What is Marketing ?

Many definitions of Marketing ……….

Marketing is engaging customers and and managing profitable customer relationships.

MKT is a way attracting customers as well as managing relationship of value customer

Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return.

MKT is a process that bring value to customer and build relationship between them…

Marketing Process

(2) based on Pyramids of Management Hierarchy unstructure-semi-structure….*

Customer Needs, Wants and Demands !

• Needs :

  • Physical: food, clothing, warmth and safety

  • Social: belonging and affection

  • Individual: knowledge and self-expression

• Wants : Form that needs take as they are : shaped by

  • culture and individual personality

• Demands : Wants backed by buying power

The Marketing Process

1. Creating and Capturing Customer Value !

• Market offerings are some combination of products, services,

information, or experiences offered to a market to satisfy a need

or want.

• Marketing myopia is focusing only on existing wants and losing

sight of underlying consumer needs.

2. Marketer expectations + Customer Value

• Set the right level of expectation (not too high / low)

• Value satisfaction

Concept of Market and Exchange

• Market : is the set of actual and potential buyers of a product.

• Exchange : is the act of obtaining a desired object from someone by

offering something in return.

Designing a value-driven marketing strategy

Marketing management is the art and science of choosing target markets and building profitable relationships with them.

• Selecting customer :

  • Market segmentation = dividing the markets into segments of

    customers

  • Target marketing = deciding which segments to go after

• Choosing a value proposition :

  • Choosing the set of benefits or values a company promises to deliver to customers to satisfy their needs

Developing a MKT strategy

• Production concept : is the idea that consumers will favour

  products that are available or highly affordable.

• Product concept : is the idea that consumers will favour products that offer the most quality, performance and features and that the organization should therefore devote its energy to making continuous product improvements.

• Selling concept : is the idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.

• Marketing concept : is the idea that achieving organisational goals depends on knowing the needs and wants of the target markets and delivering the desired Satisfactions better than competitors do.

• Societal marketing concept : is the idea that a company’s Marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-term interests and society’s long run interests.

Marketing Mix 4Ps and 4Cs