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A snapshot of the summary - Marketing management.
1 Defining Marketing for the 21st century
1.2 The Scope of Marketing
What is marketing about? Give a clear definition.Marketing is about identifying and meeting human and social needs.
"Marketing: meeting needs profitably."
What is the formal definition of marketing?"Marketing is the activity, set of institutions, and processes for creating, communicating, developing, and exchanging offerings that have value for costumers, clients, partners and society ar large".
What is marketing management?Marketing management is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.
Peter Drucker's aim of marketingThere will always, one can assume, be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available.
What main types of entities are marketed?
What is a market?A market is a collection of buyers and sellers who transact over a particular product or product class (e.g. housing market).
Explain the relationship between the industry and the market.Sellers and buyers are connected by 4 flows.
- Sellers send goods and services to the market
- Sellers send communication to the market
- Sellers receive money from the market
- Sellers receive information from the market
Explain marketplace, marketspace, metamarket and metamediaries.
- Marketplace: physical, e.g. a store
- Marketspace: digital, where you shop online
- Metamarket: cluster of complementary products and services. E.g. automobile manufacturers, car dealers, financing companies, insurance companies etc.
- Metamediaries: assisting the consumer through the metamarket.
What does a business market do?
- Sell business good and services
- Demonstrate how their products will achieve higher goals or lower costs.
About what do global markets have to decide?
- Which countries to enter
- How to enter
- How to adapt a product/service to a country
- How to price products
- Design communications