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Marketing

the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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Marketing plan

specifies the marketing activities for a specific period of time; is broken down into various components--how the product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer

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Exchange

the trade of things of value between the buyer and the seller so that each is better off as a result

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Marketing mix (Four Ps)

product, price, place, and promotion; the controllable set of decisions/activities that the firm uses to respond to the wants of its target markets

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Goods

items that you can physically touch

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Services

intangible customer benefits that are produced by people or machines and cannot be separated from the producer

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Ideas

include concepts, opinions, and philosophies; intellectual concepts such as these can be marketed

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Business-to-consumer marketing (B2C)

the process by which businesses sell to consumers

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Business-to-business marketing (B2B)

the process of selling merchandise or services from one business to another

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Consumer-to-consumer marketing (C2C)

the process in which a consumer sells something to another consumer

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Value

reflects the relationship of benefits to costs, or what you get for what you give

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Value cocreation

a creative way to provide value to customers

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Relational orientation

marketers coming to the realization that they need to think about their customers in terms of relationships rather than transactions

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Customer relationship management (CRM)

a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers

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Supply chain (Marketing channel)

a group of firms that make and deliver a given set of goods and services

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Entrepreneurs

people who organize, operate, and assume the risk of a business venture

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Marketing strategy

identifies a firm's target markets, a related marketing mix, and the bases on which the firm plans to build a sustainable competitive advantage

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Sustainable competitive advantage

an advantage over the competition that is not easily copied and thus can be maintained over a long period of time

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Customer excellence

achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service

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Operational excellence

achieved through efficient operations, excellent supply chain management, and strong relationships with their suppliers

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Product excellence

occurs by providing products with high perceived value and effective branding and positioning

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Locational excellence

particularly important for retailers and service providers, as most people will not walk or drive very far for the product or service that they are looking for

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Marketing plan

a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro-forma income; the three major phases of the marketing plan are planning, implementation, and control