Marketing Management Chapter 1
About this set
Created by:
aigne on July 21, 2011
Subjects:
marketing management 13th ed. wgu
Description:
BKO1/BKA1
Western Governors University (WGU)
Classes:
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41 terms
Terms | Definitions |
|---|---|
 Value Proposition | Set of benefits they offer to customers to satisfy their needs |
| 5 types of needs | Stated Need (in expensive car) Real Need (operating cost, not initial price is low) Unstated Need (expects good service from dealer) Delight Needs (would like dealer to include GPS) Secret Needs (appeal to friends view of buyer) |
| Demands | Wants for specific products backed by ability to pay Companies measure not only how many people want product but also how many willing & able to buy it |
| Wants | Needs become wants when directed to specific objects that might satisfy the need i.e. need food...wants burger and fries with a soda |
| Needs | Basic human requirement i.e. air, food, water, shelter |
| 5 key functions of CMO in leading marketing organization | 1. Strengthen the brand 2. Measure marketing effectiveness 3. Driving new product development based on consumer needs 4. Gathering meaningful customer insights 5. Utilizing new marketing technology |
| Marketing Planning Process (5 steps) | 1. Analyzing marketing opportunities 2. Selecting Target Markets 3. Designing marketing strategies 4. Developing marketing programs 5. Managing marketing effort |
| Metamediaries | assist buyer seamlessly through metamarkets although they are disconnected in physical space i.e. car website buyers pick car site finds lowest price for financing accessories and bargain price also: wedding, home ownership, parenting/baby care |
| Metamarket | cluster of complimentary products/services that are closely related in mind of consumer by spread across diverse set of industries automobile metamarket: car dealers, insurance co., mechanics, parts dealers, magazines, service shops, ads in newspaper, auto sites online |
| Marketspace | Digital (amazon.com ebay.com) |
| Marketplace | Physical (store you shop in) |
| Nonprofit and Governmental Markets | i.e. churches, universities, charitable organizations, government agencies -buyers have limited purchasing power -lower selling prices affect features and quality seller can build into offering -purchase w/bids=lowest most favorable |
| Global Markets | -Which country to enter? -How to enter? (exporter, licenser, joint venture partner, contract manufacturer, solo manufacture) -How to adopt communications for the culture -How to adopt products/services features -How to price Different requirements: buying, negotiating, owning, disposing of property, legal/political system, currency value |
| Business Markets | -Sales force, price, reputation for reliability and quality -Sells goods to well-trained well-informed professional buyers, skilled @ evaluating competitive offerings -Buy goods to make/resell product to others @ profit -Help to higher revenue or lower costs |
| Consumer Markets | -Companies selling mass consumer goods and services must establish superior brand image -Strengths depend on superior product packaging, availability, engaging communications and reliable service |
| Key Customer Markets | Consumer, Business, Global and Nonprofit |
| Market | Collection of buyers and sellers who transact over a particular product or product class i.e. housing market |
| Unwholesome Demand (8 of 8 Demand States) | Consumers may be attracted to products that have undesirable social consequences |
| Overfull Demand (7 of 8 Demand States) | More consumers would like to buy the product than can be satisfied |
| Full Demand (6 of 8 Demand States) | Consumers are adequately buying all products put into marketplace |
| Irregular Demand (5 of 8 Demand States) | Consumers purchases vary on a seasonal, monthly, weekly, daily or even hourly basis |
| Declining Demand (4 of 8 Demand States) | Consumers begin to buy the products less frequently or not at all |
| Nonexistent Demand (1 of 8 Demand States) | Consumer may be unaware/uninterested in the product |
| Negative Demand (2 of 8 Demand States) | Consumers dislike product and may even pay a price to avoid it |
| Latent Demand (3 of 8 Demand States) | Consumers may share a strong need that cannot be satisfied by an existing product |
| Prospect | Party who marketers seek response from |
| Marketer | Someone who seeks a response (attention, donation, vote, purchase) from another party |
| Task environment (examples) | The company, suppliers, distributors, dealers and target customers |
| Marketing Environment | Consists of two environment; task environment and broad environment |
| Task Environment | actors engaging in producing distributing and promoting the offer |
| Supplier Group | Material suppliers/Service suppliers ex: market research agencies, advertising agencies, banking and insurance companies, transportation companies, telecommunication companies |
| Distributors and Dealers | Agents, brokers, manufacturer representatives and others who facilitate finding/selling to customers |
| Broad Environment | Demographic, Economic, Physical, Technological, Political-to-Legal and Social-Cultural Environments |
| Network information technology | digital revolution created an Information Age. Will lead to more accurate levels of production, more targeted communications and more relevant pricing |
| Globalization | Advances in transportation, shipping and communication have made it easier for companies to market in other countries, and easier for consumers to buy products and services from markets in other countries |
| Deregulation | Deregulate industry to create greater competition and growth opportunities (US loosened laws restricting financial services, telecommunications, electric utilities to encourage competition) |
| Privatization | Converting public companies to private ownership and management to increase their efficiency (such as British Airways and British Telecom in the UK) |
| Heightened competition | intense competition |
| Industry convergence | ... |
| Consumer resistance | ... |
| Retail transformation | ... |
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