PRINCIPLES OF MARKETING

• Marketing - is the process of continuously and profitably satisfying target customers needs, wants, and expectations superior to competition
• Marketing is a for of communicating or promoting the value of a product, service, or brand to the customers.
• Marketing - is the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.
• Marketing activities apply not only to profit - oriented business but also to non-profit organization.
• In simplier term, marketing is delivering customer satisfaction
• Needs - a part of human make up; these are physiological necessities foods, clothing, shelter.
• Wants - are more phycological indicating preferences which could improve the consumers life condition.
• Demands - are human wants that are backed by buying power.
• According to Abraham maslows Hierarchy of needs there are 3 needs basic needs, psychological needs, self-fulfillment needs
• Basic needs - safety needs security, safety

  Physiological needs - food, water, warmth rest
• Psychological needs - Esteem needs prestige and feeling of accomplishment

  Belongingness and love needs - Intimate relationships friends
• Self-fulfillment needs - self actualizations achieving one's potential, including creative activities
• The are two market offerings product, and service
• Product - is anything that can be offered to satisfy'S a need or a want physical product goods, service, experiences, person, Place, organization, information, idea.
• Service - is a type of product work performed for remuneration or pay
• There are 3 key players in market offerings marketer, customer, consumer
• Marketer- is a person who identifies the goals and service
• Customer - is a person or business that buys or avails of services produced
• Consumer - refers to a person who acquires goods, or services for direct used and has no intention of reselling.
• Value - refers to the value customers place or a product service
• There are 2 kinds of value satisfaction and quality
• Satisfaction - is the measure of how well customer expectations from a purchased product.
• Quality - is closely related to satisfaction it's broad definition ability satisfy customer needs.
• To ensure maximum value and satisfaction marketers must:

  -Balance product or service quality and price

  -Establish consistency among product availability, level of customer service and efficiency

  -create a buying atmosphere and deliver purchase convience
• Exchange - refers to the trade of things or services. Offerings could be money, product, service, idea.
• There are 2 kind of exchange transaction, and relationship marketing
• Transaction - refers to a trade of values between tow parties. Either monetary transaction or barter transaction.
• Relationship marketing - it is long-term relationships with valued customers,partnets etc.
• Markets - it is place virtual or physical where buyers and seller met.
• Market - it is the set of actual and potential buyers of a product.
• Industry - according to a marketer definition pertains to the sellers of a product.
• Target market - the most probable and most logic customers and may likewise be it's heaviest customers.
• There are 3 kinds of markets market, industry, and target market.
• Marketing Mix - 4p's is the product, Price, Place, Promotion
• A product with useful and attractive features for the customers.
• A price affordable to the customers.
• A place where customers can convinients buy the product.
• A promotion that will capture the attention of customers