Summary: Marketing & Sales

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• Lesson 2

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• What is the marketing process?

  presents a simple, five step model of the marketing process for creating and capturing customer value. The first 4 steps are to understand customers. The last step is to create the value for the customer.

• What are teh 3 basic marketing principled?

  1. Customer orientation
     
  2. Organisational integration
     
  3. Mutually profitable exchange

• What is marketing Myopia?

  The mistake of paying more attention to the specific products of a company offers than the benefits and experiences produced by these products.

• What is marketing managment?

  The art of science of choosing target markets and building profitable relationships with them.

• What is partner relationship management?

  Working closely with partners in other company departments and outside the company to jointly bring greater value to customers. Marketers must also partner with suppliers, channel parners and others outside the company. 

• What is customer engagement marketing?

  Making the brand a meaningful part of consumer’s conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences and community. This is also called the ‘new’ marketing.

• What is consumer- generated marketing?

  Brand exchanges created by consumers themselves- both invited and uninvited- by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers. 

• What is a marketing channel?

  consist of distributors, retailers and others who connect the company to its buyers.

• What is customer lifetime value?

  The value of the entire stream of purchase a customer makes over a lifetime of patronage. 

• What are the 5 major developments in marketing?

  1. The digital age 
     
  2. Changing economic enivornment 
  3. The growth of not-for-profit marketing 
  4. Rapid globalization
  5. Call for sustainable marketing practice