Principles Of Marketing Term

 

Marketing Offering

Some combination of products, services, info, or experiences offered to a market to satisfy a need to want.

Customer Managed Relationships

Marketing relationship in which customer interact with companies and with each other to shape their relationship with brands through technology. (Can be a great but also dangerous thing!)

Marketing Management

The art and science of choosing target markets and building profitable relationships with them.

The Marketing Mix

The four p's: product, price, promotion and place. Tool used to promote marketing strategy.

The Marketing Process

Understand consumers -> create customer value -> construct an integrated marketing process that does that -> build strong customer relationships -> capture values from customers to create customer equity

Marketing Myopia

The mistake of paying more attention to the specific product a company offers than to the benefits produced by these products.

Marketing

Process by which companies create value for customers and build strong customer relationships.

Growth-Share Matrix

A portfolio planing method that evaluates a company's strategic business units (SBUs) in terms of market growth and relative market share.

Strategic Planning Process

Defining the company mission -› setting company objectives and goals -> designing the business portfolio -> planning marketing and other functional strategies

Customer Equity

The total combined customer lifetime values of all the company's customers.

Customer Lifetime Value

The values of the entire stream of purchase a customer makes over a lifetime of patronage (lose the customer once, you lose them for life)

Consumer-Generated Marketing

Brand exchanges created by consumers themselves - both invited and uninvited - by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers

Marketing Segmentation

Is the division of distinct groups in a market who have different needs, characteristics or behaviors and who might require separate products or marketing programs.

Target Marketing

Evaluating each market segment's attractiveness and selecting one or more segments to enter.

Needs, Wants, Demands

Needs = States of felt deprivation

Wants = Human needs shaped by culture and individual personality Demands = Human wants that are backed by buying power

Marketing Segment

Consists of consumers who respond in a similar way to a given set of marketing efforts

SWOT Analysis

(S)trength (W)eakness (O)Opportunities (T)hreats

Market Penetration

Company growth by increasing sales of current products to current market segments without changing the product.

Diversification

Company growth through starting up or acquiring business outside the company's current products and markets.

Value Proposition

Is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

Marketing Information System (MIS)

People and procedures dedicated to assessing information needs, developing the needed info, and helping decision makers to use the info to generate and validate actionable customer and market insights.

Marketing Department Organizations

Functional, geographic, product management, market and customer management.

Customer Insights

Fresh understanding of customers and the marketplace derived from marketing information that become the basis for creating customer values and relationships.

CRM Touch Points

Customer Purchases, Sales Force contacts, Service and Support Calls, Web and Social media sites, Marketing Research Studies, Credit and payment interactions, satisfaction Surveys

CRM

Customer Relationship Management = The overall process of building and maintaining profitable customer relationships by delivering superior customer values and satisfaction

Internal Databases

Electronic collections of consumer and market information obtained from data sources with the company network.

Competitive Marketing Intelligence

The systematic collection and analysis of publicly available info about consumers, competitors and development in the marketing environment.

Exploratory Research

Marketing research to gather preliminary info that will help define problems and suggest hypothesis

Marketing Research

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Casual Research

Marketing Research to test hypotheses about cause-and-effect relationship.

Descriptive Research

Research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.

Secondary Data

Info that already exists somewhere, having been collected for another purpose.

Survey Research

Gathering primary data by asking people questions about their knowledge, attitudes, preferences and buying behavior.

Experimental Research

Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related & factors, and checking for differences in group responses.

PRM

Partner Relationship Management = Involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers.

Ethnographic Research

A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environment."

Observational Research

Gathering Primary data by observing relevant people, actions and situations.

Focus Group Interviewing

Personal interviewing that involves inviting 6-10 people to gather for a few hours with a trained interviewer to talk about a product. service, to organization. The interviewer "focuses" the group discussion on important issues.

Online Marketing Research

Collection primary data online though internet surveys, online focus groups, Web-based experiments, or tracking consumers' online behavior.

Sample

A segment of the population selected for marketing research to represent the population as a whole.

Credit

Principle of Marketing Philip Kotler

#marketing #marketingterm #philipkotler #onlinemarketing #targetcustomer #customermarketing