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The Marketing Management Process

Marketing attempts to:
measure and anticipate the needs and wants of a group of customers. respond with a flow of need satisfying goods and services.
marketing decisions involve
targeting those customer groups whose needs are most consistent with the firm’s resources and capabilities,
marketing decisions involve
developing offerings that meet the needs of the target market better than competitors
marketing decisions involve
making its products and services readily available to potential customers
marketing decisions involve
developing customer awareness and appreciation of the value provided by the company’s offerings.
what is marketing?
a social process involving the activities necessary to enable individuals and organizations to obtain what they need and want through exchanges with others and to develop ongoing exchange relationships
corporate strategy
reflects the company’s mission; businesses to pursue, resource allocation, and growth policies
business-level (or competitive) strategy
addresses how the business intends to compete
marketing strategy
decisions about market segments, product line, advertising appeals and media, prices, and partnerships.
a good strategic marketing plan should focus on the 4C’s
company, context, customer, competitors
the controllable elements of a marketing program are the 4Ps
product offering, price, promotion, place
Marketing mix
the combination of controllable marketing variables that a manager uses to carry out a marketing strategy in pursuit of the firm’s objectives in a given target market.
benefit of the marketing system
customers can buy a wide variety of goods from a single source in one transaction, thereby increasing transactional efficiency
benefit of the marketing system
specialization of labor and economies of scale lead to functional efficiency
benefit of the marketing system
the increased transactional and functional efficiency of exchange increases the value for the customer.
a product has greater utility for a potential customer when:
it can be purchased with a min. of risk and shopping time (possession utility), at a convenient location (place utility), at the time the customer is ready to use the product (time utility)
economies of scale
the increase in efficiency of production as the number of goods being produced increases.
economies of scale
typically, a company that achieves economies of scale lowers the average cost per unit through increased production since fixed costs are shared over an increased number of goods.

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