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CHAPTER 1 & 2 (CHAPTER 2 ((DOG: low market share and is in a low rate…
CHAPTER 1 & 2
CHAPTER 2
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CASH COW: low-growth, high share business/products
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A MISSION STATEMENT = short statement of why an organization exists, what its overall goal is, identifying the goal of its operations, what kind of product or service it provides, its primary customers or market, and its geographical region of operation
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MARKETING DEFINITON:FIRMS CREATING VALUE AND BUILD STRONG CUSTOMER RELATIONSHIPS TO CAPTURE CUSTOMER VALUE
MARKETING PROCESS
- Understand the marketplace and customer needs and wants
- Design a customer-driven marketing strategy
- Construct an integrated marketing programme that delivers superior value
- Build profitable relationships and create customer delight
- Capture value from customers to create profits and customer equity
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MARKET OFFERING: combination of products, services, information or experiences offered to satisfy a need or want
MARKETING MYOPIA: mistake made by marketers by focusing more on product than benefits and experiences produced by the product
5 PHILOSOPHIES
THE PRODUCTION CONCEPT = consumers favour accessible, highly affordable products
THE PRODUCT CONCEPT = consumers favour products that offer quality, performance and innovation
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THE MARKETING CONCEPT = firms should deliver on the needs and wants of target markets better than competitors
THE SOCIETAL MARKETING CONCEPT =balancing business profits, consumer wants and society’s interests
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PREPARING AN INTEGRATED MARKETING PLAN AND PROGRAMME - build customer relationships by transforming the marketing strategy into action
MARKETING MIX = product (satisfies a customer need), price (how much to charge for the offer), place (how the offer will be made available to the consumer) and promotion (how to communicate with customers and persuade them of the merits of the product)z
CUSTOMER RELATIONSHIP MANAGEMENT (CRM) = process of building and maintaining profitable customer relationships by delivering superior customer value (customers will buy from the firm that offers the highest customer perceived value) and satisfaction (the extent to which the perceived performance of a product matches the customer’s satisfaction)
CUSTOMER LOYALTY AND RETENTION = delighted customers remain loyal and talk favorably about the firm and its products
GROWING SHARE OF CUSTOMER = this is an increase in the portion of a customer’s purchasing in the firm’s product categories
CUSTOMER EQUITY = this is the combined discounted customer lifetime values of all the firm’s current and potential customers; the more loyal the firm’s profitable customers, the higher the customer equity
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BUSINESS PORTFOLIO = company's set of investments, holdings, products, businesses and brands
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MARKET PENETRATION = measure of the amount of sales or adoption of a product or service compared to the total theoretical market for that product or service
MARKET DEVELOPMENT = growth strategy that identifies and develops new market segments for current products
A DIVERSIFICATION STRATEGY = the strategy that an organization adopts for the development of its business
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DOWNSIZING = reduction in organizational size and operating costs implemented by management in order to improve organizational efficiency, productivity, and/or the competitiveness of the organization
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