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What is marketing?
Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customer and for managing customer relationships in ways that benefit the organizations and its stakeholders.
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What are the 4 eras in the history of Marketing?
- *Production: Prior to 1920s
- *Sales: Prior to 1950s
- *Marketing: Since 1950s
- *Relationship: Since 1990s
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Marketing Myopia
Management's failure to recognize the scope of its business. "Focusing products rather than customer"
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Personal Marketing
Attention, interest and preference of a target market towards a person. e.g. political candidate, celebrities.
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Pleace Marketing
Attract people and organizations to a particular geographic area.
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Cause Marketing
Indentification and marketing of a social issue, cause or idea to a selected target market.
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Event Marketing
Marketing of sporting, custural, and charible activities to a selected target market.
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Organization Marketing
Marketing by mutual-benefit organizations, service organizations, and government organizations intended to influence others to accept their goals, receive their services, or contribute to them in some way.
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Not-for-profit Marketing
- companies hope to generate as much revenue as possible to support their causes.
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Explain the shift from transaction-based marketing to relationship marketing
- longer-term approach that emplasizes building relationships one customer at the time. Create and maintain a relationship with customers.
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Lifetime value of a customer
Revenue and intangible benefits that a customer brings to an organization over ab average life time, minus the investment the firm has made to attract and keep the customer.
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