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Flashcards in 1. Principles of marketing Deck (16):

What is marketing

Ist a Customer focus that permeates organisational functions and processes
- value proposition
- fulfillment of individual expectation
- value generation processes
- value creation


What is marketing management?

The art and science of choosing target markets and getting keeping and growing customers through creating, delivering and communicating superior customer value.

choosing target markets
- growing through creating, delivering, communicating customer value


Why is marketing management relevant ?

-shaping products and services by bridging the gap betw. Research and development
- building strong brands
- identifying target groups
- knowing trends


Why is marketing management relevant ?

- Service-dominant Logic (Shift drin thinking goods to service based perspective)
- products often go along with services
- value is co-created after the exchange of value (between customer and firms)


Defining the market

Betw industry and market: outer loop- exchange of information
From market to industry: inner loop - exchange of money
From industry to market: products/services


Marketings role in the market

Needs are basic human requirements, they become wants when objects satisfy the needs.
Demands are wants for product/ service
Market demand:
- negative: nuclear power plan
- nonexistent:
- latent: Customer has strong need but can’t be satisfied (sms)
- irregular: strawberry
- unwholesome: smoking
- overfull: Seat in the Stadion
- full: sold out futbol game
- declining


Types of market

- Consumer
- non Profit
From business to consumer (b to c, grocery)
B to B
C to C


Market terms

-marketplace (physical: store)
- marketspace ( digital: Internet)
- metamarket (different industries collaborating together: car and finance)
- metamediaries (bring together collection of people: autotrader)


Market realities and challenges

Major societal forces:
- recession and economic recovery
- heightened competition: brand extension
- technol. Development: Self serving technology (self check in)
- industry convergence: Nike and apple
- retail transformation: own label brand (ja!)


Marketing realities and challenges

Changing consumption patterns:
- consumer sophistication (Perfektion) regarding market and technology
- hybrid consumption behavior:(consumer hat sich geändert bsp. Porsche und aldi)
- importance of health and sustainability
- local values
-aging consumers


From production to market philosophy

-Production philosophy
- selling philosophy
- marketing philosophy


The marketing philosophy: key principles

- Customer Centered perspective: Design Right product
- be more effective than competitors

3 interpretations of how marketing functions
- Goal
- Means (marketing mix instruments)
- methods


The marketing philosophy

Target market -> marketing mix
- product/service
- people
- process
- physical evidence
- place
- promotion
- price


Marketing management process

Management is a goal-directed process

1. planning (establishing goals and plan)
2. implementing ( organising and leading)
3. Controlling (comparing actual performance to predetermined standards (goals))


Marketing management process

Management in marketing means:
- organization wide commitment to put customer first
- feel responsible to shape the customer value
- sense and respond to the market

Achieve goals through marketing techniques


Marketing management process: the management process often includes external suppliers such as:

Advertising agencies
Research companies
Internet providers
Database Managers