Professional Documents
Culture Documents
What is Marketing?
Television commercials, direct mail offers, sales call and internet pitches ..etc Is this marketing? Many people think of marketing only as selling and advertising. Or is buying marketing? Or increase in production cost and sales sales? Marketing is not telling and selling but satisfying customer needs and wants.
Marketing involves in developing product that provides superior value, and prices, distributes and promotes them effectively. Advertising and selling are only part of a larger marketing mix a set of tools that mixwork together to satisfy customer needs and build customer relationship.
What Is Marketing?
Marketing is a philosophy or a management orientation that stresses the importance of customer satisfaction, as well as the set of activities used to implement this philosophy The American Marketing Association definition of marketing:
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
Exchange may not take place even if all of these conditions exist, but these conditions are necessary for exchange to be possible
Product Orientation
Consumers favor products that offer the most quality, performance, and innovative features
Sales Orientation
A sales orientation assumes that more goods and services will be purchased if aggressive sales techniques are used and that high sales result in high profits.
Market Orientation
The marketing concept states that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives.
A market orientation involves obtaining information about customers, competitors, and markets; examining the information from a total business perspective; determining how to deliver superior customer value; and implementing actions to provide value to customers. Understanding your competitive arena and competitor's strengths and weaknesses is a critical component of market orientation. Market-oriented companies are successful in getting all business functions together to deliver customer value.
Company (Profits)
The Firm's Business Defines its business in terms of the Defines its business based goods and services it offers on the benefits customers seek. Those to Whom the Targets its products at Product Is Directed "everybody" or "the average customer." Recognizes that different customer groups have different wants. Targets specific subgroups of customers. Designs special products and marketing programs for these groups. Recognize that promotion is only one of the four basic tools that comprise the marketing mix.
Seek to generate sales volume through intensive promotional activities, mainly personal selling and advertising.
Factory
Existing Products
Market
Customer Needs
Integrated Marketing
Customer value
Customer value is the ratio of benefits to the sacrifice necessary to obtain those benefits. Creating customer value is a core business strategy of many successful firms. Marketers interested in customer value
Offer products that perform Give consumers more than they expect Avoid unrealistic pricing Give the buyer facts Offer organization-wide commitment in service and after-sales support Customer Satisfaction Customer satisfaction is the feeling that a product has met or exceeded the customer's expectations. The organizational culture focuses on delighting customers rather than on selling products.
Building Relationship
Relationship marketing is a strategy that entails forging long-term partnerships with customers and contributing to their success. The Internet is an effective tool for generating relationships with customers. Customers benefit from stable relationships with suppliers. A sense of well-being occurs when one establishes an ongoing relationship with provider