Business Marketing

• Business - enterprising entity engaged in commercial, industrial, professional activities.
• Business - profitable , non profitable
• Business - range from limited liabilities companies to sole proprietorships, corporations and partnerships
• Small operations - Single industry
• Large Operations - industries in the world
• Marketing - set of intitutions, process for creating, communicating, delivering and exchanging offerings that have value to customers.
• Dr. Philip Kotler - a science of exploring, creating, and delivering value to satisfy the needs of the target market
• Marketing

  • Identifies unfulfilled desires and needs of customers
  • Defines measures and quantifies
  • the identified market and profit potential
  • pinpoints segments the company is capable of serving best
• Human needs - state of felt deprivation
• 3 types of physical needs

  • Physical - food, water, shelter
  • Individual - knowledge, self expression
  • Social- belonging, affection
• Human wants - shaped by one's need, personality and culture
• Demands - backed by buying power. Wants becomes demand.
• Exchange process- obtaining desired project in exchange value in return
• 3 Roles of marketing

  • Identify
  • Satisfy
  • Retain
• Price - amount paid by consumer for product
• Product - good or service offered to satisfy customer needs
• Marketing mix is the set of actions or tactics that a company uses to promote its products/services
• Identify

  1. understand the wants and needs of the customer
  2. identify the target and how to reach them
• Satisfy

  1. Make right products and services to people at a right time
  2. feel off better exchange
• Retain

  1. Give the customer a reaon to keep coming back
  2. Find new opportunities for your business to win
• Branding - creating unique name or image for the product in consumer's mind
• Advertising- one of the many tools marketer use
• Advertising - uses paid notices in different forms of media to draw peoples attention
• Sales - process of selling products or services
• 3 STEPS TO IDENTIFY A HAPPY CUSTOMER

  1. They will return to buy more goods and services
  2. Helps to market the business through review or word of mouth
  3. They will engaged with the brand
• Customer- buys the product
• Consumer - makes use of the product
• B2B - Business to Business
• B2C - Business to Customers
• B2B - selling products to other businesses
• B2C- selling products directly to customers
• Customer - cornerstone of marketing
• Customer - lifeblood of the business
• Customer Lifetime Value - predicts how much product the company will make from the customers during their lifetime relationship with the company
• 4 Business Marketing Orientations

  • Marketing Concepts
  • Product Concepts
  • Sales Concepts
  • Production Concepts
• Marketing Concepts - success depends on doing better than competitors at understanding and communicatin value to their target customers
• Product Concepts - success depends on creating the best innovative product at low price
• Sales Concept - Success depends on good sales team with right marketing tools and incentives
• Production Concepts - success depends on low production costs, highly efficient process and mass distributions.
• 3 Customer Relationship Stages in Marketing

  • Stage 1 - Meeting & Get Acquainted
  • Stage 2 - Providing Satisfying Experience
  • Stage 3 - Sustaining Committed Relationship