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

What is marketing

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

2

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

3

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

4

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)

5

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

6

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

7

Types of market

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

8

Market terms

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

9

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!)

10

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

11

From production to market philosophy

-Production philosophy
- selling philosophy
- marketing philosophy

12

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

13

The marketing philosophy

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

14

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))

15

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

16

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

Advertising agencies
Research companies
Internet providers
Database Managers
Distributors
Transporters
Retailers