Elements Of Marketing WK 1&2 MOP UPS PDF

THE SLIDES SAVVY ELEMENTS OF MAKEKTING WK 1&2 MOP UPS BY NANA SARFO BOADI BLESSED What is Marke@ng? Marke'ng is the ac'vity, set of ins'tu'ons, and processes for crea'ng, communica'ng, delivering, and exchanging offerings that have value for customers, clients, partners, and society...

THE SLIDES SAVVY ELEMENTS OF MAKEKTING WK 1&2 MOP UPS BY NANA SARFO BOADI BLESSED What is Marke@ng? Marke'ng is the ac'vity, set of ins'tu'ons, and processes for crea'ng, communica'ng, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (American Marke'ng Associa'on) It is also defined as the management process responsible for iden'fying, an'cipa'ng, and sa'sfying consumer requirements profitably. (CIM-UK) Key Concepts: 1. Iden'fying and An'cipa'ng Consumer Requirements: This involves understanding the needs and wants of consumers through market research and strategic marke'ng planning. 2. Sa'sfying Consumer Requirements: This involves developing products, pricing, promo'ng, and distribu'ng products to meet the needs and wants of consumers. 3. Marke'ng Process: This involves examining five core customer and marketplace concepts: needs, wants, and demands; marke'ng offerings; value and sa'sfac'on; exchanges and rela'onships; and markets. ALL THE BEST  THE SLIDES SAVVY Func@ons of Marke@ng: 1. Distribu'on: GeSng products to customers. 2. Financing: Managing the financial aspects of marke'ng. 3. Marke'ng Informa'on Management: Gathering and analyzing data to inform marke'ng decisions. 4. Product/Service Management: Developing and managing products and services. 5. Promo'on: Communica'ng the value of products and services to customers. 6. Selling: Convincing customers to buy products and services. Marke@ng Management Orienta@ons: 1. Produc@on Concept: Focuses on making products available and affordable. 2. Product Concept: Focuses on making high-quality products. 3. Selling Concept: Focuses on persuading customers to buy products. 4. Marke@ng Concept: Focuses on understanding customer needs and delivering value. 5. Societal Marke@ng Concept: Focuses on considering customer needs, company requirements, and societal interests. Designing a Customer-Driven Marke@ng Strategy: ALL THE BEST  THE SLIDES SAVVY 1. Value Proposi'on: Defining the benefits and value that a company promises to deliver to customers. 2. Marke'ng Mix: Using the four Ps (product, price, promo'on, and place) to implement marke'ng strategy. 3. Integrated Marke'ng Program: Developing a comprehensive plan to communicate and deliver value to customers. Building Customer Rela@onships: 1. Partner Rela'onship Management: Working with partners inside and outside the company to deliver value to customers. 2. Customer Rela'onship Management: Building and maintaining profitable customer rela'onships by delivering superior customer value and sa'sfac'on. Examinable Aspects: 1. What is marke'ng, and what are its key concepts? 2. How do marketers iden'fy and an'cipate consumer requirements? 3. What are the func'ons of marke'ng, and how do they contribute to the marke'ng process? 4. What are the different marke'ng management orienta'ons, and how do they impact marke'ng strategy? 5. How do marketers design a customer-driven marke'ng strategy, and what are the key elements of an integrated marke'ng program? ALL THE BEST  THE SLIDES SAVVY 6. What is customer rela'onship management, and how do marketers build and maintain profitable customer rela'onships? Ques@ons and Answers: 1. What is marke'ng? Answer: Marke'ng is the ac'vity, set of ins'tu'ons, and processes for crea'ng, communica'ng, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. 1. How do marketers iden'fy and an'cipate consumer requirements? Answer: Marketers use market research and strategic marke'ng planning to understand the needs and wants of consumers. 1. What are the func'ons of marke'ng? Answer: The func'ons of marke'ng include distribu'on, financing, marke'ng informa'on management, product/service management, promo'on, and selling. 1. What is the marke'ng concept? Answer: The marke'ng concept focuses on understanding customer needs and delivering value to customers. 1. What is customer rela'onship management? Answer: Customer rela'onship management is the process of building and maintaining profitable customer ALL THE BEST  THE SLIDES SAVVY rela'onships by delivering superior customer value and sa'sfac'on. Reader-Friendly Notes: - Marke'ng is about crea'ng, communica'ng, delivering, and exchanging value for customers. - Marketers use market research and strategic marke'ng planning to understand customer needs. - The marke'ng process involves examining five core customer and marketplace concepts. - Marketers use the four Ps (product, price, promo'on, and place) to implement marke'ng strategy. - Building customer rela'onships is cri'cal to delivering superior customer value and sa'sfac'on. ALL THE BEST