Marketing Concept
Philosophy holding that achieving corporate goals depends on knowing the needs and wants of target markets and delivering and exceeding the needs and wants of targets markets and customers and delivering satisfaction better than competitors.
“Meeting customer needs profitably”
Customer Value
The Difference between the perceived benefits and the perceived sacrifice involved in a transaction.
Value = Benefits - Sacrifice.
Perceived Sacrifice
The total cost associated with buying a product, including money time, energy, and psychological stress.
e.g., The time spent searching for a flight.
Price Value
A value proposition based on perceiving a product as cheaper than competitors.
Ryanair, Aldi
Performance Value
A value proposition based on superior functionality, innovation, or quality.
Dyson, BMW.
Emotional Value
A value proposition based on psychological benefits, feelings, or brand image rather than function.
Volvo (Safety), Rolex (Prestige).
Relational Value
A value proposition based on high-quality service, trust, and long-term interaction.
Your local hairdresser; B2B suppliers.
Production Orientation
Management philosophy that consumers favor products that are available and highly affordable; focus is on efficiency.
"Any colour... so long as it is black" (Ford).
Sales Orientation
Management philosophy that consumers will not buy enough unless the firm undertakes a large-scale selling and promotion effort.
Focus on aggressive selling.
Market/Customer Orientation
Management philosophy that focuses on satisfying customer needs as the path to profits.
"Customer is king."
Social Marketing
The use of marketing concepts to influence behavior for the benefit of individuals and society.
Anti-smoking campaigns, recycling drives.
Marketing Mix (4Ps)
The set of tactical tools the firm uses to produce the response it wants in the target market.
Product: Features, benefits, range
Price: Prices points, discounts
Promotion: Advertising, social media, sales
Place: Distribution channels (online vs. retail)
Ansoff Growth Matrix
Unique Selling Point (USP)
A specific benefit that makes your business stand out when compared to other businesses in your market.
Ryanair = Low Fares.
SWOT Analysis
A strategic planning tool used to evaluate Strengths, Weaknesses, Opportunities, and Threats.
S/W are internal; O/T are external.
Creating customer Value graph
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