Marketing - Principles & Practices

WHAT IS **MARKETING** -Marketing is **about identifying and meeting human and social needs** \- **"meeting needs profitably\"** **The American Marketing Association** \- is the **activity**, **set of institution**, and **process for creatin**g, **communicating**, **delivering** and **exchange of...

WHAT IS **MARKETING** -Marketing is **about identifying and meeting human and social needs** \- **"meeting needs profitably\"** **The American Marketing Association** \- is the **activity**, **set of institution**, and **process for creatin**g, **communicating**, **delivering** and **exchange offerings** \- that have value of **customers**, **clients**, **partners** and **society**. \- **art of science of choosing target markets** **-** and **getting**, **keeping**, and **growing customers** \- through **creating**, **delivering** and **communicating superior customer value**. **Managers** sometimes think of a marketing as **\"The art of selling products\"** \- but **Peter Drucker (leading management theorist )** that **selling is only the tip of marketing iceberg**. \- The aim of marketing is **to know and understand the customers so well that the product or service fits him and sells itself. (8:20 - 8:40 )** **MARKETERS** - Is a **person who promotes** an organization\'s products and services. \- **Aim point: boost sales and revenue** \- ensuring these strategies are **aligned with the needs of the customers** **CHARACTERISTICS OF A GOOD MARKETERS** 1. **Leadership**: \- Marketers should have **strong leadership skills** and be able to leverage their employees\' talents. 2. **Communication**: \- Marketers should have **excellent communication skills to interact** with their audiences 3. **Empathy**: \- Marketers should be **able to understand and share the feelings of others**. 4. **Customer-focused**: \- Marketers should have a **deep understanding of their target market\'s needs, fears, and decision-making psychology.** 5. **Creativity**: \- Marketers should be **able to think outside the box** and come up with innovative ideas to capture the attention of potential customers. 6. **Adaptability**: \- Marketers **should be able to respond well to change.** 7. **Innovation**: \- Marketers should be **open to trying out new ideas** and methods (8 40 to 9: 20) WHAT IS **MARKETED** ? **Marketers market 10 main types of entities:** **GOODS** **SERVICES** **EVENTS** **EXPERIENCES** **PERSONS** **PLACES** **PROPERTIES** **ORGANIZATION** **INFORMATIONS** **IDEAS** **GOODS** - goods refer to physical products that are produced and sold to customers. \- central focus of marketing efforts **SERVICES** - services refer to **intangible offerings that are provided to consumers or businesses**. \- Unlike goods, **services do not have a physical presence** and cannot be touched or stored. \- characterized: **intangibility**, **inseparability**, **variability**, and **perishability**. **EVENTS** - **organized activities or gatherings** designed to **promote**, **educate**, **entertain**, or **create experiences** for attendees. \- Events are a powerful marketing tool used by businesses and organizations to engage with their target audience, build brand awareness, and create lasting impressions. **EXPERIENCES** - experiences refer to the **interactions and engagements that customers** have with a **brand**, **product**, or **service**. \- are designed to create memorable, meaningful, and emotional connections with customers, going beyond traditional transactions or product offerings. \- a critical part of the customer journey, as they significantly impact customer satisfaction, loyalty, and brand advocacy. **PERSONS** - refer to the **target audience** or key stakeholders that a business or organization focuses on to drive its marketing strategies. **PLACES** - When marketing **destinations to attract tourists**, the concept of \"places\" encompasses **various locations,** **attractions**, and **experiences** that appeal to travelers. \- These can include physical locations, cultural landmarks, natural environments, entertainment hubs, and services that cater to tourists. \- The aim is to highlight these places in a way that draws visitors and enhances their travel experience. **PROPERTIES** - refers to the **various products**, **services**, or **assets** that a business owns or manages and markets to its target audiences. \- These **\"properties\" can include both tangible and intangible assets**, and can span across different sectors and industries. \- Properly marketing these properties requires effective strategies **to enhance their value**, **visibility**, and a**ppeal to potential customers or clients.** **ORGANIZATIONS** - entities that **offer products or services** and are **marketed to specific target audiences**. \- These organizations can include **companies**, **non-profits**, **government agencies**, **educational institutions**, and more. \- The goal of marketing management is to create strategies that promote these organizations, increase their visibility, and build strong relationships with customers, clients, or stakeholders. **INFORMATION** - **information plays a critical role as both a product and a tool for creating effective marketing strategies.** - Marketing **relies heavily on information to understand market trends**, **customer behavior**, **competitor actions**, and **performance metrics**. \- The information marketed or utilized by organizations can include various types of data, insights, and messages. **IDEAS** - intangible products or concepts that are marketed to **influence opinions**, **shape behaviors**, and **promote causes**, **ideologies**, or **new ways of thinking**. \- These ideas may be related to a broad range of topics, including **social causes**, **political movements**, **innovations**, and **organizational values**. 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