Marketing Management, Exam Cheat Sheet

Marketing Management - cheat sheet Definition of marketing: Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders -American Marketing Association (2004). New assumptions: “Connect and collaborate”, not “command and control”. Market as forum for cocreation of experiences. Customers and partners as co-creators of value, Value-centric processes .“Sense and respond”, not “make and sell”. Opportunities for scaling up: Engagement Marketing, Evangelism Marketing, Word of mouth Marketing. Marketing Concept holds that the key to achieving its organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating superior customer value to its chosen target markets (Kotler & Keller 2006: 19) Company orientations toward the marketplace: production concept >widely available and inexpensive products. Product concept >offer the most quality, performance, or innovative features. Selling concept> selling more products to more people more often for more money. Marketing concept>The purpose is not to find the right customers for your products, but the right products for your customers. Customer concept> individual offers, services, and messages for each customer. Marketing Management (phases) ANALYSIS: Demand analysis, Competitive analysis, Market research> STRATEGY: Segmentation, Targeting, Positioning> IMPLEMENTATION: product management, pricing, distribution (sales & channel management), communication. Demand analysis > qualitative customer value chain↓ Stages of the buying decision process → Mapping desired benefits↓

Levels of arousal: Heightened attention> the person become more receptive to information about a product. Active information search> the person looks for reading material, calls friends, and visits stores to learn more about a product.