Core Marketing Concepts Overview

Study Notes

Relationship Marketing focuses on fostering long-term connections with customers.
Digital Marketing utilizes technology to effectively reach and engage target audiences.

Analyzing market opportunities helps determine target markets.
Effective marketing planning and decision-making lead to customer creation and increased profitability.

Needs, Wants, and Demands: Needs are essentials, wants are specific desires, and demands are wants supported by purchasing power.
Products and Services: Tangible goods are products; intangible benefits are services.
Value, Satisfaction, and Quality: Value is the exchange for money; satisfaction reflects positive customer feelings; quality denotes overall excellence.

Exchange is a method of acquiring products through self-production, coercion, begging, or trading.
Transactions provide a framework for the exchange process, requiring at least two parties, agreed conditions, and context for the agreement.

Markets: Composed of potential consumers sharing specific needs or wants.
Marketing: Engaging with markets to facilitate exchanges that satisfy human needs.
Marketer: A person seeking resources from another in exchange for something of value.
Key marketing functions:
- Market Research: Analyzing customers and competitors.
- Product Development: Innovating and enhancing goods.
- Pricing: Creating attractive and profitable price points.
- Promotion: Communicating product value to consumers.
- Distribution: Ensuring product availability.
- Packaging and Labelling: Designing product containers and information.
- Customer Relationship Management: Establishing and maintaining customer connections.

Sales: Focuses on selling products to specific customers to increase immediate purchases.
Marketing: Centers on understanding customer needs to create products that resonate broadly.

Exchange Concept: Positions the product exchange as core to marketing.
Production Concept: Suggests consumers favor readily available and inexpensive products.
Product Concept: Proposes that high-quality, performance-oriented products will be favored.
Selling Concept: Argues for aggressive selling to drive consumer purchases.

Emerged in the 1950s, shifting focus from product-centered to customer-centered marketing.
Emphasizes finding the right products for customer needs over merely selling existing products.

Buzz Marketing: Relies on audience engagement to generate interest in products.
Green Marketing: Promotes sustainable products and practices; focuses on environmental responsibility.
- Emphasizes recyclable, reusable, and biodegradable products.
- Aims to reduce greenhouse gas emissions and promote sustainability.
Viral Marketing: Encourages rapid sharing of promotional content, making it widely disseminated.
Virtual Marketing: Uses digital media for product promotion across various platforms and devices.
Digital Marketing: Targets consumers through online channels for business growth.
- Offers real-time data analysis capabilities.

Advantages:
- Cost-efficient compared to traditional advertising.
- Expands global reach without geographical barriers.
- Operates 24/7 enabling round-the-clock engagement.
- Enhances credibility through accessible information.
Disadvantages:
- Risk of outdated information without timely updates.
- High competition leads to potential customer attrition.
- Consumer expectations for free content can challenge business models.

Understanding core marketing concepts is essential for successful marketing strategies.
Adapting to recent trends like green, viral, and digital marketing is crucial for reaching modern consumers.
Effective marketing integrates multiple functions to create value and maintain customer relationships.