Mod 1

• Marketing


  An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
• Marketing


  A societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others
• Marketing


  A total system of business activities designed to plan, price, promote, and distribute want-satisfying products to target markets to achieve organizational objectives
• Marketing


  The whole business seen from the point of view of its final result, that is, from the customer's point of view
• Exchange process in marketing

  There must be at least two parties, each must have something of value to the other, each can communicate and deliver what they are offering, each is free to accept or reject what is on offer, and each party trusts/respects the other sufficiently to take the exchange seriously
• Need


  A state of felt deprivation of some basic satisfaction
• Want


  Desires for specific satisfiers of deeper needs
• Demand


  Want for a specific product that are supported by the ability and willingness to buy them
• Demand states


  • Negative Demand
  • No Demand
  • Dormant Demand
  • Falling Demand
  • Fluctuating Demand
  • Full Demand
  • Excess Demand
  • Unwholesome Demand
• Value


  The consumer's estimate of the product's overall capacity to satisfy his or her needs
• Customer value triad


  Quality, service, and price

  
• Cost


  An expenditure required to produce or sell a product or get an asset ready for normal use
• Satisfaction


  Reflects a person's judgment of a product's perceived performance in relationship to expectations
• Market


  The place where buyers and sellers meet to exchange their goods, services and other relevant information
• Types of markets


  • Physical Markets
  • Virtual/Internet Markets
  • Auction Markets
  • Consumer Markets
  • Industrial Markets
  • Black Markets
  • Markets for Intermediate Goods
• Consumer goods


  • Ready to cook meals
  • Newspaper
  • Magazines
• Consumer durables


  • Fridge
  • Televisions
  • Personal computers
• Soft goods


  • Shoes
  • Clothes
• Services


  • Hostelling
  • Hairdressing
  • Schools
  • Colleges
• Industrial market


  Business to business sales of goods and services
• Industrial market


  • Finished goods like office furniture
  • Selling raw materials for businesses i.e. gasses and chemicals
  • Offering services to business 2 business for example security agencies, auditing and legal services
• Black market


  Deals in illegal drugs and weapons
• Market for intermediate goods

  Deals in selling raw materials that need further processing to produce finished goods
• Market for intermediate goods

  • Philippine International Trade Centre
• Financial market


  A broad market known as a place for dealing with liquid assets for example shares, bonds
• Financial market


  • Philippine Stock Exchange (PSE)
  • Consumer Credit Market
  • Bond Market
  • Cash or Spot Market
  • Money Market
  • Capital Market
  • Over the counter market
• Marketing management


  The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value
• Marketing management is the analysis, planning, implementation and control of programs designed to bring about desired exchanges with target markets for the purpose of achieving organizational objectives
• Marketing management


  The management of the marketing function
• Marketing management


  Planning, organizing, directing and control of the activities which facilitate exchange of goods and services between producers and consumers or users of products and services
• The focus of marketing management is on achieving desired exchange outcomes with the target markets
• Scope of marketing


  • Consumer wants and needs
  • Consumer behavior
  • Product planning and development
  • Branding
  • Packaging
  • Channels of distribution
  • Pricing policies
  • Sales management
  • Promotion
  • Finance
  • After-sales services
• Marketing people are involved in marketing 10 types of entities: goods, services, experiences, events, persons, places, properties, organizations, information, and ideas
• Goods


  Physical goods constitute the bulk of most countries' production and marketing effort
• Services


  As economies advance, a growing proportion of their activities are focused on the production of services
• Experiences


  • Walt Disney World's Magic Kingdom
  • Enchanted Kingdom
• Events


  • Global sporting events such as the fights of Manny Pacquiao
  • Concerts of well-known singers like Regine Velasquez, Sharon Cuneta, Celine Dion
• Persons


  Celebrity marketing has become a major business
• Places


  Cities, states, regions, and nations compete to attract tourists, factories, company headquarters, and new residents
• Properties


  Intangible rights of ownership of either real property (real estate) or financial property (stocks and bonds)