marketing

marketing

a set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value to customers, client, partners and society at large.

examples of marketing

advertising, selling, sales people, retail stores & merchants, press releases, promos & giveaways , more selling, product development, still more selling

marketing is…

is also about changing behavior though communication in order to achieve objectives.

marketing can also be..

about changing customer's attitude and perception about your product

kotler & keller (2006)

marketing is meeting needs profitably

product

anything that is being marketed, whether tangible or intangible goods; service, place or people

generalized markting system (philip kotler 2000)

presents 2 key parties (industry & market) and the value of transmitting information through the environment, communication, goods/servies, money & information.

industry

collection of companies

market

collection of buyers

3 components of marketing processes:

1. strategic marketing

2. tactical marketing: value deployment

3. tactical marketing: value communication

strategic marketing

focuses on long-term and timeless nature of a business proposition.

strategic management/marketing characteristics

-customer segmentation

-target market selection

-value positioning

tactical marketing/management

focuses on short and medium-term and flexible aspects of market strategies

tactical marketing: value deloyment

• product design and development

• product portfolio management

• service development

• pricing

• distribution & logistics

tactical marketing: value communication

• sales force strategies

• sales promotion strategies

• advertisement

needs

motivating force that compel action for its satisfaction

state of felt deprivation over something deemed as necessary

wants

a specific manifestion of a need, something that a person would like to have.

demands

is a want backed by purchasing power

willingness of a customer to pay/purchase for a price

supply > demand

stage 3: sales orientation

stage 4: marketing orientation

demand > supply

stage 1: sellers market

stage 2:product orientation

buyers market

stage 3: sales orientation

marketing maturity

affects how businesses can best sell to the market.

stage 1: seller's market

demand is greater than supply and manufacturers have no problem selling whqt they produce

production orientation

production of as much as products to meet demands

stage 2: product orientation

the product speaks for itself and consumers buy the product

stage 3: sales orientation

usinf sales organization to push the products

stage 4: marketing orientation (costumer-centric strategies emerges)

where firms realize that the better way to compete is prioritize customer's needs

exchange principle

exchange exists because it offers value than the item one currently has.

value

suggested retail price of the goods/services & the quality of the product itself

principle of marketing

1. positioning

2. product

3. packaging

4. promoting

5. proper strategies/pricing

6. people

7. placement/proximity

market segmentation

knowing your target market