Principles Of Makrketing by https://padlet.com/elliemacdonald/4vgkjcixqpkhphki Made with eyes on the prize en-us 2020-11-07 12:48:23 UTC 2020-11-09 18:37:43 UTC hello@padlet.com What is marketing? elliemacdonald https://padlet.com/elliemacdonald/4vgkjcixqpkhphki/wish/905408149
  • Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. 
  • Companies knowing customers and knowing how to create value for the customer. Good customer relationships enable companies to capture value and retain income. 

    • Needs and wants of the marketplace
    companies use real user experiences (mystery shopper etc) to understand improvements and know where they are going wrong. This leads to higher customer satisfaction. 

    Market Offerings 
    what the company offers the customer (a combination of product/service/experience with communication, distributions and price)

    very important that the customer focuses on the benefits and experiences of the market offering provides and does not suffer from marketing myopia(when the company gets too focused on their products rather than the customer.)


    Designing a customer driven marketing strategy
    A brands value proposition is the set of benefits and values it promises to deliver to customers to satisfy their needs.

    Different business concepts and orientations

    Production orientation
    >     lots of products at cheap price
    > have to sell lots to make profits
    > not a wide range of products

    Product orientation
    >     lots of research and development
    > makes best product on the market
    > high quality product = higher price

    Sales Orientation
    > sell what is produced
    > consumer needs to be persuaded to buy
    > aggressive sales and promotion
    > profit through high volume

    Marketing orientation
    > focus on customer needs
    > closer to customers
    > profit through customer satisfaction
    > philosophy for whole organisation

    Societal marketing orientation
    The companies marketing decisions should consider  consumer wants, the companies requirements, consumer long run interests and societies long run interests.


    Designing an integrated marketing programme

    product
    >     new product development
    > product management
    > goods and extras
    > range, features and styles
    > branding
    > packaging
    > after sales service

    price
    > costs
    > profitability
    > value for money
    > competitiveness
    > product worth to customer
    > choice/quality

    Promotion
    > advertising
    > sales promotion
    > personal selling
    > public relations
    > direct marketing

    Place
    > access to target market
    > distribution channels
    > retailer image
    > logistics
    > internet
     
    an effective marketing mix - 
    - creates competitive advantage 
    - matches corporate resources 
    - well balanced 
    - matches customer needs 
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