Principles of marketing

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  • Marketing is the creation and communication of value to customers.
  • Marketing involves the customer’s maintenance of relationships that should last for a lifetime.
  • Marketing is the link between society’s material requirements for its needs and wants and the exchange process and the building of long-term relationships.
  • Marketing must satisfy human needs and wants through the exchange process and the building of long-term relationships.
  • AMA the concept of marketing is defined as 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.
  • Dr. Philip Kotler Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others.
  • Academic marketing is the art and science of creating tangible products or services and finding the market, getting and retaining them to attain profitable operations.
  • Academic marketing is also an integrated process through which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
  • Simply put, marketing is the delivery of customer satisfaction at a profit.
  • The goals of marketing include attracting new customers by promising superior value and keeping and growing current customers by delivering satisfaction.
  • Company and market gives fulfillment to both components.
  • Customer and competition the overriding objective of the company is not just to satisfy the needs and wants of its customers, it must be profitable and better than its competitor.
  • Need is the consumer’s desire for a product or service.
  • Wants are higher-level human needs as they appeal more to the emotions.
  • Marketing principles in 1960's: Product, promotion, place, and price
  • Marketing principles in 1980's: Product, promotion, place , price, people, process, and physical evidence
  • Introduction to marketing;
    1. Definition of marketing
    2. Marketing management philosophy
    3. Difference between sales and marketing orientation
    4. Marketing process
    5. Trends in marketing