Key Marketing Concepts: Definitions and Strategies
Key Marketing Concepts
Business Subsystem in the Company
An interrelated set of elements and variables in which the business function of the company is developed.
Marketing
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Environment
The environment is the set of direct and indirect, controllable and uncontrollable forces that are likely to exert influences
Read MoreKey Marketing, Consumer, and Product Terms
Key Marketing Terms
Marketing
Marketing encompasses all activities that move goods from producers to consumers, including production, distribution, packaging, and pricing.
Consumer
A consumer is the user of a product and a member of the market.
Product
A product can be a consumer good, an industrial good, a service, a specific category, or a brand.
Advertising
Advertising is any means of promoting the sale and use of a product through paid promotion in major media.
Marketing Concept
The marketing concept
Read MoreMarket Entry Strategies: Communication, Advertising, and Public Relations
Item 5: Market Entry Strategies
5.1 Reactions to Market Entry and Overcoming Barriers
Entering a new market can face obstacles, including:
- The need for significant technological innovation.
- Highly competitive existing companies.
- Defensive strategies from incumbent companies (e.g., improved quality, discounts).
Ways to Overcome Barriers:
- Analyze Market Differences: Identify opportunities presented by the new market.
- Establish Competitive Strategies:
- Cost Leadership: Offer lower costs.
- Product Differentiation:
Effective Strategies for Enterprise Decision-Making
Strategies to Improve Decision-Making in the Enterprise
Decision trees assess the various possible consequences of a decision.
- Decision Node: A point where a person must decide among several choices when facing a problem.
- Probability Node: At this point, the process takes a random event.
- Branch: Shows the possible paths to take after each of the two nodes.
The SWOT method is used to analyze the possibilities of implementing new decisions in a company. The analysis is done on two levels:
- Internal to the
Marketing Essentials: Concepts, Strategies, and Processes
Marketing: Definition and Scope
Marketing: is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
The Marketing Process: A Step-by-Step Approach
MARKETING PROCESS:
- Understanding Consumers and the Marketplace: Consumers’ needs and wants are fulfilled by market offerings: combinations of products, services, information offered to satisfy a need/want; marketing myopia;
Strategic Planning and Brand Management: Key Concepts
Strategic Planning Overview
Strategic planning: Headquarters designs the 1CORP STRATEGY plan (guiding the enterprise: how many resources for each unit, what business to start/stop). Each business unit develops a 2PLAN for a profitable future. Each MK3OFFERS a MK plan to achieve its objectives.
Corporate strategy: Define line of business, determine objectives for each line of business, assign resources.
Business strategy: Using resources for competitive advantage.
Functional strategy: Maximize performance.
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