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TULANE / Marketing / MKTG 3010 / basic marketing terms

basic marketing terms

basic marketing terms

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Marketing - creating value for the customersDon't forget about the age old question of nonforensically

If you want to learn more check out What is the process of determining who gets what, when, and how?

The narrow view of marketing: telling and sellingIf you want to learn more check out What is the definition of sampling?

        ↪think longer commercial “Call Now”

The new sense of marketing: engaging customers, satisfying their needs, building customer relationships ↪ think short commercialWe also discuss several other topics like sliding filament theory simplified

Out definition : the process by which companies engage customers. Build customer relationships, and create customer value in order to capture value from the customer in return.

Marketing Process Don't forget about the age old question of How do neuroscientists talk about our brain and mind?

  • Understanding the marketplace and customer needs and wants.
  • Design a customer value driven marketing strategy.
  • Construct an integrated marketing process that delivers superior value.
  • Engage customers, build profitable relationships and create customer delights.
  • Capture value from the customer to create profit and customer equity.

                        123 and 4 = create value.If you want to learn more check out What are needed in order to create customer relationships and value through marketing?

                        5 = capture value.

Needs and wants:

Needs: states of felt deprivation.

  • Marketers cannot create needs.

Wants: the form needs to take as they are shaped by culture and individual personality.

  • Marketing can create wants.

Demand: human wants that are backed by buying power.

Market offerings: some combination of product, services, info, or experiences offered to a market to satisfy a need or want.

Marketing myopia: the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

Market: the set of all actual and potential buyers of a product or service.

5 Cs of Marketing:

  • Customer
  • Company
  • Competitors
  • Collaborators
  • Context / climate

Understanding the Marketplace.

  • Marketing management: the art and science of chasing target markets and building profitable relationships w/ them.

  1. What customers will we serve? →segmentation, targeting.
  2. How can we serve these customers best?
  1. differentiation(make our offering different than competitors)
  2. positioning.

  • Value proposition:
  • It is not to just think about what customer need
  • We need to create and communicate what our company has to offer in a customer - centered way: what is the value our company provides.

Value proposition: a short statement that explains how a product solves a customers problem or improves their situation

  • Communicates specific benefits
  • Tell customers why they should buy from us.
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