Value is the benefits that exceed the cost of products services or other J320 Final items Goldfish vs walmart brand goldfish o Goldfish are way better 05 10 2014 Brand a promise to deliver specific benefits associated with products or services to consumers Tide vs Downey o Same purpose different brand and different benefits CRM Customer Relationship Management the activities that are used to establish develop and maintain customer relationships Customer generated reviews can create a feedback mechanism and reinforce a strong relationship between business and customers Holistic Marketing components a marketing strategy that is developed by thinking about the business as a whole its place in the broader economy and society and in the lives of its customers attempts to develop and maintain multiple perspectives on the company s commercial activities Integrated marketing communications Relationship management Company social responsibility Internal Marketing an organizational function and a collection of processes designed to plan for create communicate and deliver value to customers and to build effective customer relationships in ways that benefits the organization and its stakeholders Facebook allow users to register with email to connect with users all over the world Ex College students get the dorm life guide to help survive college going above and beyond to users to help create a valuable experience Stakeholders those who hold stake in a company Internal Marketing department other business departments business leadership board of directors External Investors consumers customers advertising PR agency information providers marketing research companies government partners competitors Macroenvironment includes societal forces that are essentially uncontrollable and influence the microenvironment of a business Economic Social and cultural Competitive Legal Political technological Microenvironment those forces close to a company yet outside its internal environment that influence the ability of a business to service its customers Comprised of customers suppliers competitors and other business that influence ability to sell Five Forces determine power in business microenvironment o Threat of new entrants o Bargaining power of suppliers o Bargaining power of customers o Threat of substitute products o Competitive rivalry within an industry Marketing audit the comprehensive review and assessment of a business s marketing environment B2B involves the sales of products and services from one business to another Automotive parts manufacturers in southeastern Michigan Direct Competition a company that offers the same primary services to the same customer base Schick razors vs gilette razors Indirect competition is a company that offers the same or similar services as part of a wider service offering or that offers a good or service that can serve as a viable substitute Schick razors vs naire hair removal Business plan written document that defines the operational and financial objectives of a business over a particular time and how the business plans to accomplish those objectives Increase awareness interest desire action What you want to do quantified with a time frame Put numbers to them and that makes it an objective i e increase sales of cell phone covers by 20 o Comprehensive review and assessment of a business s marketing environment o Explanation of what the marketing function is attempting to achieve in support of the business plan o A discussion of how a business intends to achieve its marketing objectives o A process to allocate resources and monitor results Mission defines what an organization is why it exists its reason for being should define who your primary customers are identify products and services produced purpose of your business Starbucks Establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we grow Goals vs Smart objectives Goal general statement about a desired outcome with one or more specific objectives that define in precise terms what is to be accomplished within a designated time SMART objectives Specific measurable achievable relevant time bound expected program activities Tactics the process of developing actions for various functions within a business to support implementing a business s strategic plan Introducing a new nike shoe o Establish price determine characteristics method of distribution and type of promotion Target Marketing a group of consumers that a business determines to be the most viable for its products or services Based on customer s wants needs Marketing Mix a group of marketing variables that a business controls with the intent of implementing a marketing strategy directed at a specific target market Product place pricing and promotion SWOT analysis a tool that helps identify business strength weaknesses opportunities and threats Strengths and weaknesses are based on internal characteristics Opportunities and threats are based on external characteristics Market Share percentage of a market accounted for by Formula sales revenue in a time period total sales revenue in a time period Your piece of the piee ROI and profit return on investment concept of an investment of some resource yielding a benefit to the investor First semester philanthropy NGO Nongovernmental Organization groups of private individuals who monitor the behavior of marketers or governments Consumers Union CU People for the Ethical Treatment of Animals PETA o Use their influence to achieve social goals such as product safety or animal rights CSR Corporate Social Responsibility a philosophy that encourages decision makers to take into account the social consequences of their business actions obligations Ethics system of moral principles and values as well as moral duties or Which actions are good or correct from a social or philosophical point of view o Is it right to steal Value benefits and costs value benefits costs if something is expensive but will last you a long time you will buy it will the benefits weigh out the cost Value proposition a promise of value to be delivered and acknowledged and a belief from the customer that values will be appealed and experienced 80 20 rule 80 of profits are from 20 of customers Customer Lifetime Value CLV the present value of all profits expected to be earned from a customer over the lifetime of his or her relationship with a company AT T customer pays 25 a