MKT 405 Study Guide

MKT 405 Study Guide - Study Guide-Marketing 405 Chapter 1...

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Unformatted text preview: Study Guide-Marketing 405 Chapter 1 I. What is Marketing- AMA American Marketing Association- Marketing The activity set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients partners, and society at large.- Exchange central concept in marketing use of the basic marketing activities to create and sustain relationships with customers Marketing Focuses on Relationships and Value- Value is the customers perception of all of the benefits of a product or service weighed against all costs of acquiring and consuming it- Relationship Marketing involves creating, maintaining, and enhancing long-term relationships with individual customers as well as other stake-holders for mutual benefit- Mass Customization company can make a product or deliver a service in response to a particular customers needs in a cost-effective way- Customer Relationship Management (CRM) systematic tracking of consumers preferences and behaviors and modifying the product or service offer as much as much as possible to meet individual needs The Marketing Mix- Marketing Mix elements product, price, place (distribution), promotion II. Integrated Marketing Communications Evolution of IMC- IMC coordinating the various promotional elements and other marketing activities that com municate with a firms customers- American Association of Advertising Agencies IMC a concept of marketing communications planning that recognizes the added value of a comprehensive plan that evaluates the strategic roles of a variety of communication disciplines for example, general advertising, direct response, sales promotion, and public relations and combines these disciplines to provide clarity, consistency, and maximum com munications Contemporary Perspective of IMC- Don Schultz notes that his definition reflects the increasing emphasis that is being places on the demand for accountability and measurement of the outcomes of marketing com munication programs as well as marketing in general Reasons for the Growing Importance of IMC- Generation Y those born between 1979 and 1994 very skeptical of traditional advertising- Major characteristics of marketing revolution o Shifting of marketing dollars from media advertising to other forms of promotion o Movement away from relying on advertising focused approaches, which emphasize mass media such as network television and national magazines, to solve com munication problems o Shift in marketplace power from manufacturers to retailers o Rapid growth and development of database marketing o Demands for greater accountability from advertising agencies and changes in the way agencies are compensated o Rapid growth of the Internet, which is changing the very nature of how companies do business and the ways they com municate and interact with consumers Role of IMC in Branding- Brand Identity name, logo, symbols, design, packaging, and performance of...
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MKT 405 Study Guide - Study Guide-Marketing 405 Chapter 1...

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