Foundation of Marketing Peregrine
Global Questions and Answers
1. Marketing: Marketing is an exchange between a firm and its
customers. The company otters benefits to its customers and seeks
profits.
2. Why is Marketing Important?: Marketing is the business; it should permeate the
entire organization. Marketing and customer satisfaction is everyone's responsibility to maintain
those relationships
3. American Marketing Association: define marketing as "the activity, set of institutions,
and process-es for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.
4. Classical marketing: is a philosophy which guides the attitude of everyone in a firm to
stimulate and
satisfy the needs and wants of every customer.
5. Competitive marketing: a strategy involves product strategy, pricing strategy,
integrated marketing communications, channels, and logistics strategy. It needs to otter value to
the target market
,6. 5 C's: Marketing Framework
Part 1 Examining the External
Environment
Customers: Who are they? What are they like? Do we want to draw ditterent
customers? Company: What are our strengths and weaknesses? What customer
benefits can we provide? Context: What is happening in our industry that might
reshape our future business?
Collaborators: Can we address our customers' needs while strengthening our business to business
(B2B) partner-ships?
Competitors: Who are the competitors we must consider? What are their likely actions and reactions?
This helps marketers assess any business problem or opportunity in terms of a general analysis of
the entire business situation. The customer and company are central players in the marketing
exchange. The context includes the macro-environment: the economy, legal constraints, cultural
ditterences, and global segments.
7. STP: Marketing Framework Part 2
Strategic Marketing Planning
Segmentation: Customers aren't all the same; they vary in their preferences, needs, and resources.
Targeting: Attracting some of those customers makes better sense than going after
others. Positioning: Communicate your benefits clearly to your intended
customers.
, Refers to the fact that businesses or organizations are unlikely to be all things to all people, so it is
best to identify groups or segments of customers who share similar needs and wants. When the
ditterent segments' preferences are understood, then the organization can identify the targeted
segments.
8. 4 P's: Marketing Framework Part 3
Marketing Tactics
Product: Will customers want what your company is prepared to
produce? Price: Will customers pay what you would like to charge?
Place: Where and how will customers purchase your market ottering?
Promotion: What can you tell your customers, or do for them, to entice them to purchase?
Then starts marketing ettorts, A relationship is developed with that target segment by positioning
products in the marketplace via the questions above
9. Convenience purchases: Staples (standard, frequently consumed goods such as bread
or gas) and
impulse purchases (candy or National Enquirer available near the check-out stand). (B2C low)
10. Shopping purchases: Going online to Citysearch.com to find a restaurant and make
reservations when heading out of town. (B2C moderate)
Global Questions and Answers
1. Marketing: Marketing is an exchange between a firm and its
customers. The company otters benefits to its customers and seeks
profits.
2. Why is Marketing Important?: Marketing is the business; it should permeate the
entire organization. Marketing and customer satisfaction is everyone's responsibility to maintain
those relationships
3. American Marketing Association: define marketing as "the activity, set of institutions,
and process-es for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.
4. Classical marketing: is a philosophy which guides the attitude of everyone in a firm to
stimulate and
satisfy the needs and wants of every customer.
5. Competitive marketing: a strategy involves product strategy, pricing strategy,
integrated marketing communications, channels, and logistics strategy. It needs to otter value to
the target market
,6. 5 C's: Marketing Framework
Part 1 Examining the External
Environment
Customers: Who are they? What are they like? Do we want to draw ditterent
customers? Company: What are our strengths and weaknesses? What customer
benefits can we provide? Context: What is happening in our industry that might
reshape our future business?
Collaborators: Can we address our customers' needs while strengthening our business to business
(B2B) partner-ships?
Competitors: Who are the competitors we must consider? What are their likely actions and reactions?
This helps marketers assess any business problem or opportunity in terms of a general analysis of
the entire business situation. The customer and company are central players in the marketing
exchange. The context includes the macro-environment: the economy, legal constraints, cultural
ditterences, and global segments.
7. STP: Marketing Framework Part 2
Strategic Marketing Planning
Segmentation: Customers aren't all the same; they vary in their preferences, needs, and resources.
Targeting: Attracting some of those customers makes better sense than going after
others. Positioning: Communicate your benefits clearly to your intended
customers.
, Refers to the fact that businesses or organizations are unlikely to be all things to all people, so it is
best to identify groups or segments of customers who share similar needs and wants. When the
ditterent segments' preferences are understood, then the organization can identify the targeted
segments.
8. 4 P's: Marketing Framework Part 3
Marketing Tactics
Product: Will customers want what your company is prepared to
produce? Price: Will customers pay what you would like to charge?
Place: Where and how will customers purchase your market ottering?
Promotion: What can you tell your customers, or do for them, to entice them to purchase?
Then starts marketing ettorts, A relationship is developed with that target segment by positioning
products in the marketplace via the questions above
9. Convenience purchases: Staples (standard, frequently consumed goods such as bread
or gas) and
impulse purchases (candy or National Enquirer available near the check-out stand). (B2C low)
10. Shopping purchases: Going online to Citysearch.com to find a restaurant and make
reservations when heading out of town. (B2C moderate)
