mkt

• Marketing affects every aspect of people’s lives, creating products that delight people, improve productivity, and alter quality of life
• Marketing is the process by which companies engage customers, build strong relationships, and create customer value to capture value from customers in return
• Marketers need to understand customer needs and wants, along with the marketplace in which they operate
• Customer value is the benefits a customer gets after subtracting all the cost and effort, determining if they received enough value for the price paid
• Customer satisfaction emphasizes how satisfied a customer is compared to what they expected
• A market is the set of actual and potential buyers of a product or service
• The marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering desired satisfactions better than competitors do. Is a customer-centred sense-and-respond philosophy. The job is not to find the right customers for your product but to find the right products for your customers.
• The societal marketing concept aims to develop activities for changing or maintaining people's behavior for the benefit of individuals and society as a whole
• Customer relationship management (CRM) is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
• Partner relationship management involves working closely with partners to jointly bring greater value to customers
• Creating customer loyalty and retention involves good customer relationship management leading to satisfied customers who remain loyal and talk favorably about the company and its products
• Growing share of customer refers to the portion of the customer’s purchasing that a company gets in its product categories
• Marketing is responsible for the creation of products that delight people, improve their productivity, and alter their quality of life.
• Needs States of felt deprivation.
• Wants The form human needs take as they are

  shaped by culture and individual

  personality.
• Demand

  Human wants that are backed by buyingpower.
• Market offerings Some combination of products, services, information or experiences offered to a market to satisfy a need

  or want.
• Exchange

  The act of obtaining a desire object from someone by offering something in return. It happens any time two or more people trade goods or services.
• Relationship

  Marketing action try to create, maintaining,

  grow exchange relationship.
• Production concept

  Holds that consumers will favor products that are available and

  highly affordable. Low labor costs, high production efficiency and mass distribution.
• Product Concept

  Holds that consumers will favor products that offer the most in

  quality, performance and innovative features.
• Selling concept

  The idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort. Is typically practiced with unsought goods – those that buyers do not normally think of buying, such as life insurance or blood donations.
• Lush’s credo stresses honesty, integrity

  and putting people before profits.

  Doing what’s right benefits both

  consumers and the company.
• Integrated marketing program

  The marketing program builds customer relationships by

  transforming the marketing strategy into action.
• 4ps of marketing: product, price, place, promotion
• Partner relationship management

  Working closely with partners in other company departments

  and outside the company to jointly bring greater value to customers.
• 10 Market offerings

  goods, services, events, experiences, persons, places, properties, organizations, information, ideas
• The marketing environment of a business consists of an internal and an external environment.
• The internal environment is company specific and consists of owners, workers, machines, materials and others.
• The external environment is further divided into two components which are the microenvironment and the macro environment.
• macro environment is made up of six factors which are

  demographic, economic, physical, technological, political-legal, social cultural environment.
• Suppliers are either individuals or business businesses. They provide resources needed by the company.
• Market intermediaries

  These parties are those involved in the distribution of the company's product or service. wholesalers, retailers and agents who are considered middlemen.
• Partners

  Advertising agencies, market research organisations banking and insurance companies, transportation companies, and brokers.
• Customers comprise of the target group of the organisation. They are the most important element in the micro environment of business.
• Competitors are the players in the same market who targets similar customers as that of the company.
• Public

  The company has a duty to satisfy. All actions of the company need to be considered and how they are affected.
• 6 Micro environment forcers or factors

  suppliers, market intermediaries, customers, partners, competitors and the public
• Demographic Environment

  composed of the people who constitute the market. It is the proportion of the population who are of a given size, density, location, age, gender, race, or occupation.
• Some of the most important demographic trends that affect markets these days are:

  1. World population growth
  2. Changing age structure
  3. Changing family structures
  4. Geographic shifts in population
  5. Continued increase in education