Value- is the benefits that exceed the cost of products, services, or other itemsGoldfish vs. walmart brand goldfishGoldfish are way betterBrand- a promise to deliver specific benefits associated with products or services to consumersTide vs. DowneySame purpose, different brand and different benefitsCRM (Customer Relationship Management)- the activities that are used to establish, develop, and maintain customer relationshipsCustomer generated reviews can create a feedback mechanism and reinforce a strong relationship between business and customersHolistic 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 activitiesRelationship managementIntegrated marketing communicationsCompany social responsibilityInternalMarketing- 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 stakeholdersFacebook: 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 experienceStakeholders- those who hold stake in a companyInternal: Marketing department, other business departments, business leadership/board of directorsExternal: Investors, consumers/customers, advertising/PR agency, information providers/marketing research companies, government, partners, competitorsMacroenvironment- includes societal forces that are essentially uncontrollable and influence the microenvironment of a businessEconomicSocial and culturalCompetitiveLegalPoliticaltechnologicalMicroenvironment- those forces close to a company, yet outside its internal environment, that influence the ability of a business to service its customersComprised of customers, suppliers, competitors and other business that influence ability to sellFive Forces determine power in business microenvironmentThreat of new entrantsBargaining power of suppliersBargaining power of customersThreat of substitute productsCompetitive rivalry within an industryMarketing audit- the comprehensive review and assessment of a business’s marketing environmentB2B- involves the sales of products and services from one business to anotherAutomotive parts manufacturers in southeastern MichiganDirect Competition- a company that offers the same primary services to the same customer baseSchick razors vs. gilette razorsIndirect 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 removalBusiness 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.What you want to do quantified with a time frameIncrease awareness, interest, desire, actionPut numbers to them and that makes it an objectivei.e. increase sales of cell phone covers by 20%Comprehensive review and assessment of a business’s marketing environmentExplanation of what the marketing function is attempting to achieve in support of the business planA discussion of how a business intends to achieve its marketing objectivesA process to allocate resources and monitor resultsMission- 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 businessStarbucks: Establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we grow.”Goals vs. Smart objectivesGoal- 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 timeSMART objectives- Specific, measurable, achievable, relevant, time-bound; expected program activitiesTactics- the process of developing actions for various functions within a business to support implementing a business’s strategic planIntroducing a new nike shoeEstablish price, determine characteristics, method of distribution, and type of promotionTarget Marketing- a group of consumers that a business determines to be the most viable for its products or servicesBased on customer’s wants, needsMarketing Mix- a group of marketing variables that a business controls with the intent of implementing a marketing strategy directed at a specific target marketProduct, place, pricing, and promotionSWOT analysis- a tool that helps identify business strength, weaknesses, opportunities, and threats.Strengths and weaknesses are based on internal characteristicsOpportunities and threats are based on external characteristicsMarket Share- percentage of a market accounted for byFormula: sales revenue in a time period / total sales revenue in a time periodYour piece of the pieeROI and profit- return on investment; concept of an investment of some resource yielding a benefit to the investor.First semester philanthropyNGO (Nongovernmental Organization)- groups of private individuals who monitor the behavior of marketers or governmentsConsumers Union (CU); People for the Ethical Treatment of Animals (PETA)Use their influence to achieve social goals such as product safety or animal rightsCSR (Corporate Social Responsibility)- a philosophy that encourages decision makers to take into account the social consequences of their business actionsEthics- system of moral principles and values, as well as moral duties or obligationsWhich actions are good or correct from a social or philosophical point of viewIs it right to steal?Value (benefits and costs)- value = benefits / costsif 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 experienced80/20 rule- 80% of profits are from 20% of customersCustomer 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 companyAT&T customer