MG106

MARKETING MANAGEMENT
What does the term
MARKETING mean?
MARKETING

• A social and managerial process by which

individuals and groups obtain what they
need and want through creating and
exchanging products and value with
others.

• Satisfying customer needs.

7 SIGNS OF A SATISFIED CUSTOMER
1.) They keep coming back. This one should be a
no-brainer, but too often it’s easy to get used to
“the regular in the white Jeep who order the all-
sugar-free drink.” Learn his name, give him a
perk from time to time, and he’ll likely do
incredible word of mouth, free PR for you.
Watch out for the regulars and treat them like
you’re trying to win them over the first time
around.
2.) They tip well. If tipping is applicable, this is
the most obvious way of a customer telling you
“good job.” For tips that are at or above industry
standards, reflect on what the rep did to earn it.
Showing satisfaction with hard-earned money is
the most impressive of all, and you want to
make sure those results keep happening.
3.) They bring their friends. If it’s clear that a
customer has
• a) been to your business before and
• b) this time brought along friends or family,
they’re putting their reputation on the line for
you. They thought your business was good
enough to warrant a trip with others to show
you off. Make sure to treat everyone in the
group like a VIP.
5.) They write a positive review. As previously
mentioned, this one is very obvious—but that
doesn’t mean it doesn’t deserve followup. It’s a
good idea to respond to all thoughtful reviews
on every platform, whether positive or negative.
It’s disheartening to write a review and get no
likes or comments at all. Let the customer and
readers know you’re listening.
6.) They ask for a business or punch card. Many
customers will take a card offered to them to be
polite, but asking for one is a customer’s way of
saying they plan to come back. It’s the best
promise you can snag as a customer service rep
7.) They linger. Whether in person or on the
phone, people don’t stay or linger where
they’re not happy. If they stick around, it means
they feel comfortable and perhaps like they have
a strong connection with the business or the
customer service rep. Take it as a compliment
and do your best to appease them while still
doing your job.
What is Marketing Management?

Marketing management is the

art and science
of choosing target markets
and getting, keeping, and growing
customers through
creating, delivering, and communicating
superior customer value.
Selling
Advertising
Thus, selling and advertising are only part of a
larger “Marketing Mix”
 CORE
MARKETING
CONCEPTS
Understandi
ng
Consumer
NEEDS,
WANTS, and
DEMANDS
Needs, wants and demands are a basic part of the
marketing principles. On the surface, these three
words look like simple, easy to answer concepts.

Though, it’s a primary method to answer the

timeless question “what do customers want?”.

Needs, wants and demands play a vital role in terms

of marketing management. It becomes easier to deal
with monotonous problems, related to marketing.
Needs
• Human Needs – States of felt of deprivation,
these include basic physical needs for food,
clothing, warmth, and safety; social needs for
belonging and affection; and individual needs
for knowledge and self expression.
• These are essential for human beings to
survive.
Wants
• Wants – are the form taken by human needs as
they are shaped by culture and individual
personality.
This is quite different from needs.
• Wants aren’t permanent and it regularly changes.
• As time passes, people and location change,
wants change accordingly.
• Wants aren’t essential for humans to survive, but
it’s associated with needs.
• For example, if we always manage to satisfy our
wants, it transforms into a need.
Deman
Example:
ds
There are two options, you either buy a Samsung’s or Apple’s
product.
Though, the prices are really different. The Samsung’s phone costs
$150 and the Apple’s iPhone $780.
We’d prefer to purchase the Apple product, but the question is,
can we?
If we, financially, are strong enough and can allow ourselves to
buy a $780 iPhone, it means that we’ve transformed our
want/need into a demand.
So, the key difference between wants and demand is desire.
Consequently, for people, who can afford a desirable product are
transforming their wants into demands.
In other words, if a customer is willing and able to buy a need or a
want, it means that they have a demand for that need or a want.
What is Marketed?
 What is Marketed?
• Goods • Places
• Services • Properties
• Events • Organizations
• Experiences • Information
• Persons • Ideas
Products
• People satisfy their needs and wants with
products. A product is anything that can be
offered to a market to satisfy a need or want.
Usually the word product suggests a physical
object. However, the concept of product is not
limited to physical objects—anything capable
of satisfying a need can be called a product.