Marketing Management Study Guide Essay
A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. ” “Managing profitable customer relationships”. Creating, delivering, and communicating superior customer value Evolution: Production (none), sales (one way, marketing (two way) What can be marketed: Goods, Services, Places, Persons, Ideas, Events, Organizations, Information, Experiences. Make Myopia: Focusing on short-term profits instead of long-term customer relationships.
CLC. NAP of all profits over lifetime of customer. Needs: Basic human requirements. Become wants when directed to specific objects. Demands wants for specific products Segmentation: distinct, operational, profitable. Bases and profiles. Demographics (Value and Lifestyles (VAL’S)), industrial markets. Motivation and resources. Benefits sought Market segmentation: niche, local, individual. Targeting: develop measures. Single segment, product specialization, market, full market coverage. Positioning: met mix. Co’s: Customer, company, competition AS: Price, Promotion, Place(distribution), Product (lifestyle) Profit Impact = (Unit Contribution x Units Sold) – Fixed Costs Value Proposition: Net value= total benefits – total costs. Making a decision: Conjunctive(good at everything), Lexicographic (best at what matters most), Disjunctive (really good at something) Multi-dimensional scaling (MEDS) a perceptual map. Identify attributes. Links segmentation and targeting/ positioning Conjoint Analysis: Uses real decisions to infer the
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Anchoring. Marketers should be aware that consumer perceptions & decision processes are often biased Economic Value to the customer (PVC): Compared to reference product, includes savings and incremental value. Competitive advantage and customer inducement. Variables: intensity of product usage, geographical scope, business growth, nature of the application. Expansion of PVC: reduce lifestyle cost, functional redesign, intangibles. Buying decision process: problem recognition, information search, evaluation of alternatives, purchase decision, postprocessor behavior.
Buying center: initiators, users, influences, deciders, approvers, buyers, gatekeepers. Make myopia mitts: Growth is assured by expanding population,