achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
the portion of the company's purchasing that a company gets in its product categories
food co gets share of stomach
the number of units sold by the firm relative to the number of units sold inthe entire market (Munits):
MSunits = Sunits / Munits
the ____ network is made up of the company suppliers, distributors, and ultimately customers who partner with each other to improve the performance of the entire system
Marketing consists of our primary elements: produc, price, distribution, and communication. These are the primary elements in what is know as the marketing mix. The communication component of marketing is further divided into the four primary categories:
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
the set of controllable tactical marketing tools:
(4Ps-product, price, place, and promotion) that the firm blends to produce the response it wants in the target market
Through strategic planning, the company decides what it wants to do with each business unit
involves deciding on marketing strategies that will help the company attain its overall strategic objectives
the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved.
used because surprises occur during implementation of marketing plans
Actually differentiating the market offering to create superior customer value
- 1st level: product attributes (least desirable, easily copied) -- Pampers diaper fluid absorption, fit, disposability
- 2nd level: benefit -- FedEx has guaranteed on-time delivery
- 3rd level: beliefs and values -- engage customers on deep, emotional level -- Pampers benefits baby sleep/development
Retailers oftenprice their store brands lower than comparable national brands.
Store brandsyield higher profit margins for the reseller.Store brandsgive re sellers exclusive products that cannot be bought from competitors
- Acquisition, buying of a whole company, patent, or license to produce someone else's product
- New Product development: original products, product improvements/modifications, and new brands developed form the firm's own research and development
the systematic search for new-product ideas
Major sources of new-product ideas include internal sources and external sources such as customers, competitors, distributors and suppliers.
business demand that ultimately comes form the demand for consumer goods (from that business).
consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make special purchase effort
High price, Exclusive distribution, carefully targeted promotion by producer and resellers
Ex) Luxury Goods, Rolex
purchases for further processing or for use in conducting business
Includes: Materials and Parts, Capital Items, Supplies and services