Rewriting Marketing CAPSTONE

Primary Reference for Terms and Concepts

Marketing. (13th ed.) by Roger A. Kerin (Author),‎ Steven W. Hartley (Author) New York:  McGraw-Hill/Irwin.  ISBN:9781259573545

Five Environmental Forces;

Social, Economic, Technological, Competitive, Regulatory

Four P’s of Marketing;

Price, Product, Place, Promotion

SWOT Analysis;

Strengths, Weaknesses, Opportunities, Threats

Brand Equity;

Resides in the minds of the consumers and results from what they have felt, seen, and heard about a brand overtime

Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing’s two primary goals are a) discovering the needs of prospective customers and b) satisfying them. Achieving these two goals also involves the four marketing mix factors largely controlled by the organization and the five environmental forces that are general outside its control. Marketing affects all individuals, all organizations, all industries and all countries.

Target Market - a particular group of consumers at which a product or service is aimed.

Points of difference in a product – superior characteristics that deliver unique benefits sufficient enough to motivate a change in consumption behavior.

Intangibility of services – services can’t be held, touched or seen before the purchase decision.

Types of pricing –

1. Prestige pricing – for consumers who perceive price as an indication of quality or prestige; price Different types of advertising –

a. Product advertising –

i. Comparative – shows one brand’s strengths relative to those of competitors; requires market research to back up legal support for claims.

ii. Competitive (or persuasive) – promotes a specific brand’s features and benefits in a effort to persuade the target market to select the target market to select a firm’s brand rather than a competitor