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Art and Science of Marketing, Benjamin - Coggle Diagram
Art and Science of Marketing
Marketing
The process of creating value for customers and building relationships with those customers in order to capture value back from them
Place marketing
Cause-related marketing
Role of Marketing
Needs & wants
Exchanges & transactions
Utility
Form
Time
Place
Possession
Marketing Concept
Relationship marketing
Customer loyalty
The Selling Concept
Factory
Existing products
Selling and promoting
Profits through sales volume
The Marketing Concept
Market
Customer needs
Conversational communication
Profits through customer satisfaction
Challenges in Contemporary Marketing
Involving the customers in the marketing process
Customer Relationship Management (CRM)
Social commerce
Making data-driven marketing decision
Marketing research
Obervation
Surveys
Interviews
Focus groups
Marketing with greater concern for ethics and etiquette
Permission-Based Marketing
Stealth Marketing
Consumer/Customer
Consumer market
Organizational market
Marketing Research Techniques
Observation
Surveys
Interviews and focus groups
Process data collection
Experiments
Ethnographic research
Neuromarketing studies
The Consumer Decision Process (Text pg.351)
Purchase Influences
Culture
Socioeconomic level
Reference groups
Situational factors
Self-image
The Organizational Customer Decision Process
An emphasis on economic payback and
other rational factors
A formal buying process
Greater complexity in product usage
The participation and influence of multiple
people
Close relationships between buyers and
sellers
Identifying Market Opportunities
Strategic Marketing Planning
Process
Examine current marketing situation
Assess opportunities and set objectives
Develop marketing strategy
Pursuing Market Opportunities
Market Penetration (Lowest risk)
Product Development
Market Development
Diversification (Highest risk)
Crafting a Marketing Strategy
Marketing Mix
Products
Pricing
Distribution
Customer communication
Market Segmentation
Demographics
Psychographics
Geographic segmentation
Behavioral segmentation
Positioning Strategy
Target Markets
Undifferentiated marketing
Differentiated marketing
Concentrated marketing
Individualized marketing
Benjamin