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Summary Principles of Marketing, Global Edtion

ISBN-10 1292341130 ISBN-13 9781292341132
350 Flashcards & Notes
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A snapshot of the summary - Principles of Marketing, Global Edtion Author: PHILIP T ARMSTRONG KOTLER (GARY ) Gary Armstrong ISBN: 9781292341132

  • 1 Marketing

  • ... Is engaging customers and managing profitable customer relationships. The aim of markting is to create value for customers in order to capture value from customers in return.
    Which word needs to be on the ...?
  • In recent years marketers are using social media platforms to reach you directly, personally and interactively. Why are marketers doing this?
    They want to become a part of your life
  • We ... Marketing as the process by which companies engage customers, build strong customer relationships and create customer value in order to capture value from customers in return.
    Which word needs to be on the ...?
  • Marketers need to understand customer needs and wants and the marketplace in which they can operate. We examine 5 core customer and marketplace concepts. Name all 5.
    • Needs, wants, demands
    • Market offerings
    • Value and satisfaction
    • Exchanges and relationships
    • Markets
  • ... Is some combination of products, services, information or experienes offered to a market to satisfy a need or a want. Which word needs to be on the ...?
    Market offerings
  • Today's digital technologies made marketing a tryly two way affair. In addition to customer relationship management, today's marketers must also deal effectively with ...? 
    Which word needs to be on the ...?
    Customer managed relationships
  • ... Is the art and science of choosing target markets and building profitable relationships with them. Which word needs to be on the ...?
    Marketing management
  • To design a winning marketing strategy, the marketing manager must answer two important questions. Name these questions.
    1. What customers will we serve (what is our target market)
    2. How can we serve these customers best (what is our value proposition)
  • The company must decide whom it will serve. It does this by dividing the market into segments of customers (market segmentation). Than it select which segments it will go after. How is this also called?
    Target marketing
  • Marketing management wants to design strategies that will engage target customers and build profitable relationships with them. Very often, a few interests conflict. There are 5 alternative concepts under which organizations design and carry out their marketing strategies. Name all 5.
    1. The production
    2. Product
    3. Selling
    4. Marketing
    5. Societal marketing concepts
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