Marketing

Strategic business unit (SBU)

Marketing is a set of endeavors that an market actor undertakes to complete a market exchange.

Definitions

According to Marketing Management by Keller and Kotler (15th edition),

Marketing. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

According to Juran's Quality Handbook by Defeo (7th edition),

Marketing. The process of promotion, including activities to provide product labeling for warnings, dangers, antidotes; training of the field force in the contract provisions; supplying of safety information to distributors and dealers; setup of exhibits on safety procedures; conducting of tests after installation and training of users in safety; publication of a list of dos and don’ts relative to safety; establishment of a customer relations climate that minimizes animosity and claims.

According to Managerial Accounting by Braun, Tietz (5th edition),

Marketing. Promotion and advertising of products or services.

According to the ASME EMBOK,

Marketing. Strategies and activities that focus on assessing the needs and wants of potential customers and then meeting those needs.

Core concepts

Market

• 1. Market, market actor, seller vs buyer
  2. Needs vs wants vs demands, motivation, attitude, cognitive attitude vs affective attitude vs behavioral attitude
  3. Seller offering, marketable, seller demand, buyer offering
  4. Market presence, impression vs distribution vs customer support
  5. Competition, Porter's Five-Forces Model, rivals vs new-entrants vs buyers-power vs suppliers-power vs substitutes

Impressions

• 1. Market impression, product vs producer vs endorser vs channel impressions
  2. Market communicable, message vs media, promise vs reality
  3. Branding, brands of brands
  4. Marketing communications, marketing communications mix, advertising vs publicity vs personal communications vs sale promotions vs false flag operations, integrated marketing communications
  5. Marketing media, marketing media mix, media mix, paid vs owned vs earned media

Engagements

• 1. Market engagement, market transaction, marketing channel, integrated marketing channel system
  2. Market exchangeables, ownership transfer, consumables vs possessions
  3. Services, accesses vs work vs experiences vs communications, value co-creation
  4. Marketing conversion, unaware-to-aware, aware-to-educated, educated-to-customer, customer-to-advocate conversions, marketing-conversion funnel
  5. Satisfaction, customer satisfaction, customer relationship management (CRM)

Marketing function

• 1. Marketing, buyer choice, business model, Business Model Canvas, value chain, product vs production, competitive strategy
  2. Competitive advantage, core competency, marketing intelligence vs public relations vs sales vs production marketing vs product marketing, supply chain
  3. Market segmentation, target market, product lifecycle
  4. Market positioning, points of parity vs points of difference, value proposition
  5. Seller-growth opportunities, Ansoff Matrix, BCG matrix