Foundation of Marketing Peregrine Global
Marketing - answerMarketing is an exchange between a firm and its customers.
The company offers benefits to its customers and seeks profits.
Why is Marketing Important? - answerMarketing is the business; it should permeate the
entire organization. Market...
Marketing - answer✔✔Marketing is an exchange between a firm and its customers.
The company offers benefits to its customers and seeks profits.
Why is Marketing Important? - answer✔✔Marketing is the business; it should permeate the
entire organization. Marketing and customer satisfaction is everyone's responsibility to maintain
those relationships
American Marketing Association - answer✔✔define marketing as "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.
Classical marketing - answer✔✔is a philosophy which guides the attitude of everyone in a firm
to stimulate and satisfy the needs and wants of every customer.
Competitive marketing - answer✔✔a strategy involves product strategy, pricing strategy,
integrated marketing communications, channels, and logistics strategy. It needs to offer value to
the target market
5 C's - answer✔✔Marketing Framework Part 1
Examining the External Environment
Customers: Who are they? What are they like? Do we want to draw different customers?
Company: What are our strengths and weaknesses? What customer benefits can we provide?
Context: What is happening in our industry that might reshape our future business?
Collaborators: Can we address our customers' needs while strengthening our business to business
(B2B) partnerships?
Competitors: Who are the competitors we must consider? What are their likely actions and
reactions?
This helps marketers assess any business problem or opportunity in terms of a general analysis of
the entire business situation. The customer and company are central players in the marketing
exchange. The context includes the macro-environment: the economy, legal constraints, cultural
differences, and global segments.
STP - answer✔✔Marketing Framework Part 2
Strategic Marketing Planning
Segmentation: Customers aren't all the same; they vary in their preferences, needs, and resources.
Targeting: Attracting some of those customers makes better sense than going after others.
Positioning: Communicate your benefits clearly to your intended customers.
Refers to the fact that businesses or organizations are unlikely to be all things to all people, so it
is best to identify groups or segments of customers who share similar needs and wants. When the
different segments' preferences are understood, then the organization can identify the targeted
segments.
4 P's - answer✔✔Marketing Framework Part 3
Marketing Tactics
Product: Will customers want what your company is prepared to produce?
Price: Will customers pay what you would like to charge?
Place: Where and how will customers purchase your market offering?
Promotion: What can you tell your customers, or do for them, to entice them to purchase?
Then starts marketing efforts, A relationship is developed with that target segment by positioning
products in the marketplace via the questions above
Convenience purchases - answer✔✔Staples (standard, frequently consumed goods such as bread
or gas) and impulse purchases (candy or National Enquirer available near the check-out stand).
(B2C low)
Shopping purchases - answer✔✔Going online to Citysearch.com to find a restaurant and make
reservations when heading out of town. (B2C moderate)
Specialty purchases - answer✔✔A new car, fashion shows, an expensive laptop computer. (B2C
high)
Straight rebuy - answer✔✔You're out of toothpaste and you mindlessly pop a tube of your usual
brand into your basket. (B2B low)
Modified rebuy - answer✔✔You reach for your brand of toothpaste but you try a new flavor. (
B2B Moderate)
New buy - answer✔✔You're buying teeth whitening strips for the first time and think what
attributes must you consider. (B2B High)
Low customer involvement - answer✔✔Customers don't care and won't spend time thinking
about brands. They will typically be somewhat price sensitive.
Moderate customer involvement - answer✔✔Some effort is expended prior to purchase to obtain
good value.
High customer involvement - answer✔✔For expensive purchases, brand, uniqueness and quality
matter.
Customer Involvement - answer✔✔It's not the type of product or purchase that matters. It's the
type of customer behavior (consumer or business level of involvement) that is relevant and the
marketing actions and reactions.
Lexicographic method - answer✔✔A customer compares brands by the most important attributes
or dimensions. Brands that make the cut on the first dimension go into the customer's
consideration set. The customer then compares the brand on the next important attribute and so
forth, until only one brand is left.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Brightstars. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
