Defined as an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
It is physical, such as a store you shop in.
It is digital, as when you shop on the Internet.
The sum of the perceived tangible and intangible benefits and costs to customers. It's primarily a combination of quality, service, and price ("qsp"), called the "customer value triad."
They deliver and receive messages from target buyers.
Used to display, sell, or deliver the physical product or service(s) to the buyer or user.
Used to carry out transactions with potential buyers.
Includes the actors engaged in producing, distributing, and promoting the offering.
Consists of six components: demographic environment, economic environment, physical environment, technological environment, political-legal environment, and social-cultural environment.
Consists of the company and its supporting
stakeholders—customers, employees, suppliers, distributors, retailers, ad agencies, university scientists, and others—with whom it has built mutually profitable business relationships.
The Four Ps of marketing
Product, price, place, and promotion.
It is the task of hiring, training, and motivating able employees who want to serve customers well.
It incorporates performance marketing and understanding the returns to the business from marketing activities and programs, as well as addressing broader concerns and their legal, ethical, social, and environmental effects
Societal marketing concept
Holds that the organization's task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer's and society's long-term well-being.
Is the act of designing the company's offering and image to occupy a distinctive place in the minds of the target market.
The products or sets of products with which a brand competes and which function as close substitutes.
Are attributes or benefits consumers strongly associate with a brand, positively evaluate, and believe they could not find to the same extent with a competitive brand.
Are associations that are not necessarily unique to the brand but may in fact be shared with other brands. These types of associations come in two basic forms: category and competitive.
Are associations consumers view as essential to a legitimate and credible offering within a certain product or service category.
Are associations designed to negate competitors' points-of-difference.
Three main ways to convey a brand's category membership
1. Announcing category benefits
2. Comparing to exemplars
3. Relying on the product descriptor
Levels to anchor the brand's points-of-differences
1. Brand attributes
2. Brand benefits
3. Brand values
Is a company's ability to perform in one or more ways that competitors cannot or will not match.
Os one that a company can use as a springboard to new advantages, much as Microsoft has leveraged its operating system to Microsoft Office and then to networking applications.
Companies can have better-trained employees.
Companies can more effectively and efficiently design their distribution channels' coverage, expertise, and performance.
Companies can craft powerful, compelling images.
Is often a characteristic of small kitchen appliances such as handheld mixers and bread makers.
Often describes the sales of new drugs.
Is when sales pass through a succession of life cycles based on the discovery of new-product characteristics, uses, or users.
Is a basic and distinctive mode of expression appearing in a field of human endeavor.
Is a currently accepted or popular style in a given field.
Are fashions that come quickly into public view, are adopted with great zeal, peak early, and decline very fast.
Types of industry leaders
2. Product pioneer
3. Market pioneer
Divides into three phases: growth, stable, and decaying maturity.
Aims at adding new features such as size, weight, materials, additives, and accessories that expand the product's performance, versatility, safety, or convenience.
Aims at increasing the product's esthetic appeal.
Markets evolve through four stages