Marketing Principles
A Marketing Principles Assignment
Prepared By:
Rubab Rashid – I.D. 2012321011
Kazi Nehal Ahmed – I.D. 2011421015
S M Abdullah Al Noman – I.D. 2011421010
Nur-E-Nazneen – I.D. 2012221010
Shagar Islam – I.D. 2012121007
Sharmin Rahman Anika - 2013121008
Prepared For:
Irfan Jahangir
Faculty – Marketing Principles
School of Business
Date of Submission: 02 March 2013
Task 1 (LO 1.1) Explain the various elements of the marketing process.
“A market is the set of actual and potential buyers of a product”. – Irfan Jahangir, Lecturer, BAC.
According to Antiessays “Marketing is defined in many different ways but all of them basically have the same point. For example, “Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably” according to The Chartered Institute of Marketing (CIM) and “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” as defined by American Marketing Association”.
For ease of explanation marketing process here is divided into five steps:
Create customer delight
Construct an integrated marketing program
Build profitable customer relationship
Design a customer-driven marketing strategy
Understand the marketplace and customer needs & wants
1. Understand the marketplace and customer needs & wants:
To define the marketplace and customer needs & wants, one has go through the five core customer and marketplace concepts which are portrayed below: * Customer needs, wants & demands * Market offerings * Customer value, satisfaction and product quality * Exchanges and relationships * Markets
Customer needs, wants and demands:
Human needs are the most basic concept underlying marketing and are part of the basic human makeup.
Human wants is a form that is dictated/shaped by
Prepared By:
Rubab Rashid – I.D. 2012321011
Kazi Nehal Ahmed – I.D. 2011421015
S M Abdullah Al Noman – I.D. 2011421010
Nur-E-Nazneen – I.D. 2012221010
Shagar Islam – I.D. 2012121007
Sharmin Rahman Anika - 2013121008
Prepared For:
Irfan Jahangir
Faculty – Marketing Principles
School of Business
Date of Submission: 02 March 2013
Task 1 (LO 1.1) Explain the various elements of the marketing process.
“A market is the set of actual and potential buyers of a product”. – Irfan Jahangir, Lecturer, BAC.
According to Antiessays “Marketing is defined in many different ways but all of them basically have the same point. For example, “Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably” according to The Chartered Institute of Marketing (CIM) and “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” as defined by American Marketing Association”.
For ease of explanation marketing process here is divided into five steps:
Create customer delight
Construct an integrated marketing program
Build profitable customer relationship
Design a customer-driven marketing strategy
Understand the marketplace and customer needs & wants
1. Understand the marketplace and customer needs & wants:
To define the marketplace and customer needs & wants, one has go through the five core customer and marketplace concepts which are portrayed below: * Customer needs, wants & demands * Market offerings * Customer value, satisfaction and product quality * Exchanges and relationships * Markets
Customer needs, wants and demands:
Human needs are the most basic concept underlying marketing and are part of the basic human makeup.
Human wants is a form that is dictated/shaped by