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WHAT IS MARKETING? - Coggle Diagram
WHAT IS MARKETING?
simplified marketing research process consists of at least four key steps
Defining the question
Collecting research data
Analyzing the research data
Choosing the best solution and implementing it
A product is any physical good, service, or idea that satisfies a want or need, plus anything that would enhance the product in the eyes of consumers, such as the brand name
Test marketing is the process of testing products among potential users
brand name is a word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors
Promotion consists of all the techniques sellers use to inform people about and motivate them to buy their products or services
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
the activities buyers and sellers perform to facilitate mutually satisfying exchanges.
Today, much of marketing is instead about helping the buyer buy
The Evolution of Marketing
United States has passed through four eras: (1) production, (2) selling, (3) marketing concept, and (4) customer relationship
The Production Era
They needed to produce more and more, so their goals centered on production
The Selling Era
Most companies emphasized selling and advertising in an effort to persuade consumers to buy existing products
The Marketing Concept Era
A customer orientation. Find out what consumers want and provide it for them.
A service orientation. Make sure everyone in the organization has the same objective: customer satisfaction
A profit orientation. Focus on those goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs
The Customer Relationship Era
is the process of learning as much as possible about present customers and doing everything you can over time to satisfy them
new era is emerging: mobile/on-demand marketing
As digital technology continues to grow, consumer demands are likely to rise in four areas
Now. Consumers want to interact anywhere, anytime.
Can I? They want to do new things with different kinds of information in ways that create value for them
Simple. Consumers expect all interactions to be easy.
for me. Consumers expect all data stored about them to be used to personalize what they experience
THE MARKETING MIX
marketing people do four factors
Product
Price
Place
Promotion
Managing the controllable parts of the marketing process
designing a want-satisfying product
setting a price for the product
putting the product in a place where people will buy it
promoting the product
marketing research, marketers analyze markets to determine opportunities and challenges, and to find the information they need to make good decisions