2. What is
Marketing?
Marketing is the activity,
set of institutions, and
processes for creating,
communicating, delivering,
and exchanging offerings
that have value for
customers, clients,
partners, and society at
large.
3. Entrepreneurs must differentiate their
company's product or service so its
distinctiveness and value are clear to
the customer. This is the job of
marketing. Marketing also plays a
central role in a venture's early growth
stages when changes to the original
business model may be necessary.
4. The purpose of marketing is to generate
revenue for a brand, company, or
organization. Marketing professionals and
teams achieve this through the execution of
strategic digital activities that drive traffic,
qualified leads, and sales, in direct
collaboration with their sales team.
6. Types of nonprofit organizations that may
engage in marketing include schools
and colleges, hospitals, museums,
charitable organizations, and churches,
among others. As the terms denote, the
difference between for-profit and nonprofit
marketing is in the organization's primary
objective.
9. Market research is the process of
determining the viability of a new service or
product through research conducted
directly with potential customers. Market
research allows a company to discover the
target market and get opinions and other
feedback from consumers about their
interest in the product or service.
11. The four Ps of marketing are the key factors that are involved in the marketing of a good
or service. They are the product, price, place, and promotion of a good or service.
Often referred to as the marketing mix, the four Ps are constrained by internal and external
factors in the overall business environment, and they interact significantly with one
another.
12. Product refers to a good or service that a company
offers to customers. Ideally, a product should fulfill
an existing consumer demand. Or a product may
be so compelling that consumers believe they need
to have it and it creates a new demand.
Price is the cost consumers pay for a product.
Marketers must link the price to the product's real
and perceived value, but they also must consider
supply costs, seasonal discounts, and competitors'
prices.
13. When a company makes decisions regarding
place, they are trying to determine where they
should sell a product and how to deliver the
product to the market. The goal of business
executives is always to get their products in front of
the consumers that are the most likely to buy them.
Promotion includes advertising, public relations,
and promotional strategy. The goal of promoting a
product is to reveal to consumers why they need it
and why they should pay a certain price for it.
14.
15. A need is a consumer's desire for a product 's
or service 's specific benefit, whether that be
functional or emotional. A want is the desire
for products or services that are not
necessary, but which consumers wish for.
16. Marketing
Culture
A marketing culture
means employees are
involved in the marketing
of the brand and united on
the inside of the
organization. You're
sharing important
information with them and
including them in the
building of the company's
brand. Lastly, a marketing
culture empowers your
employees to be brand
ambassadors.
17. A non-market-driven planning approach
can best be described as an internal to
external approach.
In a market driven planning approach, the
differential advantage is determined by
Market research
18. Marketing plans and strategies are
important because they make sales easier
for any business owner. When you target your
ideal customer in a smarter way, you reduce
the costs of marketing and increase your
chances of converting leads into sales.
19. Strategic marketing planning involves setting goals and objectives, analyzing internal and
external business factors, product planning, implementation, and tracking your progress.The
strategic marketing process puts all the pieces together so that everything you do
contributes to the success of your business. An organization must develop marketing
strategies which is sensitive to the three factors: Stakeholder, Environment and Society.
20. Stakeholders are defined as persons
and organisations that have an interest
in the strategy of the organisation.
Stakeholders normally include
shareholders, customers, staff and the
local community.
21. ● Customers. Stake: Product/service quality
and value.
● Employees. Stake: Employment income and
safety.
● Investors. Stake: Financial returns.
● Suppliers and Vendors. Stake: Revenues
and safety.
● Communities. Stake: Health, safety,
economic development.
● Governments. Stake: Taxes and GDP.
TYPES OF STAKEHOLDERS
22. Uncontrollable Environment
The Marketing Environment includes
the Internal factors (employees,
customers, shareholders, retailers &
distributors, etc.) and the External
factors( political, legal, social,
technological, economic) that surround
the business and influence its
marketing operations.
23. Societal responsibility of marketing is
a marketing concept that holds that a
company should make marketing
decisions not only by considering
consumers' wants, the company's
requirements, but also society's long-
term interests.
24. Target market is the end
consumer to which the
company wants to sell its
end products too. Target
marketing involves
breaking down the entire
market into various
segments and planning
marketing strategies
accordingly for each
segment to increase the
market share.
25. Marketing organization is a framework for
planning and executing decisions in marketing
activities. It is a group of marketing people
working together in a coordinated manner to
achieve pre-determined marketing objectives.
26. A product-oriented organization may be defined as a production unit which is organized
and equipped in such a way that it can independently manufacture a certain finished
product or family of products.
27. Marketing oriented firms make the customers their focal point. They carry out market
research very often to understand the current and future requirements of the customers.
Marketing oriented firms spend considerable amount of money in staff training and
development so that better customer service can be provided.
28. Requirements for Organizational
Marketing Success
● Pressure to be market oriented
● Capacity to be market oriented
● Share vision of market
● Action plan to respond to market
