Description
Goal-oriented, integrated philosophy practiced by producers of goods and services that focuses on satisfying the needs of consumers over the needs of the producing company.
Marketing: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large. Few Marketing Concepts: 1. Consumer Resistance Avoiding of products y consumers if they feel overmarket. 2. Disintermediation: Changing the traditional flow in the market Example: “brick and click” retailers adding online services to their existing offerings. 3. Holistic marketing: HMC (holistic marketing concept) is based on t he development, design and implementation of marketing programs processes and activities that recognizes their breadth and interdependencies. It includes four broad concepts: a) Relationship marketing b) Integrated marketing c) Internal marketing d) Performance marketing 4. Concept of value chain Inbound logistics ---- operations -----Outbound logistics-------marketing and sales--------services 5. Core Competencies: It refers to areas of special technical and production expertise, distinctive capabilities describes excellence in broader business process. Characteristics: a) It is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits. b) It has application in a wide variety of markets. c) It is difficult for competitors to imitate. 6. MIS: Management information system MIS has three components: a) Internal record system It is an internal record system, which includes information relating to order to payment cycle and sales information system. b) Marketing intelligence system: A set of procedures and sources used by managers to obtain everyday information about pertinent development in the marketing environment and, c) Marketing research system:
That allows for the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation. 7. Value proposition: Value proposition consists of the whole cluster of benefits the company the company promises to deliver, it is the additional value then core positioning gives. 8. Value delivery system: Includes all the experiences the customer will have on the way of obtaining and using the offering. 9. Mental accounting Refers to the way consumer code, categorize and evaluate financial outcomes of choices. 10. Brand equity: Brand equity is added value endowed on products and services. It may be reflected in the way consumers think, feel and act with respect to the brand, as well as in the prices, market share, and profitability the brand commands for the firm. 11. Brand audit Brand audit is the consumer – focused series of procedures to access the health of the brand, uncover its sources of brand equity and suggest ways to improve and leverage its equity. 12. Brand portfolio : Brands can also play a number of specific roles as a part of a portfolio. a) Flankers : Flanker or fighter brands are positioned with respect to competitors brand so that more important and more profitable brands can retain their desired positioning. b) Cash cows: Some brands may be kept around despite dwindling sales because they still manage to hold on to enough customers and maintain their profitability with virtually no marketing support. c) Low end entry level: The role of relatively low-priced brand in the portfolio often may be to attract customers to the brand franchise. These are traffic builders because they are able to tradeup customer to a high-priced brand. d) High end prestige: The role of a relatively high-priced brand often is to add prestige and credibility to the entire portfolio. 13. Cross marketing: (marketing cooperation) When two companies work together to promote each other is called cross marketing. In this company find product and services that complement the company’s product, and work with companies that provide them to promote their offerings and companies simultaneously.
14. Cross selling: It can be defined as action or practice of selling among or between established clients, markets traders etc. or that of selling an additional product and services to an existing customer. Examples: credit card companies, banks, travelling companies etc. 15. Up-selling: It is a sale technique whereby a salesperson induces the customer to purchase more expensive items, upgrade or other add-ons in an attempt to make a more profitable sale. Example: raising charity for NGOs.
doc_490058049.docx
Goal-oriented, integrated philosophy practiced by producers of goods and services that focuses on satisfying the needs of consumers over the needs of the producing company.
Marketing: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large. Few Marketing Concepts: 1. Consumer Resistance Avoiding of products y consumers if they feel overmarket. 2. Disintermediation: Changing the traditional flow in the market Example: “brick and click” retailers adding online services to their existing offerings. 3. Holistic marketing: HMC (holistic marketing concept) is based on t he development, design and implementation of marketing programs processes and activities that recognizes their breadth and interdependencies. It includes four broad concepts: a) Relationship marketing b) Integrated marketing c) Internal marketing d) Performance marketing 4. Concept of value chain Inbound logistics ---- operations -----Outbound logistics-------marketing and sales--------services 5. Core Competencies: It refers to areas of special technical and production expertise, distinctive capabilities describes excellence in broader business process. Characteristics: a) It is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits. b) It has application in a wide variety of markets. c) It is difficult for competitors to imitate. 6. MIS: Management information system MIS has three components: a) Internal record system It is an internal record system, which includes information relating to order to payment cycle and sales information system. b) Marketing intelligence system: A set of procedures and sources used by managers to obtain everyday information about pertinent development in the marketing environment and, c) Marketing research system:
That allows for the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation. 7. Value proposition: Value proposition consists of the whole cluster of benefits the company the company promises to deliver, it is the additional value then core positioning gives. 8. Value delivery system: Includes all the experiences the customer will have on the way of obtaining and using the offering. 9. Mental accounting Refers to the way consumer code, categorize and evaluate financial outcomes of choices. 10. Brand equity: Brand equity is added value endowed on products and services. It may be reflected in the way consumers think, feel and act with respect to the brand, as well as in the prices, market share, and profitability the brand commands for the firm. 11. Brand audit Brand audit is the consumer – focused series of procedures to access the health of the brand, uncover its sources of brand equity and suggest ways to improve and leverage its equity. 12. Brand portfolio : Brands can also play a number of specific roles as a part of a portfolio. a) Flankers : Flanker or fighter brands are positioned with respect to competitors brand so that more important and more profitable brands can retain their desired positioning. b) Cash cows: Some brands may be kept around despite dwindling sales because they still manage to hold on to enough customers and maintain their profitability with virtually no marketing support. c) Low end entry level: The role of relatively low-priced brand in the portfolio often may be to attract customers to the brand franchise. These are traffic builders because they are able to tradeup customer to a high-priced brand. d) High end prestige: The role of a relatively high-priced brand often is to add prestige and credibility to the entire portfolio. 13. Cross marketing: (marketing cooperation) When two companies work together to promote each other is called cross marketing. In this company find product and services that complement the company’s product, and work with companies that provide them to promote their offerings and companies simultaneously.
14. Cross selling: It can be defined as action or practice of selling among or between established clients, markets traders etc. or that of selling an additional product and services to an existing customer. Examples: credit card companies, banks, travelling companies etc. 15. Up-selling: It is a sale technique whereby a salesperson induces the customer to purchase more expensive items, upgrade or other add-ons in an attempt to make a more profitable sale. Example: raising charity for NGOs.
doc_490058049.docx