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• Marketing involves creating, capturing, communicating, delivering, and exchanging offerings that provide value to customers, clients, partners, and society.
• It's about more than just reputation and serves to legitimize a company's actions.
• Value proposition: benefits a company offers to potential customers.
• Perceived Value: what customers believe they gain from a product; it can differ among individuals and may not match the actual value.
• Companies need to determine what benefits to offer through product design.

Defining Needs

• A Need exists when a consumer's current state is different from their desired state.
• Want: a consumer's desire for a specific item that fulfills a need, like a car for transportation.
• Demand only turns into demand when it occurs with the consumer's willingness to pay for a product to satisfy a need.

Evolution of Marketing

• Production Era (Mid 1800s-1920s): Focused on mass production, efficiency, and informing people about product availability.
• Sales Oriented Era (1920-1940s): Emphasized personal selling and advertising due to decreased consumption during WWI and the Great Depression.
• Market-Oriented Era (1940-1990s): Featured a growing emphasis on marketing departments and improving offerings based on consumer needs.
• Value-Based Era (1990-2010s): Focused on competitive value, long-term relationships with consumers, and the influence of technology and globalization.

Marketing Mix (The 4 Ps)

• Tool firms to use to respond and meet the needs of their target markets.
• Product: Creating Value; Goods, tangible items; Services, intangible benefits.
• Ultimate value depends on what they provide and how they are marketed.
• Price: Capturing Value involves what the buyer gives up (money, time, energy) in exchange for the product.
• Pricing must consider the buyer's belief about the product's value, price sensitivity, and company costs.
• Promotion: Communicating Value with goals: communication of benefits, education, persuasion, reminders, new uses, stimulate action, and nurturing customer loyalty.
• Place: Delivering Value: supply chain management to ensure products are available where and when customers want them.

Modern Marketing

• Innovation of value, leveraging social media, data analytics, and addressing ethical and environmental concerns.

Sustainability and Social Responsibility

• Ecoalf: an example of a company integrating these principles into their core identity.
• Starbucks: faced criticism for sustainability efforts conflicting with profit goals.
• Corporate social responsibility: enterprises' accountability for their societal impacts.
• Sustainability is essential for brands and includes; stakeholder focus, employee needs, addressing global issues, cooperation, and competitive advantages.
• Principles of conscious marketing: aligning with purpose, considering stakeholders, ethical leadership, and decision-making.

Stakeholders Considerations

• Customers: the effects companies activities and products have on consumers
• Employees: well-being within the company, including work environment and their health
• Society: everything needed for survival relies on the natural environment
• Conscious leadership dedicates to being socially conscious
• Important to have ethical decision making, inclusivity, contribution and avoid greenwashing

The Marketing Environment

• Consists the factors that affect a company's business, including:
  • Political/Legal, Demographics, Culture, Company Capabilities, Competition, Consumers, Economic Situation, and Technological Advances.
• Consumer environment: considers status, brand image, usability, and the learning curve.
  • Their needs must be to be met and satisfied in a way consistent with the company's competencies.

Immediate Environment

• Factors affecting the consumer like company capabilities, corporate partners, the physical environment, and competitors.
• Competition: firms offering similar benefits. Also the set of all actual and potential customers to which a company targets.

Macroenvironmental Factors

• These aspects affects a company's business include:
  • Political/Legal: Influence exerted by the central government
  • Economic: Factors that affect how consumers buy/spend money.
  • Socio-Cultural: Factors affecting people's thoughts/feelings/preferences. -Technological and Environmental infrastructure
  • Have a proactive vs reactive environment

Consumer Behavior

• It studies the center of the marketing environment framework, the consumers
• The process can be a messy process

Consumer Decision Process Model

• Outlines steps for the consumer: recognition, information search, Evaluate alternatives,
• Need Recognition: consumer's consumer's current state does not equal their desired state
• Types of Needs include: innate, completely new, related product purchase, market induced and dissatisfaction
  • Hierachy of needs: physiological, safety, social, esteem, self-actualization
• Internal Search: relying on own memory/knowledge.
• External Search: gathering needed information
• Can be direct, indirect replacement and is limited

Information Search Factors

• A list of facts that come into play to help and evaluation of phases.
• Perceived benefit vs cost search
• Risk both actual and conceived

Purchase and consumption

• The decision process can be influenced by; bias of scarcity,
• Maximizing the chances of purchase: availability of the product,
• Considering the main factors by marketers: to be the best at need and foster need by recognition,launch new variations and usage.

Positive Behaviors

• The following examples lead to a greater likelihood of positive post-purchase behaviors; setting realistic expectations, standing product, proper usage and open feedback.
• Marketing Mix is only part of the total situation.
• Factors of Decisions Processes include; Motives Attitudes, Perceptions, Learning and memory, Lifestyle Factors, Situational Factors.
• Also the influence of social and psychological factors that may occur.
• It is important to note the context and situations that may overrule and influence others.

The Reality

• The ideal outcome can be influenced by heuristic tools, cognitions, and external stimuli
  • Heuristic is a method of tool to make a quick mental decision
• It contains tool that make quick decisions, or "cognitive biases the influence
• The loop includes triggers and exposures of expansive and restrictive activities.
  • Expansive activities include a collection of data
  • Restrictive activities include weighed actions and thoughts

Marketing Research

• Data collection and presentation of insights.
• There are set techniques and principles for collecting, analyzing and interpreting date
• This will aid decision makers involved in marketing
• It is important to understand the environment and potential
• Types of Data: qualitative or quantitative Also essential to consider if this data will be primary or second.

Big Data

The 5 V's include these characteristics

• • velocity, volume, value, variety and veracity:
• Volume: the sheer amount of data that is being collected
• Variety: the different types of data that have been collected
• Velocity: collect the data at a certain speed
• Veracity - The data that will being out in quantity, trustworthy and timely.
• Value:.
• The Degree of which they bring in insights for certain markets

The Marketing Plan

• Contains the outline of the firms marketing situations and objectives
• Key phases include, planning, implementation and control

Internal Outlook

• The sustainable advantage over competition that is unique and not easy to be replicated
• Also important to be fully equipped and aware
• It it used to assess strengths and weaknesses of ones work and product