CHAPTER 1

• The success of all businesses centers in its marketing
• Marketing


  A process through which a product or service is launched and promoted to possible customers
• Without marketing, no potential customers would be aware of companies offering and sales may collapse and may end the companies operation
• Functions that show the significance of marketing in the business

  • Customer
  • Finance
  • Human resources
  • Production
  • Competition
  • Decision
  • Idea
  • Economy
• Customer


  • Business provides the customers wants and demands. Companies need to get attention of customers through marketing its product and services
• Finance


  • A business becomes more financially successful and stable when it is able to effectively market its products and services
• Human resources


  • Human resources in a business must have marketing knowledge to attract customers in buying the goods or patronizing the service of a company or else the business would not grow
• Production


  • More products being manufactured means there would be more quantity of goods to trade and more earning opportunity as well. Though a company's warehouse is jam-packed with products, without marketing these items would not sell and these inventories may turn out yield less
• Competition


  • With marketing, a company would be more noticeable and customers would choose to the company than the rest of its competitors in buying the same offering
• Decision


  • Often most companies face with different types of problems, and these modern time it is exceedingly difficult and hard job to market products. Hence, manufacturer now find it easier and dependable to make use of marketing to their advantage particularly on what to manufacture and trade
• Idea


  • With numerous changes, and the fast transformation in tastes and preferences of customers. Marketing has provided possibility to understand this new demand pattern. For this reasons, companies are able to adjust their production & distribution
• Economy


  • It is marketing that serves as the key player that makes the economy flourish. If the marketing function would not be pressured, the economy would becomes weak
• Scopes of marketing


  • Consumer wants and needs
  • Consumer behavior
  • Product planning & development
  • Branding
  • Packaging
  • Channels of distribution
  • Pricing Policies
  • Sales management
  • Promotion
  • Finance
  • After-sales services
• What is marketed


  • Goods
  • Services
  • Events
  • Experiences
  • Persons
  • Places
  • Properties
  • Organizations
  • Information
  • The idea
• Core concepts in marketing


  • Needs
  • Demand
  • Market
  • Marketing
  • Marketer & Prospect
  • Utility Costs & Satisfaction
  • Wants
  • Products
  • Relationship & Network
  • Exchange Transaction & Transfer
• Marketing


  The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
• Types of needs

  • Existing need
  • Latent need
  • Incipient need
• Wants


  The form of human needs influenced by culture and individual personality
• Demand


  The want for particular products that are supported by the ability and willingness or readiness to buy them
• Conditions for demand


  • The desire of getting the product or service
  • Ability to pay for the product or service
  • Intention to pay for the product or service
• Types of demand

  • Negative demand
  • No demand
  • Latent demand
  • Declining demand
  • Irregular demand
  • Full demand
  • Overfull demand
  • Unwholesome Demand
• Marketing offers


  Some mixture of products, services, information, or experiences presented to a market to gratify a need or want
• Utility


  The overall ability of a product to gratify need and want
• Cost


  The price of a product. A monetary value of a product
• Customer value


  The difference between the customer gains from owning and using a product and the cost of obtaining the product
• Desired value


  What customer wants in a product or service
• Perceived value


  The benefit that a customer believes he received from a product after it was purchased
• Satisfaction


  Person's feeling of delight or displeasure as a result of comparing a product's perceived performance in relation to his or her expectations
• Exchange


  An act of acquiring a preferred product from someone through offering something in return
• Transaction


  A decision entered into or commitment done
• Relationship marketing


  The practice of building long-term profitable or satisfying dealings with significant parties such as customers, suppliers, distributors and others to preserve their long-term preference in business
• Marketing network


  Includes the company and its supporting stakeholders such as customers, employees, suppliers, distributors, advertising agencies, colleges & universities, and others whose role is regarded as necessary for the success of the business
• Market


  Comprises all possible customers sharing a particular need or want who might be eager and able to engage in exchange to gratify this needs or want
• Marketing


  A social and managerial process by which individuals and groups get what they need and want by creating and exchanging product and value with others
• Marketer


  One who seeks one or more buyers to engage in an exchange
• Prospect


  Someone to whom the marketer spots as possibly agreeable and able to engage in the exchange
• Marketing management tasks


  • Conversional marketing
  • Stimulating marketing
  • Developmental marketing
  • Remarketing
  • Synchromarketing
  • Maintenance marketing
  • Demarketing
  • Counter marketing
• Strategy


  An outline of the company's roadmap for the successful attainment of its goals and objectives
• Ethical values that marketers are expected to advocate

  • Honesty
  • Responsibility
  • Fairness
  • Respect
  • Transparency
  • Citizenship
• Market research


  The process of gathering data to find out whether a particular product or service will fulfill the needs of customers