Fundamentals of Marketing by Bill Madway

8/12/2019 Fundamentals of Marketing by Bill Madway

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And further: Marketing is managingprofitable customer relationships. The

twofold goal is to attract new

customers by promising superior value,

and keeping and growing current

customers by delivering satisfaction.

Armstrong and Kotler define marketingas the process by which organizations

create value for customers and build

strong customer relationships in order

to capture value in return.

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BalancingCompeting

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Have It Your Way

One of the all-time great valuepropositions. A clear way to

distinguish BKs products fromthe mass-produced products

offered by McDonalds.

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Marketing planning essentially involvesmaking decisions about the key aspects of an

organizations marketing strategy, such thingsas who to target, what to offer, positioning,

pricing, distribution, promotion, budgeting, etc.Analysis helps an organization make better

informed decisions.


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Strengths

" Well-funded organization." Highly skilled workforce with low turnover." Excellent relationships with suppliers." Company has a sustainable competitive advantage based

on patented color screen and Internet connectivity.

Weaknesses

" Company name not well known." Small firm with no manufacturing cost advantages." No long-term contracts with distributors;" Inexperienced in the wireless communications market.

Opportunities" Explosive growth of wireless phone users." Worldwide acceptance of cellular technology." Newly expanded digital networks.

Threats

" Heavy competition." Technology is incompatible with current analog systems." Not everyone can afford the systems." Potential government regulation.

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Marketing objectives should be:! Realistic;! Measurable;

! Time-specific; and! Consistent with the organizations mission and overall

objectives.

Marketing tactics must then be developed tosupport and achieve the marketing objectives.


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Fundamentals of Marketing by Bill Madway