Unit 1, 2 Marketing

• Marketing is an organizational function and set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways it benefits the organizations and its stakeholders.
• The Product Concept in marketing is used in many businesses where the company believes that a company must look for interested customers right after producing goods or services.
• The Selling Concept in marketing explains that a company must first produce a product and later on create a selling strategy that fits to convince the target market.
• The Marketing Concept in marketing believes that it’s best to first define the target market, identify their needs and wants, and create a product that suits the needs of the desired market.
• The Production Era in marketing history was before 1925, where most firms in highly developed countries focused on mass production and believed that high quality products basically sell themselves.
• The Sales Era in marketing history was from 1920s into early 1950’s, where companies with sales orientations assumed that customers would resist.
• The Marketing Era in marketing history was from 1950 to 1960, where marketing activities, actions and implementations should be under one department, known as the marketing department.
• The Relationship Era in marketing history established the importance of relationships to customers and considered relationships with customers in their marketing strategy.
• The Social Era in marketing history around 1975, companies began considering the importance of giving back to society and social responsibility began to take part in marketing strategies of the company.
• Person marketing in non-traditional marketing is efforts to cultivate the attention, interest, and preferences of a target market toward a person, such as celebrity endorsements, Manny Pacquiao, Lea Salonga.
• Place marketing in non-traditional marketing is efforts to attract people and organizations to a particular geographic area.
• Cause Marketing in non-traditional marketing is the identification and marketing of a social issue, cause or idea to selected target markets, with many profit-seeking firms linking their products to social causes.
• Event marketing in non-traditional marketing is marketing of sporting, cultural, and charitable activities to selected target markets, such as celebrity concerts, fun runs, symposiums, trade fairs, and fashion shows.
• Organization marketing in non-traditional marketing is intended to persuade others to.
• Situation Assessment in the marketing process involves comprehensive research into the marketplace and customers to be served, analyzing both the external aspects of the business situation (customers and competitors) and the internal aspects of the situation (your operation’s present and future capabilities).
• Marketing Strategy in the marketing process involves determining how to approach the identified customer needs and wants and how to produce products and services to satisfy them, including two important elements: selection of the target markets and value proposition to each target market.
• Marketing Mix Decisions in the marketing process involves making detailed decisions about the marketing mix (4 Ps), formulating short-term decisions and marketing plans.
• Implementation and Control in the marketing process involves adjusting or revising the plans as they are being implemented, monitoring execution and making changes to promotions or perhaps to the products and services, monitoring results and making better plans next time or evaluating successes and failures.