What is marketing?

It is an organizational function and a set of processes for creating,

communicating, and delivering value to customers and more managing
customer relationships in way that benefits the organization and its
stakeholder. page:1

What is marketed?

Marketing people market 10 types of entities: goods, services,

experiences, persons, places, properties, organizations, information
and ideas. page:1

What are the core concepts of marketing?

The basic core concepts of marketing are needs, wants, demands.

Types of needs:
1- stated needs (the customer wants an inexpensive car)
2- real needs (the customer wants a car with low maintenance)
3- unstated needs (the customer expects good service from the dealer)
4- delight needs (the customer wants a car with a navigation system)
5- secret needs (the customer wants his friends to see him as a savvy
consumer)

What is purpose of marketing?

The purpose of marketing is giving the customer value (fulfillment of
unfulfilled needs)

What are 4P’s?

1- Product
2- Price
3- Promotion/communication
4- Place/distribution

What is branding?

The process where a business makes itself known to public and

differentiates itself from competitors. It typically consists of phrases,
design that makes it identifiable.

What is scope of marketing?

Marketing is a pervasive in scope, it usually fulfills customers' needs

and wants through different market offerings. Some combination of
products, services, information or experience offered to a market to
satisfy a customer.
State types of customers?
There are two types of customers
1- B to B customers (Business to Business)
2- B to C customers (Business to Customer)

What are tangible and intangible products?

Tangible products: Products which can be perceived by touch. E.g.: any

product

Intangible products: Products which can’t be perceived by touch. E.g.:

services

What is market penetration?

It is a measure of how much a product or services is being used by the

customers compared to total estimated market for that product or
service. Example: Coca-cola and Pepsi.

What is Market Targeting?

A group of customers with same demographics who have been

identified as the most likely buyers of a company products or services.
What is market segmentation?

Dividing the market into different segments is called market

segmentation. Segmentation is based on demographics +
psychographics.

What is market offerings?

Some combination of products services offered to a market to satisfy

consumer needs and wants. Market offerings can be both tangible or
intangible products.

What is BCG?

BCG stands for Boston Consulting Group. It is a leading management

consulting firm which classifies SBU’s according to the growth-share
matrix.