Marketing: Processes, Needs, and Value

• Marketing starts when an entrepreneur creates a product or service and continues through production and sales.

Important Marketing Processes

• Creating involves developing products that benefit the marketplace through market research, product design, and testing.
• Communicating uses techniques to convey messages about a company's offerings to persuade customers to buy.
• Delivering uses distribution strategies to make products accessible to the target customer.
• The center of marketing is value, as marketers provide good quality, service, and price.
• Key stakeholders include customers, clients, partners, and groups of people related to the business.
• Exchanging allows customers to obtain goods and services in return for profit.

Needs, Wants, and Demand

• Needs are something necessary.
• Wants are needs shaped by culture or individual personality.
• Demand is wants backed by purchasing power or willingness to buy.

Products, Services, and Experience

• Satisfaction of consumers' needs and wants are achieved through products and services
• Products are anything offered to a market.
• Services are activities or benefits for sale that are essentially intangible.

Value and Satisfaction:

• Customers Value is the benefits they get from a product or service.
• Customers Satisfaction is the measurement of how well expectations from a purchased product or service have been met.

Exchange and Transaction:

• Exchange is the act of obtaining a desired object by offering something in return.
• Transaction is the act of trade of value between parties.

Market:

• A market consists of potential customers sharing a need/want who are willing and able to exchange to satisfy it.

Planning the Enterprise

• A vision statement outlines what a company wants to achieve long-term, usually within 5-10 years.
• A mission statement defines a company's business and purpose.
• An objective is a detailed plan of steps to achieve a specific aim.
• A performance target is a specific objective goal set in writing for executives, based on business criteria.

Executive Summary:

• The Executive Summary is a concise overview of a business plan.
• The Enterprise Strategy (ES) builds the game plan for competitiveness.
• The Enterprise Delivery System (EDS) converts resources into outputs and outcomes.

Business Proponent:

• Resources Provider should identify who will share the burden of raising money.
• Technology Provider should address whether there are sufficient funds for technology.
• Governance and Top Management should present proposed strategies and performance indicators.
• Implementing, Operating, and Support should detail the program, activities, and resources.

Target Consumer & Main Value Proposition:

• Target Customers must have sufficient size, paying capacity, and interest in the product.
• Main Value Proposition is the unique selling proposition of the enterprise.

Market Demand & Supply, Industry Dynamics, and Macro Environmental Factors:

• Demand involves the customer's perspective, where higher prices lead to lower demand, and vice versa; customers are willing to spend an amount on products or services.
• Supply is from the producer's point of view, where higher prices lead to higher supply, and vice versa.
• Industry Dynamics specializes in bringing markets together as one.
• Macro Environmental Factors refers to the external forces affecting the area, industry, and market.

Explore the fundamentals of marketing, including product creation, communication strategies, and delivery methods. Understand how value is central to marketing, focusing on quality, service, and price. Learn about needs, wants, demand, and the importance of customer satisfaction.