Principles of Marketing (Kotler) Questions and Verified Answers

Marketing management - is the art and science of choosing target markets and building profitable relationships with them, the art and science of choosing target markets and building profitable relationships with them Marketing - is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return Market segmentation - refers to dividing the markets into segments of customers Target marketing - refers to which segments to go after Value proposition - Set of benefits or values a company promises to deliver to customers to satisfy their needs Product Leadership - Using this strategy a company will develop products that are innovative and add value to customers -Apple always focus on innovation, Intel also believe in it,.... Operational Excellence - This literally means that the organization excels in the correct and efficient implementation of all corporate process -If we look at Toyota -it really focus on No Error -They believe that with no error they can achieve a lower cost, brand loyalty and increase sales of their products; Wal-Mart -Efficient distribution to achieve its low price,... Customer Intimacy - -Intimate relations with the customer are achieved by supplying customized products -totally focused on individual customer and customer loyalty. -All companies say that they are focused in the customer, and they should. These company adapt their products to customer needs -Verizon, AT&T Marketing mix - The blending of four marketing elements-product, distribution, price, and promotion, The set of the controllable tactical marketing tools product, price, place, and promotion that the firm blends to produce the response it wants in the target market Customer equity - the total combined customer lifetime values of all of the company's customers Markets - the set of actual and potential buyers of a product Marketing Process - Understand the marketplace and customer needs and wants Design a customer-driven marketing strategy Constructed an integrated marketing program that delivers superior value Build profitable relationships and create customer delight Capture Value from customers to create profits and customer equity Marketing Management Orientations - production, product, selling, marketing, societal: concepts Production Concept - Consumers will favor products that are available and affordable