prelim 1 study guide - Prelim Study Guide What is marketing...

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Prelim Study Guide: What is marketing? - Bulk of what marketers do is to try and understand their customers - “Marketing is an organizational function and set of processes for crating, communication and delivering value to customers and for managing customer relationships that benefit the organization and its stakeholders.” o Def has changed in the last few years o Traditionally about creating demand and it is the marketers job to sell it, but more recently there is more concerned about what happens after, regarding creation of relationships (making sure there is satisfaction, word of mouth advocates) o More recently about understanding a long term relationship with customers o About exchanging value of product or service - Marketing function is answering: o Who are out customers o What are their needs and wants o How can we satisfy the needs and wants more effectively and efficiently than that competition King Customer - “Today, the customer is king. Satisfying the customer is a priority in most businesses…” o Can’t satisfy all customers, you want to satisfy the customers that make you the most money—the profitable customers o Marketing is about choosing the ones you want/can satisfy, and making sure they are profitable The marketing Process - Take a mass market - Go through the process of chopping the market up to segment customers to target o By demographics o By lifestyle o Behavioral characteristics o And other variables… - Decide which ones to target - Develop marketing mix, by the for P’s o Choose a product o Determine a price o Place a product—distribution strategies o Promote product - Differentiate the offer o Communicate how your offer is different from competition o Positioning strategy
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- Need to be careful about your own assumptions Target Marketing Challenges - What percentage of the US household Population is like mine? o Total pop in US= 300 million o Total households: 106 million o Totally families: 75 million o Married couple families with kids under 18: 25 million o Husband only works, kids under 18: 17 million - Traditionally marketing was toward the nuclear family o Except research shows that the number of households that fit that demographic is very small—4% o Demographic growth in other types of households - Strategy decision areas organized by the Four P’s o Product—physical goods, services, features o Place—objectives, channel type, market exposure o Promotion—objectives, blend, salespeople o Price—objectives flexibility, lever over PLC, geographic terms Core Marketing Concepts - Needs, wants, and demands o Needs are the states of felt deprivation o The want is the thing that satisfies the need o Needs that are influenced by buying power are called demand Have the resources to make the purchase (money) - Me all may have similar needs, but there are differences based on certain factors that change the way we want/ actually satisfy them o Culture, social groups, psychology o How do you chose to transfer a need into a want?
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