Unit 1: Introduction To Marketing PDF

UNIT 1: INTRODUCTION TO MARKETING What is marketing? The set of strategies and activities by which companies acquire and engage customers, build strong relationships and create superior customer value in order to capture value in return. The goals of marketing are: - Attract - Ke...

UNIT 1: INTRODUCTION TO MARKETING What is marketing? The set of strategies and activities by which companies acquire and engage customers, build strong relationships and create superior customer value in order to capture value in return. The goals of marketing are: - Attract - Keep and grow - Establish long-term relationships Two types of marketing: 1. Strategic marketing: Focusses on the more analytical aspects. Includes research studies, identifies the company´s weak and strong points. DAFO 2. Operational marketing: Put strategic marketing into practice. Does marketing create needs? Needs State of felt deprivation Wants The form human needs take as they are shaped by culture and individual factors Desires Human wants that are backed by buying power Customer value and satisfaction: Customers form expectations about value and exchange and purchase accordingly. Marketers must be able to set the right level of expectations to attract enough but not disappoint; and hence start building solid relationships. Exchange: The act of obtaining a desired object from a person or organization by offering something in return. Relationship: Marketers need to create, maintain and grow desirable exchange relationships with target audiences involving products, services, ideas or other objects. Markets: The set of all actual and potential buyers of a product or service. Target audience: It´s not about finding as many customers as possible but finding the right ones. Value proposition: The way a company differentiates from others by choosing a set of benefits or values to satisfy customer’s needs. There are three situations in relation to expectations and perceptions. E>P E=P E