Marketing Concepts - summary-1

MARKETING

Successful companies – stretch resources , live close to the consumers , create more satisfying solutions.

Questions which need to be answered -
· Spot & choose the right mkt seg ?
· Differentiate our offering vis-vis the compt ?
· How to compete against lower cost /price compt ?
· How to customize offering for each customer ?
· Major way to grow business ?
· How to build stronger brands ?
· How to reduce the cost of customer acquisition ?
· Retain loyalty for longer time frames ?
· How do we tell which customers are more important ?
· How do we measure the payback from advstg , sales promo , public relations ?
· How do we improve sales force productivity ?
· How do we establish multiple channels ? & yet manage channel conflicts ?
· How do we make other deptts customer friendly ?

Types of Markets
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Consumer Business Global Non profit & govt

DEMAND TYPES
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Negative demand No demand Latent Demand Declining Demand
Irregular demand Full demand Overfull demand Unwholesale Demand

STP MARKETING
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Segment demographic,Psychographic,Behavioral
Target
Position
Demand is want for a sp. Prdt with an ability to pay.
Need Want Demand
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food burger McDonald

Stated
Real
Secret
UnStated
Delight

VALUE = BENEFIT = (functional+emotional) benefit
COST ( monetary + time + energy+psychic ) cost