Marketing 101

Study Notes

Marketing Overview

Marketing encompasses activities and processes for creating, communicating, delivering, and exchanging offerings that have value for customers and society.
It plays a crucial role in driving business growth by understanding consumer needs and market dynamics.

Professor's Perspective on Marketing

The Professor emphasizes the importance of aligning marketing strategies with consumer insights and behavior.
Marketing is viewed as both an art and a science, integrating creativity with data analysis to effectively reach target audiences.

The 3Cs in Marketing

Company: Understanding internal capabilities, strengths, and weaknesses that influence marketing strategy.
Customer: Identifying and analyzing target audiences to meet their needs and preferences effectively.
Competitor: Assessing the competitive landscape to develop strategies that differentiate offerings and create competitive advantages.

Definition of a Need

A need refers to a basic human requirement essential for survival, such as food, shelter, and safety.
Needs are innate and universal, forming the foundation for consumer behavior and decision-making.

Definition of a Want

A want is a specific desire or preference shaped by culture, personality, and circumstances to fulfill a need.
Wants are influenced by external factors and can vary widely among individuals, leading to diverse market offerings.

Description

Test your knowledge about marketing with this quiz that covers the basic concepts and principles of marketing. Learn about the process of engaging customers, building strong relationships, and creating customer value to capture value in return.