Foundation of Marketing Peregrine Global Latest
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Terms in this set (108)
Marketing is an exchange between a firm and its
customers.
Marketing
The company offers benefits to its customers and
seeks profits.
Marketing is the business; it should permeate the
Why is Marketing entire organization. Marketing and customer
Important? satisfaction is everyone's responsibility to maintain
those relationships
define marketing as "the activity, set of institutions,
American Marketing and processes for creating, communicating,
Association delivering, and exchanging offerings that have value
for customers, clients, partners, and society at large.
is a philosophy which guides the attitude of everyone
Classical marketing in a firm to stimulate and satisfy the needs and wants
of every customer.
a strategy involves product strategy, pricing strategy,
integrated marketing communications, channels, and
Competitive marketing
logistics strategy. It needs to offer value to the target
market
, Marketing Framework Part 1
Examining the External Environment
Customers: Who are they? What are they like? Do we
want to draw different customers?
Company: What are our strengths and weaknesses?
What customer benefits can we provide?
Context: What is happening in our industry that might
reshape our future business?
Collaborators: Can we address our customers' needs
5 C's
while strengthening our business to business (B2B)
partnerships?
Competitors: Who are the competitors we must
consider? What are their likely actions and reactions?
This helps marketers assess any business problem or
opportunity in terms of a general analysis of the entire
business situation. The customer and company are
central players in the marketing exchange. The
context includes the macro-environment: the
economy, legal constraints, cultural differences, and
global segments.
, Marketing Framework Part 2
Strategic Marketing Planning
Segmentation: Customers aren't all the same; they
vary in their preferences, needs, and resources.
Targeting: Attracting some of those customers makes
better sense than going after others.
STP
Positioning: Communicate your benefits clearly to
your intended customers.
Refers to the fact that businesses or organizations are
unlikely to be all things to all people, so it is best to
identify groups or segments of customers who share
similar needs and wants. When the different segments'
preferences are understood, then the organization
can identify the targeted segments.
Marketing Framework Part 3
Marketing Tactics
Product: Will customers want what your company is
prepared to produce?
Price: Will customers pay what you would like to
charge?
4 P's
Place: Where and how will customers purchase your
market offering?
Promotion: What can you tell your customers, or do
for them, to entice them to purchase?
Then starts marketing efforts, A relationship is
developed with that target segment by positioning
products in the marketplace via the questions above
Update
Save
Terms in this set (108)
Marketing is an exchange between a firm and its
customers.
Marketing
The company offers benefits to its customers and
seeks profits.
Marketing is the business; it should permeate the
Why is Marketing entire organization. Marketing and customer
Important? satisfaction is everyone's responsibility to maintain
those relationships
define marketing as "the activity, set of institutions,
American Marketing and processes for creating, communicating,
Association delivering, and exchanging offerings that have value
for customers, clients, partners, and society at large.
is a philosophy which guides the attitude of everyone
Classical marketing in a firm to stimulate and satisfy the needs and wants
of every customer.
a strategy involves product strategy, pricing strategy,
integrated marketing communications, channels, and
Competitive marketing
logistics strategy. It needs to offer value to the target
market
, Marketing Framework Part 1
Examining the External Environment
Customers: Who are they? What are they like? Do we
want to draw different customers?
Company: What are our strengths and weaknesses?
What customer benefits can we provide?
Context: What is happening in our industry that might
reshape our future business?
Collaborators: Can we address our customers' needs
5 C's
while strengthening our business to business (B2B)
partnerships?
Competitors: Who are the competitors we must
consider? What are their likely actions and reactions?
This helps marketers assess any business problem or
opportunity in terms of a general analysis of the entire
business situation. The customer and company are
central players in the marketing exchange. The
context includes the macro-environment: the
economy, legal constraints, cultural differences, and
global segments.
, Marketing Framework Part 2
Strategic Marketing Planning
Segmentation: Customers aren't all the same; they
vary in their preferences, needs, and resources.
Targeting: Attracting some of those customers makes
better sense than going after others.
STP
Positioning: Communicate your benefits clearly to
your intended customers.
Refers to the fact that businesses or organizations are
unlikely to be all things to all people, so it is best to
identify groups or segments of customers who share
similar needs and wants. When the different segments'
preferences are understood, then the organization
can identify the targeted segments.
Marketing Framework Part 3
Marketing Tactics
Product: Will customers want what your company is
prepared to produce?
Price: Will customers pay what you would like to
charge?
4 P's
Place: Where and how will customers purchase your
market offering?
Promotion: What can you tell your customers, or do
for them, to entice them to purchase?
Then starts marketing efforts, A relationship is
developed with that target segment by positioning
products in the marketplace via the questions above
