Marketing is a set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships. Marketing is about Satisfying Customer Needs Need feeling physiological deprived of basic necessities, such as food, clothing, shelter, and safety. Want particular way in which the person chooses to fulfill his or her need, which is shaped by a person’s knowledge, culture, and personality.
Target Market the customer segment or group to whom the firm is interested in ailing its products Marketing Entails Value Exchange marketing is about an exchange? the trade of things of value between the buyer and the seller so and services. Marketing Requires Product, Price, Place, and Promotion Decisions
Product: Creating Value customer needs. Create value by developing a variety of offerings, including goods, services, and ideas to satisfy that each is better off as a result.
Price: Transacting Value the overall sacrifice a consumer is willing to make ? money, time, energy to acquire a specific product or service.
Place: Delivering Value al the activities necessary to get the product from the manufacturer or producer to the right customer. Place decisions are concerned with developing an efficient system for merchandise to be distributed in the right amount, to the right locations, and the right time.
Promotion: Communicating Value promotion is communication by a marketer that informs, persuades, and reminds potential Marketing is Shaped by Forces and Players External to the Farm Marketing Chi.
By charlatanry external forces such as social, technological, economic, competitive, and regulatory changes shape a Marketing Can Be Performed by Both Individuals and Organizations BBC: business to consumer marketing BIB: business to business marketing company’s marketing activities. Two current social trends are environment, and obesity. Marketing Occurs in Many Settings Marketing Helps Create Value Production-oriented Era early 20 the accountants, lawyers, planners, physicians, and other professional services market their services. Even nonprofit organizations have marketing such as hospitals, theaters, charities, museums, religious institutions, politicians, and even governments. Marketing can also be meant the industry to target specific segments, like the “got milk” campaign. The historical milestones of marketing century firms believed that a good product would sell itself, such as Henry Ford’s car. Retail stores typically were considered places to hold merchandise until a consumer wanted it. Companies focused on developing and distributing with little concern whether the product best satisfy customer needs.
Sales-orientated Era because of the great depression, companies were able to produce more then the demand for their products. Ales because very heavily dependent on personal selling and advertising. Market Orientated Era when soldiers came back home, there was many consumers, and much more supply. Consumers were now able to make choices based on quality, convenience, and price. This is whenconsumer-drivenn products started. Value-Based Marketing Era discovering and providing what consumers want and need, but give greater value then their competitors.
What is Value-Based Marketing customers naturally seek options that provide the greatest benefits at the lowest costs. A given product or service and how to improve on them. Racketing orientation, a business must also understand what customers view as the key benefits of a value-based How Firms Compete on the Basis of Value consumer perceptions change quickly, competitors enter markets, and global pressures continually reshape opportunities. You have to keep a vigilant eye to stay ahead of the competition. Value can be the service, price, convenience of retail stores.
Even nonprofits need value to keep all stakeholders How Do Firms Become Value Driven firms become value driven by focusing on three activities happy with minimum fund raising. Sharing Information arresters share information about customers and competitors that has been collected thought customer relationship management, and integrate it across the firm’s various departments. Imagine if wall-mart has promotion, but the retail stores didn’t know anything about it. Balancing Benefits with Costs marketers constantly measure the benefits that customers perceive against the cost of their offerings.
They use their customers needs and in turn develop long-term loyalties. Building Relationships with Customers marketers have begun to realize that they Ned to think about their customer orientation in terms of relationships rather then transactions. Transactional orientation, regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance Relational orientation, butter and sellers should develop a long;term relationship. Identifying and Why is Marketing Important building loyalty among the firm’s most valued customers. Marketing used to be an afterthought to production. “How do we get rid of this? “.
Today, marketing is a major business area that works with R, engineering, and reduction to ensure that right price, and right place. Marketing Expands Firms’ Global Presence high-quality, innovative products that meet customer’s needs are available in the right quantity, at the understanding customer’s needs and wants on a segment by segment. Egging by region basis is one of marketing main tasks, or it would be difficult for a firm to expand globally. Thanks to cheap foreign Marketing is Pervasive across the Organization travel, and the internet you share many of your consumption behaviors with the world. Value based marketing firms, the marketing department works seamlessly with other national area of the company to design, promote, price, and distribute products. Marketing is Pervasive across the Supply Chain supply chain members do not enjoy any cooperatives or coordination.
But for the supply chain to provide significant value to the customer, the parties must establish long term relationships and Marketing Makes Life Easier and Provides Career Opportunities that makes you comfortable. In essence they add value to your product. Cooperate to share data, making Joint forecasts, and coordinate shipments. Marketing ensures that your needs are being met. They balance the product or revive with a price analytical side, to Marketing Enriches Society the actually business ides, with projects, products, and brands.
Canadian companies recognize that a strong social orientation is in both their and their customer’s best interests. It shows that the business can be trusted with their business. Also investors view Marketing Can Be Entrepreneurial companies with high level of corporate responsibility as safe investments. Marketing can also be the center of success for new ventures initiated by entrepreneurs, or people who organize, operate, and assume the risk of business venture.
