POM

• Marketing -

  • It is 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.
  • It employs techniques and methods to define ideal audiences, develop marketing strategies, and sustain fulfilling relationships with customers.
• Marketing equals profits.
• Marketing is not a one-size-fits-all approach
• Marketers heavily rely on perception—the way customers view a product or service
• Everyone that has a market offering does marketing.
• Needs include necessities that people need to survive.
• Wants are needs based on an individual's personality or cultures. If people can afford to meet their wants, eventually, there will be demand.
• Marketers study the behaviors of both the buyers (consumers) and other sellers (competitors).
• Design a customer-driven marketing strategy

  2 parts:

  1. Defining the target market and buyer persona
  2. Developing a unique selling proposition
• Target Market

  A group of consumers likely to purchase your product or avail of your service.

  They share common traits, interests, and characteristics.
• Buyer Persona - A sample representation of your ideal customer.
• Construct an integrated marketing plan that delivers superior value
• The marketing plan includes strategies, the budget, and metrics or KPI for a successful marketing campaign.
• According to Hubspot, around 67% of consumers say they need to trust a brand or a product before making a purchase.
• Customers are satisfied if the product’s perceived value is equal or greater than their expectations.
• The type of engagement also depends on the market offering. 
• Customer engagement means encouraging your customers to interact and share experiences with your brand.
• Businesses want to increase customer equity or the total combined customer values of the company's current and potential customers.
• If the company has a growing customer base while retaining its loyal customers, its customer equity is also rising.
• Components of a Marketing Plan

  Marketing mix:

  1. Product
  2. Place
  3. Price
  4. Promotion
• Product - The good or service that a business provides to its consumers. 

  It should satisfy existing customer demand or create a new one.
• Price - The amount customers pay to purchase a product or avail of a service. 

  It must consider the product's worth, supplier costs, seasonal factors, and competitor prices. 
• Place - The area or space where a product would be sold.

  It can be a certain store or display. It can be an online shop or e-commerce website.
• Promotion - includes advertisements, public relations, and awareness strategies.

  Marketers usually combine promotion and placement aspects to reach their target audiences.
• Modern concepts on marketing revolve around customer satisfaction.
• Marketing is a social and managerial process through which individuals and groups obtain what they need and want by creating and exchanging products and value with others.
• These 4Ps are part of the overall marketing plan that defines the goals, objectives, and strategies for bringing a new product or service to the market.
• 5 Cs

  CUSTOMER

  COMPANY

  CONTEXT

  COLLABORATORS

  COMPETITORS
• STP

  SEGMENTATION

  TARGETING

  POSITIONING
• 4 Ps

  PRODUCT

  PRICE  

  PLACE

  PROMOTION
• Segmentation - Customers aren’t all the same; find out how they vary in their preferences, needs, and resources.
• Targeting - Pursue the group of customers that makes the most sense for our company.
• Positioning - Communicate our product’s benefits clearly to the intended target customers.
• Marketing used to be associated with the business activity of telling and selling. Many

  companies fuse sales and marketing functions into one department since both have the

  common goal of closing deals and landing sales.
• according to Philip Kotler, a well-known marketing author, marketing is no longer

  viewed in the old sense of telling and selling. Marketers, nowadays, recognize their aim to

  satisfy customer needs. Moreover, since customers are humans, they need to be talked with and listened to.
• Kotler defined 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 could be described in an adage by the author and inspirational speaker Simon Sinek. He said, "People don't buy what you do; people buy why you do it."
• The marketing process guides companies in creating value for their customers and

  building strong customer relationships. In the end, the process aims to capture value from

  customers in return. The marketing process consists of five stages.
• The first stage in the marketing process is to understand the market. If you can still recall

  your economics lesson, the market refers to the area or arena where buyers and sellers

  meet. Therefore, in understanding the market, marketers study the behaviors of both the

  buyers (consumers) and other sellers (competitors).
• Wants are needs based on an individual's personality or culture, like a

  hamburger or a pair of jeans.