Marketing Chapter 1

Frage	Antworten
RETURN OF INVESTMENT (ROI)	Net return from marketing investment /costs of marketing investment
CUSTOMER EQUITY	total combined customers lifetime values of all of the companies customers
MARKETING PROCESS	companies create value for customers and build strong customer relationships → capture value from customers in return
MARKETING STRATEGY	marketing logic by which company hopes to create customer value
DEMANDS	human WANTS that are backed up by BUYING POWER
PRODUCT DEVELOPMENT	Company growth by offering new product to current market
4 P's OF MARKETING MIX	• Price • Product • Place • Promotion
Strategy Considerations in Societal Marketing	• Society • Consumers • Company
VALUE PROPOSITION	set of benefits or values a company promises to deliver to consumer → satisfy their needs
MARKET PENETRATION	Company growth by increasing sales of current product to current market
MISSION STATEMENT	acts as a "invisible hand" that guides people in the organization
SELLING CONCEPT	consumers will not buy enough of the firms products unless it undertakes a large-scale selling and promotion effort
2 KEY QUESTIONS OF CUSTOMER DRIVEN STRATEGY	• Which customer will we serve? • How will we create value for the customers?
SHARE MATRIX	Image: Th 1 (binary/octet-stream)
CUSTOMER-PERCEIVED VALUE	customers evaluation of difference between benefits and costs of a marketing offer im comparison to competitors
BUSINESS OBJECTIVES (examples)	• profits • cost reduction
SELLING CONCEPT	focus on existing products
CONSUMER-GENERATED MARKETING	brand exchanges created by consumers, shape their own experience and those of other consumers
STRATEGIC PLANNING	process of developing and maintaining a strategic fit between organizations and organizational capabilities and its changing marketing opportunities
PRODUCT CONCEPT	idea: consumers will favor products that offer the most quality, performance, organization should make continuous product improvements
CUSTOMER-DRIVEN STRATEGY	• target market • value proposition
MARKETING IMPLEMENTATION	Turning strategies and plans into marketing ACTION to accomplish marketing objectives
PORTFOLIO ANALYSIS	process by which MANAGMENT evaluates the products and businesses that make up the company
CUSTOMER-MANAGED RELATIONSHIP	marketing realtionships in which costumers interact with comapnies and each other to shape relationship with brand
MARKETING MANAGMENT ORIENTATIONS	• Production concept • Product concept • Selling concept • Marketing concept • Societal marketing concept
MARKETING OBJECTIVES (example)	• market share

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