M1

• Marketing


  The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
• Marketing is a form of communicating or promoting the value of a product, service or brand to the consumers
• Types of entities


  • Goods
  • Services
  • Experience
  • Events
  • Capital
  • Ideas
• Goods


  • Physical goods comprise the volume of most countries production and marketing effort. Goods particularly food, commodities, clothing, and housing are the stronghold of the economy
• Services


  • Intangible, a growing proportion of their activities are concentrated on the production of services. Services include airlines, hotels, and maintenance and repair people, in addition to professional like accountants, lawyers, engineers, and doctors
• Experience


  • Through organizing a number of services and goods, one can generate, stage, and market experiences. Eating in Jollibee especially for children is an experience
• Events


  • Marketers endorse time-based events, such as the Pacquaio-Bradley fight, trade shows, sports events, and artistic performances
• Capital


  • Celebrity marketing has turn into a main and popular business. Artist, musicians, CEOs, physicians, high-profile lawyers, and financiers, politicians, and other professional draw help from celebrity marketers
• Ideas


  • Each market offering has a fundamental idea at its core. Basically, products and services are platforms for conveying some idea or benefit to gratify a core need
• Traditional approaches to marketing

  • Production concept
  • Sales concept
  • Marketing concept
  • Relationship concept
  • Societal marketing concept
• Production concept


  Focuses on the internal potentials of the company and not based on the desires and needs of the market
• Sales concept


  Refers to the idea that people will buy more goods and services through personal selling and advertising done aggressively to push them in the market
• Marketing concept


  Is the philosophy that states that an organization must try hard to find out and satisfy the needs and wants of consumers while at the same time accomplishing the organizational goals
• Relationship concept


  Is an approach that centers on maintaining and improving value-added long-term relationships with current customers, distributors, dealers, and suppliers
• Societal marketing concept


  Views that organizations must satisfy the needs of consumers in a manner that gives for society's benefit
• Objectives


  Specific targets within the general goal. Objectives are time-related to achieve a certain task
• Goals


  Generically for an achievement or accomplishment for which certain efforts are put
• Marketing KPIs


  Key performance indicators used to check that the marketing activities of a company are on track. They are specific metrics which are used to track performance to make sure the firm is on track to meet specific objectives
• Contemporary approaches to marketing

  • Not-for-profit organization
  • Person marketing
  • Place marketing
  • Cause marketing
  • Event marketing
  • Green marketing
• Not-for-profit organization


  Organization that does not earn for profits its owners. All of the money earned by or donated to a not-for-profit organization is used in pursuing the organization's objectives
• Person marketing


  Entails endeavors aimed at cultivating the attention, interest, and preferences of a target market toward a celebrity or authority figure
• Place marketing


  A place branding attempts to exert a pull on customers to particular areas
• Cause marketing


  The identification and marketing of social issue, cause or idea to selected markets. It covers a broad sort of issues like literacy, physical fitness, preventing drunk-driving, etc.
• Event marketing


  The marketing of sport, music festival, culture, charity and fair or concert activities to selected target markets. It consists of sponsorship by companies of different events
• Green marketing


  The process of selling products and/or services based on their environment benefits
• Relationship marketing


  Includes activities aimed at developing and managing trusting and long-term relationships with new customers
• Customer relationship


  A marketing approach that focuses on creating an ongoing and long-term relationship with customers
• Main characteristics of relationship marketing

  • Focuses on the long-term rather than short-term
  • Focuses on partners and customers rather than on the company's product
  • Puts more emphasis on customer retention and growth than on customer acquisition
  • Relies more on listening and learning than talking
  • Calls for new practices within the 4Ps (Product, Price, Place, Promotion)
• Levels of relationships that can be formed with customers

  • Basic
  • Reactive
  • Accountable
  • Proactive
  • Partnership
• Benefits of relationship marketing

  • Understanding customer characteristics
  • Delivery and meeting expectations
  • Repeat business
  • Prevents negative transition
  • Word-of-mouth marketing
  • Increasing customer base
  • Reduced marketing costs
  • Minimization of customer price sensitivity
  • Identification of the company
  • Product market expansion
• Customer value


  The quality of the product or services they expect and that are sold at prices they are able and willing to pay
• Ways a company can establish customer value


  • Provide the consumer with the best cost
  • Provide the consumer with the best product
  • Provide the consumer with the best service
• Relationship marketing strategies and tools

  • Networking
  • Cherish each customer
  • Listen to your customers
  • Identity
  • Give your customers free information
  • Loyalty rewards
  • Communicate often
  • Special events
  • Face-to-face time
• Customer service


  The act of taking care of the customer's needs by providing and delivering professional, helpful, high quality service and assistance before, during, and after the customer's requirements are met
• Characteristics of good customer service


  • Promptness
  • Politeness
  • Professionalism
  • Personalization
• • Promptness: 


  Promises for delivery of products must be on

  time. Delays and cancellations of products should be

  avoided.
• • Personalization:


  Using the customer's name is very effective in producing loyalty. Customers like the idea that whom they do business with knows them on a personal level.

   
• • Professionalism: 


  All customers should be treatedprofessionally, which means the use of competence or skills expected of the professional.
• • Politeness:


  Politeness is almost a lost art. Saying 'hello,'

  'good afternoon,' 'sir', and 'thank you very much' are a part of

  good customer service.
• BASIC


  The company salesperson sells the product but does not follow up in any way