LESSON 1: marketing

• Marketing


  A social and managerial process by which individuals and groups obtain what they need and want through offering and exchanging products and value with the other
• Marketing's definition

  1. Identifying customer needs

  2. Anticipating customer needs

  3. Satisfying customer needs

  4. Profitably
• Interested parties

  
  

  are those people or entities that have an interest in the success or failure of a company.
• Internal interested parties

  • Employees
  • Owners
  • Managers
  • Investors (shareholders)
• Internal marketing


  Promoting the objectives, products, and services of a company to its internal constituents—particularly employees
• External interested parties

  • Customers
  • Creditors
  • Suppliers
  • Distributors
  • Government
  • Society
• Utility


  A product's usefulness to customers so that they are convinced enough to make a purchase
• Form utility


  • How well an organization can increase the value of its product in the customer's eyes by making changes and altering its physical appearance
• Time utility


  • Making products and services available to customers so that they can buy it when it is most convenient for them
• Place utility


  • Making goods or services physically available, convenient, and accessible to customers
• Possession utility


  • Ensuring that a product is relatively easy to acquire
• refers to the series of steps that assist businesses in planning, analyzing, implementing, and adjusting their marketing strategy.
• Marketing strategy


  A business's overall "game plan" to focus its limited resources in order to reach prospective customers and turn them into paying customers, hopefully for the long run
• Customer-driven marketing strategy


  The company shifts the focus from the product or service itself to its users
• THE MARKETING PROCESS refers to the series of steps that assist businesses in planning, analyzing, implementing, and adjusting their marketing strategy.
• The steps in marketing process

  1. Understand the marketplace and your customers

  2. Develop a customer-driven strategy

  3. Deliver high customer value

  4. Grow profitable customer relation

  5. Capture value from customer
• Exchange process marketing


  The act of obtaining a desired product or service from an individual or business by providing in return something of value
• Buyer/customer


  The individual or business that purchases the product or service
• Consumer


  The user of the product or service
• Desired object


  The product or service itself. It may be a physical good, service, or experience that consumers expect will satisfy their wants and/or needs
• Seller


  The individual or organization that supplies the need-satisfying product, service, or experience
• Value


  The benefit to the customer or consumer relative to the cost in the exchange
• Marketing Mix


  Commonly referred to as the tactics a company can use to promote its products or services in the market in order to influence consumers to buy
• Components of Marketing Mix

  • Product
  • Price
  • Place
  • Promotion
• Product


  The good or service that the company provides
• Price


  What the consumer pays in exchange for the product
• Place


  Where the product is purchased
• Promotion


  Comprised of advertising, sales, and other communication efforts the company utilizes to attract the customer
• Components of Internal Marketing Environment (5Ms)

  • Minds (staffing)
  • Minutes (time)
  • Machinery (equipment)
  • Materials (production)
  • Money (finance)
• Organizational Culture


  Comprised of the shared values, attitudes, expectations, norms, and practices that guide the actions of all within the company
• Components of Microenvironment

  • Suppliers
  • Market Intermediaries
  • Customers
  • General Public
  • Competitors
• Components of Macroenvironment

  • Political
  • Economic
  • Social
  • Technological
  • Legal
  • Environmental
• Stages of Marketing Evolution

  • Production Concept
  • Sales Concept
  • Marketing Concept
  • Societal Marketing Concept
• Types of Consumer Needs

  • Stated Needs
  • Real Needs
  • Unstated Needs
  • Delight Needs
  • Secret Needs
• Stated Needs


  Clearly specified by the customer
• Real Needs


  More specific and define the parameters that are immediate to defining and fulfilling the need
• Unstated Needs


  What the customer also expects but doesn't ask for
• Delight Needs


  Those that provide the "wow" factor
• Secret Needs


  Those that a customer may not state or realize but can be one of the main reasons for choosing a particular product to fulfill the basic stated need