mktg 550

  1. Marketing
    -is an organizational function and a set of processes for creating, capturing, communicating and delivering value to customers and for managing customer relationships in a way that benefits the organization and its stakeholders
  2. 4P's
    product, price, place and promotion
  3. Marketing plan steps (5)
    • 1. Business mission and objectives-mission statement
    • 2. Situation analysis using SW OT (strengths, weaknesses, opportunities, threats)
    • 3. Identify and evaluate opportunities using STP (segmentation, targeting, and position)
    • 4. Implement marketing mix (4P's) and allocate resources
    • 5. Evaluating performance and make adjustments
  4. Marketing plan
    a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the 4P's, action programs and projected or pro forma income (in other financial) statements
  5. value
    reflects the relationship of benefits to costs, or what the consumer gets or what he or she gives
  6. value co creation
    a method of providing additional value by offering the opportunity for consumers to act as collaborators in creating the product or service
  7. Exchange
    – the trade of things of value between the buyer and the seller so that each is better off as a result
  8. B2C (business-two-consumers) marketing
    the process in which business sale to consumers
Card Set
mktg 550
exam 1