Chapter 1 Marketing

Chapter 1 Marketing

• Marketing is the process companies use to create value for customers, building strong relationships to capture value in return.
• It involves having the right product, price, place, and promotion.
• Activities involve moving goods/services from concept to customer.
• Delivering customer satisfaction profitably.
• Marketing involves cultivating relationships with customers, adding value to goods/services.
• Two views of marketing: Old (telling/selling) and New (customer relationships).
• Marketing's process: Determine needs/wants, design customer strategies, build relationships, delight customers, capture value for profit.
• Markets are the set of actual and potential buyers of a product.
• Marketing management is the art/science of choosing target markets & building profitable relationships with them.
• Value proposition is the set of benefits/values a company delivers to satisfy customer needs.
• The 4 Ps of Marketing are Product, Price, Promotion, and Place.

Chapter 2 Marketing Process

• Understanding the marketplace and customer needs (needs, wants, demand).
• Needs are states of deprivation.
• Wants are shaped by culture and personality.
• Demand is backed by purchasing power.
• Market offerings combine products, services, info., or experiences to address needs/wants.
• Marketing Myopia is focusing on existing wants and overlooking underlying needs.
• Designing a customer-driven strategy involves segmenting the market, targeting attractive segments, positioning the product to stand out.
• Marketing management orientations include production, product, selling, marketing, and societal concepts.
• Preparing an integrated plan and program is essential for marketing success (e.g., defining target market segments).

Chapter 3 SWOT Analysis

• SWOT analysis is used to evaluate a company's position relative to competition.
• Strengths and weaknesses are internal factors, while opportunities and threats are external.
• Strengths are resources and capabilities for competitive advantages.
• Weaknesses are characteristics that disadvantage a firm.
• Opportunities are potential threats/external events with positive outcomes.
• Threats are external events with negative outcomes.
• Customer relationship management (CRM) is essential for building and maintaining profitable relationships through delivery of superior value and customer satisfaction.
• Customer perceived value is the difference between total customer value and total customer cost.
• Customer satisfaction is measured by how well product performance matches customer expectations.
• Customer Lifetime Value is the value of future purchases from a customer.
• Share of customer is a portion of the customer's spending within specific categories.
• Customer equity is the total value of all the company's customers.

Chapter 4 Consumer Behavior

• Consumer behavior involves buying needs of final consumers for personal consumption.
• Consumer markets are individuals buying goods/services for personal use.
• Marketers study age, income, education, and taste preferences of different consumer groups.
• Consumer behavior shows the various stages of the buying process (need-recognition; information search; evaluation of alternatives; purchase decision; post-purchase behavior).
• Buyer characteristics influence how customers perceive and react.
• Roles in the buying process include initiator, influencer, decider, gatekeeper, buyer, and user.
• Consumer responses to marketing stimuli are crucial for understanding customer purchasing behavior.
• Economic, technological, political, and cultural factors in a buyer's environment influence their perceptions.
• External environmental stimuli (e.g. economic factors) and internal factors (such as motivation and perception) influence our consumer actions.