Ibn-Sina University Optometry Business Management 2024 PDF

IBN-SINA University Faculty of optometry &visual sciences Optometry Business Management 3rd year Introduction To Marketing Uz: Sulma Yagoob Abdalla (MSc primary eye care optometrist) 2024  introduction What...

IBN-SINA University Faculty of optometry &visual sciences Optometry Business Management 3rd year Introduction To Marketing Uz: Sulma Yagoob Abdalla (MSc primary eye care optometrist) 2024  introduction What is Marketing? A social and managerical process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.  What is Marketing? No single correct definition or approach. – The ability to satisfy customers. – The identification of favorable marketing opportunities. – The need to create an edge over competitors. – The capacity to make profits to enable a viable future for the organization. – The use of resources to maximize a business’ market position. – The aim to increase market share mainly in target markets.  Marketing…is about… “Identifying and meeting human and social needs” “Meeting needs profitably” “Generating customer value at a profit”  What Is Marketing? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Core Concepts of Marketing  The most basic concept of marketing is…. That of human needs for food, clothing,safty, social needs for belonging and affection and individual needs for knowledge and self- expression. ❑When a need is not satisfied, a person will do one of two things: 1. Look for an object that will satisfy it. 2. Try to reduce the need.  Core Concepts of Marketing human Need – State of felt deprivation – Basic human requirements e.g. needs food human Wants – Needs directed to specific objects – The form of needs as shaped by culture and the individual behavior e.g. wants a BigMac Demands – Wants which are backed by buying power  Core Concepts of Marketing Marketing offering – Combination of products, services, information or experiences offered to a market that satisfy a need or want. – Offer may include services, activities, people, places, information or ideas. Value – Customers form expectations regarding value – Value: – the customer’s estimate of the product’s overall capacity to satisfy his or her needs. – the satisfaction of customer requirements at the lowest possible cost. Customer value is the difference between the values the customer gains from owing and using a product and the costs of obtaining the product.  Value - Satisfaction Customer benefits Anything desired by the customer that is received in an exchange. Customer costs Anything a customer gives up in an exchange for benefits – Monetary price of the benefit – Search costs (time and effort) to locate the product – Risks associated with the exchange ◼ Customer satisfaction The feeling that a product has met or exceeded the customer’s expectations  Relationship Marketing The process of creating, maintaining and enhancing, strong, value-laden relationships with customers and other stakeholders. Markets : The set of all actual and potential buyers of a product or service.  Business strategy The company’s strategy is to pursue the company’s objectives rather than to defend its position against competitors