The links below are designed for print; more screen reader friendly documents can be found on the Students: Additional Lumen Resources page.<\/p>
All marketing centers on creating, delivering, and communicating value to the customer. When developing a marketing strategy, companies choose their company orientation, which can be customer-oriented (marketing concept), product-oriented (product concept), sales-oriented (sales concept), or production-oriented (production concept), with each approach emphasizing different aspects of the business. A value proposition is a clear and succinct statement to the customer of the value being offered by a company\u2019s products or services.<\/p>\r\n
Customer relationship management (CRM) is a strategic imperative in modern marketing that focuses on building and maintaining strong customer relationships through technology and personalized experiences to maximize customer lifetime value, reduce business costs, and gain a competitive advantage.<\/p>\r\n
Various factors influence purchasing decisions, including individual characteristics, situational factors, psychological factors, and social factors. The consumer decision-making process involves recognizing a need, conducting information search, evaluating alternatives, making a purchase decision, and experiencing post-purchase behavior, which can be influenced by marketers to reduce cognitive dissonance and ensure customer satisfaction.<\/p>\r\n
One of the first steps in effective marketing is identifying and reaching the right customers. Marketers use segmentation and targeting to do this. Market segmentation is the process of splitting buyers into distinct, measurable groups that share similar wants and needs. Common segmentation approaches include geographic, demographic, psychographic, and behavioral criteria. Once different segments are identified, marketers determine which target segments to focus on to support corporate strategy and growth.<\/p>\r\n
The marketing research process involves identifying and defining the problem, developing a research plan, conducting the research, analyzing and reporting the findings, and taking action based on the results to inform decision-making and improve business strategies.<\/p>\r\n
There are multiple\u00a0factors that can\u00a0influence someone\u2019s\u00a0thinking and decision about what to buy\u2014a\u00a0mix<\/em>\u00a0of factors. Taken together, these factors are all part of\u00a0the \u201cmarketing mix.\u201d The marketing mix, also known as the four Ps, is represented by the four main factors\u00a0below:<\/p>\r\n The major objective of marketing is getting the marketing mix right for the target customer in alignment with corporate goals.<\/p>\r\n Networking is the process of building professional relationships to achieve career goals, involving exchanging information and sharing resources such as business cards, resumes, job leads, and knowledge about organizations and fields. Strategies for networking include connecting with professors, alumni, and classmates at college, joining professional organizations, volunteering, getting internships or part-time jobs, attending networking events, conducting informational interviews, utilizing social media platforms, and seeking referrals from family, friends, coworkers, and acquaintances.<\/p>\r\n cognitive dissonance<\/strong><\/p>\r\n mental discomfort when there are inconsistencies between their actions (such as a non-routine purchase) and their knowledge, attitudes, beliefs, and values<\/p>\r\n company orientation<\/strong><\/p>\r\n the focus that companies choose for their marketing strategy: customer, product, sales, or production<\/p>\r\n competitive advantage<\/strong><\/p>\r\n an advantage in the marketplace where an organization\u2019s offerings provide greater value because of a unique strategy, asset, or approach that the firm uses that other cannot easily copy<\/p>\r\n competitor<\/strong><\/p>\r\n provides the same offering but is accentuating different features and benefits<\/p>\r\n complex decision making<\/strong><\/p>\r\n the steps people undergo when they make a conscious effort to learn about the options and select a product<\/p>\r\n customer lifetime value<\/strong><\/p>\r\n predicts how much profit is associated with a customer during the course of their lifetime relationship with a company<\/p>\r\n differentiation<\/strong><\/p>\r\n the process of identifying and optimizing the elements of an offering that provide unique value to customers<\/p>\r\n exchange<\/strong><\/p>\r\n two parties give something of value to each other to satisfy their respective needs or wants<\/p>\r\n marketing<\/strong><\/p>\r\n a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others<\/p>\r\n marketing concept<\/strong><\/p>\r\n the use of information to focus on the needs and wants of customers in order to develop marketing strategies that not only satisfy the needs of the customers but also accomplish the goals of the organization<\/p>\r\n marketing information<\/strong><\/p>\r\n fresh insights into what your customers want and how to satisfy them better than the competition<\/p>\r\n marketing information system<\/strong><\/p>\r\n a combination of people, technologies, and processes for managing marketing information, overseeing market research activities, and using customer insights to guide marketing decisions and broader management and strategy decisions<\/p>\r\n marketing mix<\/strong><\/p>\r\n the bundle of tactics a company can use to promote its products or services in the market in order to influence consumers to buy; also known as the 4Ps: product, price, place, and promotion<\/p>\r\n