality

3. Sales Concept

• aggressive  personal selling and advertising

• persuading consumers to purchase(stimulate demand)

4. Societal Marketing Concept - satisfy needs of consumers with society’s benefits

5.  Marketing Concept - Find out and satisfy needs and wants of consumers while accomplishing organizational goals
   

Goals - broad aims, how businesses can benefit from channels, how marketing contributes to the business

Objective - give clear direction and commercial targets

• track performance(asses)

• SMART goals

1. Specific - detailed yet narrow downed info 

2. Measurable - quantitative and metric / tracked

• kept progress tracked 

3. Attainable - realistic and reasonable

4. Relevant - aligned with objectives

5. Time Based - could be accomplished within the given timeframe

KPI(Key Performance Indicator) - specific metrics

• track performance

• make sure company is on track with the activities 

• performance drivers

Developing Marketing Goals

1. Attainability - realistic

2. Consistency - exert consistent goals

3. Comprehensiveness - formulate own goals relating to org goals

4. Intangibility - outcome the org wants to achieve

Not-for-profit organization - doesn’t aim for profit

• earnings allocated to orgs objectives

• Characteristics

1. generate as much revenue to support the causes

2. compete with other orgs for donors

3. market to multiple publics

4. posses some degree of monopoly power in area

kinds of non profit org marketing strategies

a. Person Marketing -use celebs or authority figure (influencers) cultivating attention, interest and preferences of target market

b. Place Marketing - Pull customers into specific area

tourist attractions or promoting sites

c. Cause Marketing - marketing social issue, cause or idea to target markets

Guidelines

• Understand Marketing - understand essential elements of marketing to specific target audience

• Support Reputation Causes - choose right charity

• Maintain Transparency 

• Think Mainstream - support effort its supporting consistent 
  

e. Event Marketing - company sponsors activities 

• Essential features of event Marketing:

• Wide range of events - different events  

• Mega events and local events

• Exhibitions

• Trade shows

• Publicity stunts

• Themed and created events

• Corporate entertainment

• Award ceremonies

      2. Goal Oriented

      3. Effective promotion and communication- get msg to target audience clearly

      4. Proper Eval - eval of event/project for future events

      5. Feedback from Clients

      6. Location - accessible and near important areas

Green Marketing - selling eco friendly products or products produced eco friendly

1. Genuine

2. practices eco friendly claims

3. policies are consistent

4. Know why it matters

5. Give customers opportunity to participate in taking part in positive environmental action

Marketing Process

1. understand marketplace and consumers needs

2. design a customer driven marketing strategy

3. construct marketing program

Relationship marketing

• strategy for customer loyalty, interaction and long-term  engagement

• develop strong connections: providing info suited to their needs and interest and open communication

Concept - Customer Relationship Management

Customer Perceived Value - value of the customer to the company

Customer Satisfaction - promising what they deliver then delivering more than what they promised

Two-Way Customer Relationship - also interested in feedback from customers

Consumer Generated Marketing - word of mouth

Relationships Development Strategies

1.  Networking

2. Cherish each Customer

3. Listen to your customer

4. Build a brand identity

5. Give your customer free information

6.  Loyalty rewards

7. Communicate often

8. Special events

9. Face - to- Face time

Market Opportunity Analysis - tool to determine and access desirability of a business opportunity and helps form portion of business strategy

Consumer Analysis - market research on info about customer

Strategic Marketing Process - establish clear and concerted direction on marketing activities

1. Mission identification

2. situational analysis

3. Objective Setting

4. Marketing Strategy Development

5. Strategy Evaluation & Control

Categories:

1.  Cost Leadership-price

2. Differentiation-innovation

3. Focused

Subcategories

1. Forward Integration - gaining ownership or control 

over distributors or retailers

2. Backward Integration - gaining ownership or 

control over suppliers

3. Market Penetration - increase market share of 

current product through intensive marketing efforts

• using tactics to increase growth of sales

4. Market Development - Introducing product to

 new area 

5. Product Development - improve product

6. Related Diversification - introducing new but related products

7. Unrelated Diversification - Introducing entirely 

new product

8. Retrenchment - reverse declining sales and profits through cost or asset reduction

9. Divestiture - selling a part of the org

• selling one of the company’s business

10. Liquidation - Selling all of company’s assets