BUS MKG 1.1 - BOLUSO

• according to Philip Kotler, a well-known marketing author, marketing is no longer viewed in the old sense of telling and selling.
• marketing as “a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging

  products and value with others.
• Marketing is not a one-size-fits-all approach. It is designed to cater to specific people who would likely purchase the product or avail of the services offered.
• perception the way customers view a product or service.
• marketers need to answer two essential questions: What are we trying to market, and whom are we marketing for?
• marketing process guides companies in creating value for their customers and building strong customer relationships.
• 5 stages of marketing process: Understand the market and the customers’ needs and wants, Design a customer-driven marketing strategy, construct an integrated marketing plan that delivers superior value, Build profitable relationships and create customer delight, and capture value from customer
• market refers to the area or arena where buyers and sellers

  meet.
• Needs include necessities that people need to survive, like food, clothing, and water.
• Wants are needs based on an individual's personality or culture, like a

  hamburger or a pair of jeans.
• If people can afford to meet their wants, eventually, demand

  forms.
• competitor analysis to learn how other sellers perform against one another. It also serves as a benchmarking strategy to analyze their best practices, discover gaps, and adopt effective business strategies.
• target market is the group of consumers likely to purchase your product or avail of your service.
• To describe your standard customer, you must create your buyer persona or a sample representation of your ideal customer.
• The brand's unique selling proposition (USP) consists of features that make a brand better than its competitors.
• market offering , or the combination of products, services, information, or experiences to satisfy consumers' wants or needs.
• marketing plan aims to communicate its USP, make the brand known, and get the word out there. A business needs to use different marketing tools and strategies to deliver value to its target customers.
• According to Hubspot, around 67% of consumers say they need to trust a brand or a product before purchasing. It is an important number
• Customer engagement is encouraging your customers to interact and share experiences with your brand.
• customer equity or the total combined customer values of the company's current and potential customers.
• marketing mix forms part of the overall marketing plan that defines the goals, objectives, and strategies for bringing a new product or service to the

  market.
• 7Ps of marketing: Product, Price, Place, Promotion, People, Processing, Packaging
• product is a good or service that a business provides to its consumers.
• Price refers to the amount customers pay to purchase a product or avail of a service.
• Place refers to the area or space where the business sells product and the strategies to get it to the market.
• Promotion includes advertisements, public relations, and awareness strategies. It shows consumers why they need a product and why they should spend a given price for it.