There are vivo sides to marketing – the formulated side and the creative side, It is important to lay the foundation in marketing concepts, tools, trademarks and issues of Social Definition of Marketing the formulated side while at the same time instill the real creativity and passion or marketing, as eve shall come to see in this chapter _ Marketing is increasingly becoming an important function in all organizations to ensure that demand for a product or service persists along with customer retention.
Marketing is a Scope of Marketing societal process by which individuals A good marketer must be able to answer the following questions: and groups obtain What is Marketing? What they need and want through The formal definition of marketing is, Marketing is an organizational function and a set creating, offering of processes for creating, communicating and delivering value to customers and for and freely managing customer relationship in ways that benefit the organization and its exchanging products and stakeholders.
What is Marketed? Services of value With Others. Some Of the common entities that are marketed are goods, services, events, experiences, persons, places, properties, organizations, information and ideas. Chapter 1 – Understanding Marketing Management Who Markets? A marketer is someone who seeks a response, attention, purchase, vote, donation etc The five key from another party called the prospect.
Marketing managers are responsible for demand functions of a Eight demand states are possible: Negative demand racketing Nonexistent demand Latent demand manager or Declining demand Irregular demand COM are: Full demand Overfull demand Unwholesome demand management, ; Strengthening the brand The key customer markets are consumer markets, business markets, global markets, non-profit and governmental markets. ; Measuring effectiveness Core Marketing Concepts: ; Driving new product development based on customer needs complex needs such as for belonging. i. E.
I am hungry. Customer Demands – human wants backed by buying power. i. E. I have money to buy this meal. Target Markets are the market segments identified by the marketer which resent the greatest opportunity. Insights ; Utilizing new Wants – form that a human need takes as shaped by culture and individual personality i. E. Want a hamburger, French fries, and a soft drink. ; Gathering meaningful Needs – state of felt deprivation for basic items such as food and clothing and Value Proposition is a set of benefits that companies offer to customers to satisfy their needs.
The intangible value proposition is made physical by as offering. A brand is an offering from a known source, Value reflects the sum of the perceived tangible intangible benefits and costs to customers. Satisfaction reflects a person’s judgments of a products perceived technology performance. TO reach a target market a marketer uses different marketing channels like communication channels, distribution channels and service channels.
Supply chain is a longer channel stretching from raw materials to components to final products that are carried to final buyers. Company orientation towards Marketplaces: The major marketing philosophies are: New The Production Concept Consumers favor products that are available and highly affordable. Improve production and distribution. Product Concept innovative features. Realities: Selling Concept Marketing Concept Some of the major Societal Marketing Concept Focuses on needs/ wants of target markets & delivering superior value.
Holistic Marketing Concept network Based on the development, design and implementation of marketing programs, processes and activities that recognize their breadth and information technology, Focuses on needs/ wants of target markets & delivering satisfaction better than come editors. Marketers have to deal with today are Consumers will buy products only if the company promotes/ sells these products. Societal forces that Consumers favor products that offer the most quality, performance, and interdependencies.
Relationship Marketing globalization, Aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business. Deregulation, prevarication, heightened Marketing Management Tasks: competition, industry convergence, consumer The following are the most important marketing management tasks: ; Developing Marketing Strategies and Plans Capturing Marketing Insights Connecting with Customers resistance, retail Building Strong Brands transformation and Shaping the Marketing Offerings consideration.
Delivering Value Communicating Value Creating Gang-Tern Growth Marketing Management By Philip, Kevin Lane Keller, Abraham Kooky, Matriarchies logo copy. Tiff Developing Marketing Strategies And Plans In this chapter, mainly the following points have been discussed ; How does marketing affect customer value? HOW is strategic planning carried out at different levels Of the organization? What does a marketing plan include? Developing the right marketing strategy over time, through discipline and a creative Supply thought process can go a long way in the marketing management process.
Fin-NSA must constantly strive to improve every aspect of their strategy and the plans to guide the Chain Many companies today outsource less critical resources if marketing process. The Value Delivery process In the new view of business processes, marketing is viewed at the beginning of the planning stage. A smart competitor must design and deliver products for well-clarified they can obtain micro-markets and cater to their specific wants, perceptions and preferences. The value better quality or Creation and Delivery Sequence can be divided into two segments of marketing: lower cost.
Also, Strategic Marketing and Tactical Marketing. Many companies partner with specific suppliers and distributors to create a superior value delivery network, also Core Competencies known as Supply Core Competency refers to areas of special technical and production expertise, whereas Chain. Distinctive capability describes excellence in broader business processes. Marker driven organizations generally excel in three distinctive capabilities: market sensing, customer linking and channel bonding.