marketing research<\/strong><\/p>\r\n a systematic process for identifying marketing opportunities and solving marketing problems using customer insights that come out of collecting and analyzing marketing information<\/p>\r\n marketing strategy<\/strong><\/p>\r\n defines how the marketing mix can best be used to achieve the corporate strategy and objectives<\/p>\r\n networking<\/strong><\/p>\r\n the process by which people build relationships with one another for the purpose of helping one another achieve professional goals<\/p>\r\n place<\/strong><\/p>\r\n where the product is purchased<\/p>\r\n price<\/strong><\/p>\r\n what the consumer pays in exchange for the product<\/p>\r\n primary research<\/strong><\/p>\r\n information that comes from directly communicating with customers about your research questions<\/p>\r\n product concept<\/strong><\/p>\r\n assuming that a technically superior or less expensive product will sell itself, companies with this orientation invests heavily on technology and innovation<\/p>\r\n production concept<\/strong><\/p>\r\n organizations that are striving for low-production costs, highly efficient processes, and mass distribution<\/p>\r\n product<\/strong><\/p>\r\n the good or service that the company provides<\/p>\r\n promotion<\/strong><\/p>\r\n advertising, sales, and other communication efforts the company utilizes to attract the customer<\/p>\r\n sales concept<\/strong><\/p>\r\n emphasizing the sales process and try to make it as effective as possible<\/p>\r\n secondary research<\/strong><\/p>\r\n analyzes information that has already been collected for another purpose by a third party<\/p>\r\n segmentation<\/strong><\/p>\r\n breaking down a large market into smaller sections<\/p>\r\n simple decision making<\/strong><\/p>\r\n skipping information gathering because of your habit of repurchasing the same or the cheapest product<\/p>\r\n substitute<\/strong><\/p>\r\n viewed by the user an alternative<\/p>\r\n target market<\/strong><\/p>\r\n the section of the overall market that you will focus your marketing efforts on<\/p>\r\n value proposition<\/strong><\/p>\r\n a statement that summarizes why a consumer should buy a product or use a service, convincing a potential consumer that one particular product or service will add more value or better solve a problem than other similar offerings<\/p>\r\n value<\/strong><\/p>\r\n the measure of the benefit gained from a product or service relative to the full cost of the item<\/p>","rendered":" The links below are designed for print; more screen reader friendly documents can be found on the Students: Additional Lumen Resources page.<\/p>\n All marketing centers on creating, delivering, and communicating value to the customer. When developing a marketing strategy, companies choose their company orientation, which can be customer-oriented (marketing concept), product-oriented (product concept), sales-oriented (sales concept), or production-oriented (production concept), with each approach emphasizing different aspects of the business. A value proposition is a clear and succinct statement to the customer of the value being offered by a company\u2019s products or services.<\/p>\n Customer relationship management (CRM) is a strategic imperative in modern marketing that focuses on building and maintaining strong customer relationships through technology and personalized experiences to maximize customer lifetime value, reduce business costs, and gain a competitive advantage.<\/p>\n Various factors influence purchasing decisions, including individual characteristics, situational factors, psychological factors, and social factors. The consumer decision-making process involves recognizing a need, conducting information search, evaluating alternatives, making a purchase decision, and experiencing post-purchase behavior, which can be influenced by marketers to reduce cognitive dissonance and ensure customer satisfaction.<\/p>\n One of the first steps in effective marketing is identifying and reaching the right customers. Marketers use segmentation and targeting to do this. Market segmentation is the process of splitting buyers into distinct, measurable groups that share similar wants and needs. Common segmentation approaches include geographic, demographic, psychographic, and behavioral criteria. Once different segments are identified, marketers determine which target segments to focus on to support corporate strategy and growth.<\/p>\n The marketing research process involves identifying and defining the problem, developing a research plan, conducting the research, analyzing and reporting the findings, and taking action based on the results to inform decision-making and improve business strategies.<\/p>\n There are multiple\u00a0factors that can\u00a0influence someone\u2019s\u00a0thinking and decision about what to buy\u2014a\u00a0mix<\/em>\u00a0of factors. Taken together, these factors are all part of\u00a0the \u201cmarketing mix.\u201d The marketing mix, also known as the four Ps, is represented by the four main factors\u00a0below:<\/p>\n The major objective of marketing is getting the marketing mix right for the target customer in alignment with corporate goals.<\/p>\n Networking is the process of building professional relationships to achieve career goals, involving exchanging information and sharing resources such as business cards, resumes, job leads, and knowledge about organizations and fields. Strategies for networking include connecting with professors, alumni, and classmates at college, joining professional organizations, volunteering, getting internships or part-time jobs, attending networking events, conducting informational interviews, utilizing social media platforms, and seeking referrals from family, friends, coworkers, and acquaintances.