What is marketing?
A business philosophy that regards customer satisfaction as the key to successful trading & advocates the use of management practices that help identify & respond to customer needs.
Customer satisfaction: want to see people happy again. If they are not satisfied, loose clients.
Management practices: there is planning, methodology. Everything is planned. It takes a long time to come with a marketing project. So we manage, schedule, action plans.
We knows who customers are, what they need and what they like.
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The process of planning and executing the conception, pricing, promotion & distribution of ideas, goods and services to satisfy individual & organizational goals.
Conceive a new product because we think there is a market to it. How many people will buy it. Should it be easy to access, found a solution. Promotion: giving them curiosity
The 4 P's relating the Marketing Mix: Product, Price, Place, Promotion
The management process responsibke for identifiying, anticipating & satisfying customer requirements profitably (able to answer their requirements)
Satisfying customer requirements: Give them a range of product that can satisfying their needs.
A marketing oriented organization understands that, in the long run, meeting the customer's needs is what leads to success.
Marketing: long term strategy ≠ Sells: short term strategy
Efficiency is doing the right things (identify, look for customer)
Effectiveness is doing things right (to satisfy their needs)
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Analysis is the basis of marketing
Strategy to satisfy the customers
Operations: put strategy into action (work with advertising / interact with companies, experts: all interdependant)
Management and Planning: coordinate allt he people to work on one strategy
The marketing strategy is identifies target markets & adresses the needs and wants of customers to formulate an integrated marketing