Principle of Marketing

CHAPTER 1- OVERVIEW OF MARKETING 1. Marketing – social and management process where individuals or groups acquire their needs and wants by creating value and exchanging it among themselves. 2. Marketing Process : * Understand the marketplace and customers needs and wants. * Design a customer-driven marketing strategy. * Construct an integrated Marketing program that delivers Superior value. * Product * Promotion * Price * Place * Build profitable relationships and create customer delight. * Customer value * Customer satisfaction * Capture value from customers to create profits and customer equity. * Creating customers loyalty and retention, good customer relationship management creates customer delight. Customer will remain loyal and talk favorably to others about the company and its product. * Growing share of customers. * Building customers equity (asset/long term) 3. Product : a need-satisfying offering of a firm to the market for attention ,acquisition, use or consumption. 4. Need : basic human need to live, something necessary. 5. Wants : people’s needs that are moulded/shaped by culture and individual personality. 6. Demand : created by buying power of a person’s wants. 7. Marketing Concept : a) Production concept
-holds that consumers will favor product that are available and highly affordable
-focus on improving production and distribution efficiency b) Product concept
-holds that consumers will favor product that offer the most quality, performance and features.
-company must make product improvement c) Selling concept
-believes that consumer will not buy enough of company’s products unless it undertakes a large-scale selling and promotion effort.

d) Marketing concept
-holds that achieving company’s goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. e) Societal