- Is the action of communicating value of your
product or service to your target market.
- Is the process of continuously and profitably
satisfying the target customer’s needs, wants
and expectations superior to competition.
result from satisfying customer’s needs and
wants. Gaining market share is an effect of
outperforming competition.
-the basic human requirements.
-the form taken by a human need as shaped
by culture and individual.
-human wants that are backed by buying
power
-want that can’t afford
is the extent to which a product’s perceived
performance matches a buyer’s expectation
the set of benefits or values it promises to
deliver to consumers to satisfy their needs.
is defined as the mental and emotional
processes and the physical activities that
people engage in when they select, purchase,
use, and dispose of products or services to
satisfy particular needs and desires
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.
The term market refers to the group of
consumers or organizations that is interested
in the product, has the resources to purchase
the product, and is permitted by law and
other regulations to acquire the product.
The ratio of your brand’s sales and the total
sales in your market. In addition, market
share is the portion of a market controlled by
a particular company or product
Some combination of products, services,
information, or experiences to a market to
satisfy a need or want.
is the act of obtaining a desired object from
someone by offering something in return.
- tangible or intangible
- indicator of quality & amount of product
- where are you going to build your business?
Timing?
- how can you influence other nor to
persuade
divides a market into subsets of prospective
customers who behave in the same way, have
similar wants, or have similar characteristics
that relate to purchase behavior
- Is the business process of creating
relationships with and satisfying customers.
With its focus on the customer, marketing is
one of the premier components of business
management.
1. to satisfy the needs, wants ad
expectations of target customers.
2. to outperform competition.
3. to ensure corporate health and
profit
is an indispensable component for a firm to
continuously satisfy its customers.
is the difference between the values the
customer gains from owning and using the
product and the costs of obtaining the
product
a trade of values between two parties
– refers to the way a business tries to get
consumers to purchase its products over
those offered by competitors.
- refers to the process of establishing the
image or identity of a brand or product so
that consumers perceive it in a certain way.
THE MARKETING PROCESS

1. Understand the market place and customer needs and wants

2. Design a customer driven marketing strategy

3. Construct a marketing program that delivers superior value.

4. Build profitable relationships and create customer delight.

5. Capture the value from customers to create profits and customer quality.

3 INTERRELATED CONCEPTS of MARKETING PRINCIPLES:

1. An organization’s basic purpose is to satisfy customer needs.

2. Satisfying customer needs requires integrated and coordinated efforts throughout the organization.
3. Organizations should focus on long-term success.

Customer loyalty concept relationships

• Organizational strategy and execution

• Providing exceptional customer value

• achieving completely satisfied customers

• earning high customer loyalty

• increased sales growth and profits

CUSTOMER LOYALTY, SALES and PROFITS

1. Keeping loyal customers requires no acquisition costs. Getting new customers often requires high acquisition costs.
2. The longer a firm keeps a customer, the more base profit earned from continuing purchases over time.
3. Loyal customers tend to buy more from a firm over time.
4. It usually costs less to deal with loyal customers than with new customers.
5. Loyal customers are typically an excellent source of referrals for new business.
6. Loyal customers are often willing to pay a price premium to receive a desired value.

Micro Environment

1. Partners
2. Suppliers
3. Intermediaries
4. Customers
5. Publics
6. Competitors

MACROENVIRONMENT

1. Technological
2. Natural/Physical
3. Demographics
4. Economics
5. Cultural/Sociocultural
6. Political/Legal

General strategic planning process

1. Examine current situation

2. Identify potential threats and opportunities
3. Set objectives
4. Develop strategies
5. Execute