<\/p>\n cognitive dissonance<\/strong><\/p>\n mental discomfort when there are inconsistencies between their actions (such as a non-routine purchase) and their knowledge, attitudes, beliefs, and values<\/p>\n company orientation<\/strong><\/p>\n the focus that companies choose for their marketing strategy: customer, product, sales, or production<\/p>\n competitive advantage<\/strong><\/p>\n an advantage in the marketplace where an organization\u2019s offerings provide greater value because of a unique strategy, asset, or approach that the firm uses that other cannot easily copy<\/p>\n competitor<\/strong><\/p>\n provides the same offering but is accentuating different features and benefits<\/p>\n complex decision making<\/strong><\/p>\n the steps people undergo when they make a conscious effort to learn about the options and select a product<\/p>\n customer lifetime value<\/strong><\/p>\n predicts how much profit is associated with a customer during the course of their lifetime relationship with a company<\/p>\n differentiation<\/strong><\/p>\n the process of identifying and optimizing the elements of an offering that provide unique value to customers<\/p>\n exchange<\/strong><\/p>\n two parties give something of value to each other to satisfy their respective needs or wants<\/p>\n marketing<\/strong><\/p>\n a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others<\/p>\n marketing concept<\/strong><\/p>\n the use of information to focus on the needs and wants of customers in order to develop marketing strategies that not only satisfy the needs of the customers but also accomplish the goals of the organization<\/p>\n marketing information<\/strong><\/p>\n fresh insights into what your customers want and how to satisfy them better than the competition<\/p>\n marketing information system<\/strong><\/p>\n a combination of people, technologies, and processes for managing marketing information, overseeing market research activities, and using customer insights to guide marketing decisions and broader management and strategy decisions<\/p>\n marketing mix<\/strong><\/p>\n the bundle of tactics a company can use to promote its products or services in the market in order to influence consumers to buy; also known as the 4Ps: product, price, place, and promotion<\/p>\n marketing research<\/strong><\/p>\n a systematic process for identifying marketing opportunities and solving marketing problems using customer insights that come out of collecting and analyzing marketing information<\/p>\n marketing strategy<\/strong><\/p>\n defines how the marketing mix can best be used to achieve the corporate strategy and objectives<\/p>\n networking<\/strong><\/p>\n the process by which people build relationships with one another for the purpose of helping one another achieve professional goals<\/p>\n place<\/strong><\/p>\n where the product is purchased<\/p>\n price<\/strong><\/p>\n what the consumer pays in exchange for the product<\/p>\n primary research<\/strong><\/p>\n information that comes from directly communicating with customers about your research questions<\/p>\n product concept<\/strong><\/p>\n assuming that a technically superior or less expensive product will sell itself, companies with this orientation invests heavily on technology and innovation<\/p>\n production concept<\/strong><\/p>\n organizations that are striving for low-production costs, highly efficient processes, and mass distribution<\/p>\n product<\/strong><\/p>\n the good or service that the company provides<\/p>\n promotion<\/strong><\/p>\n advertising, sales, and other communication efforts the company utilizes to attract the customer<\/p>\n sales concept<\/strong><\/p>\n emphasizing the sales process and try to make it as effective as possible<\/p>\n secondary research<\/strong><\/p>\n analyzes information that has already been collected for another purpose by a third party<\/p>\n segmentation<\/strong><\/p>\n breaking down a large market into smaller sections<\/p>\n simple decision making<\/strong><\/p>\n skipping information gathering because of your habit of repurchasing the same or the cheapest product<\/p>\n substitute<\/strong><\/p>\n viewed by the user an alternative<\/p>\n target market<\/strong><\/p>\n the section of the overall market that you will focus your marketing efforts on<\/p>\n value proposition<\/strong><\/p>\n a statement that summarizes why a consumer should buy a product or use a service, convincing a potential consumer that one particular product or service will add more value or better solve a problem than other similar offerings<\/p>\n value<\/strong><\/p>\n the measure of the benefit gained from a product or service relative to the full cost of the item<\/p>\n","protected":false},"author":21,"menu_order":1,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Putting It Together: Marketing Function\",\"author\":\"Linda Williams and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"part":3168,"module-header":"cheat_sheet","content_attributions":[{"type":"cc","description":"Putting It Together: Marketing Function","author":"Linda Williams and Lumen 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Career Connection: Networking<\/h3>\r\n
Glossary<\/h2>\r\n
Download a pdf of this page here.<\/a><\/h4>\n
Download the Spanish version here.<\/a><\/h4>\n
Essential Concepts<\/h2>\n
The Role of Customers<\/h3>\n
Segmentation and Targeting<\/h3>\n
The Marketing Mix<\/h3>\n
\n
Career Connection: Networking<\/h3>\n
Glossary<\/h2>\n