Marketing Overview and Concepts

Marketing Overview

• Marketing is a process encompassing how a company operates concerning customer needs and wants in decision-making.
• It goes beyond simply manufacturing; it focuses on understanding buyer behavior.
• Marketing is more than a department; it's a company-wide approach to doing business.

Marketing Aspects

• Product development and innovation play a role in providing value to customers.
• Two-way communication builds relationships with customers, stakeholders, and the public.
• Delivering goods and services efficiently through logistics and physical distribution is crucial.
• Exchange occurs when there is mutual benefit and value in transactions.

Core Marketing Concepts

• Needs are fundamental human requirements.
• Wants are shaped by culture and personality.
• Demands are backed by the ability to pay.

Customer Value

• Customer value is the difference between benefits and costs perceived by a customer.
• Benefits can be subjective, such as features or brand.
• Costs include monetary and non-monetary sacrifices.

Customer Satisfaction

• Customer satisfaction depends on actual performance matching perceived expectations.
• Positive customer experiences arise when expectations are met or exceeded.
• Negative experiences arise when expected performance is not achieved.

Exchanges and Relationships

• Exchanges involve transactions.
• Marketing involves building beneficial relationships that extend beyond exchanges.
• Stakeholders and customers are viewed as vital parts of the process; the focus is on mutually beneficial relationships.

Marketings

• Markets are where exchanges and transactions occur.
• Marketing involves interactions such as trading, shopping, etc.

Marketing Process

• Understanding needs and wants is the fundamental step.
• Strategies for delivering value, communicating with consumers, and building relationships are necessary.
• Policies and procedures must be implemented to effectively achieve marketing objectives, as well as the necessary information systems, consumer behavior, and environment scan.

CSR (Corporate Social Responsibility)

• Businesses have an obligation to act ethically and consider the impact on society.
• Customer needs and wants are evolving as society becomes more demanding.

Sustainability

• Using resources wisely ensures future generations can utilize them.
• Businesses have an ethical responsibility in considering environmental impact, global warming, and other important issues.

Value

• Value is the perceived worth of a product or service.
• Value proposition is the benefit a customer receives from the product or service.
• customer's assessment of received utility compared to the given cost or price is a factor for assessing value.