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Unformatted text preview: Marketing Study Guide Chapters 1-9, 11-14 Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return Marketing Concept: the marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do o know your target market & be able to satisfy your needs better than the comp. o outside-in perspective; customer department (no mktg dept.) o CUSTOMER DRIVEN Customer Satisfaction: the extent to which a products perceived performance matches a buyers expectations o Promising only what you can deliver, then delivering more then you promise Relationship Marketing: frequency/club marketing programs, basic relationships (companies w/ many low-margin customers), full partnerships (few customers and high margins) Macrenvironment: demographic, economic, natural, technological, political, cultural forces Microenvironment: the company, suppliers, marketing intermediaries, customer markets, competitors, and publics Market segmentation: dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behaviors and who might require separate products or marketing programs Target marketing: the process of evaluating each market segments attractiveness and selecting one or more segments to enter Market Segmentation Approaches: geographic, demographic (age and life-cycle, gender, income), psychographic, behavioral (occasions, benefits sought, user status, usage rate, loyalty status) Marketing Mix: Product (customer solution), Price (customer cost), Place (convenience), Promotion (communication) Strategic Business Plan: integrator of the companys vision and mission- link to the overall company (multiple years) Strategic marketing plan: annual, objectives & strategies (grow Poland Springs sales revenue by $100 million vs. last year, by end of 2008) Market Objective: Grow Poland Springs sales revenue by $100 million vs. last year, by end of 2008; Grow (Product) (whats growing) by (magnitude) vs. (compared to time) by (when) MKT Segmentation Identify bases for segmenting the market Develop segment profiles Target MKTG Develop measure of segment attractiveness Select target segments MKT Positioning Develop positioning for target segments Develop a mktg mix for each segment o Things to grow: market share, sales volume/revenue, profit SWOT : Strengths/Weaknesses (Internal), Opportunities/Threats (External) BCG Model : Stars (high growth, high share), Cash cows (low growth, high share),...
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This test prep was uploaded on 04/10/2008 for the course MKTG 290 taught by Professor Zeno during the Fall '08 term at Ramapo.
- Fall '08