2. What is Marketing?
Marketing is the process of identifying needs and wants of target customers and
delivering the product and service to customer for earning profit. Marketing is the
process of developing and exchanging ideas, goods, and services that satisfy
customer and organizational needs with the help of pricing, promotion and
distribution.
According to Philip Kotler “Marketing is the process by which companies create
value for customers and build strong customer relationships in order to capture
value from customers in return”.
3. From the definition we can say that:
a) Marketing creates value for the customers.
b) Marketing satisfies customer with profitably.
c) Marketing creates good relationship with
customers.
d) All activities of marketing with customer oriented.
4. What is Core concept?
Here, we are concerned with
only CORE CONCEPTS and not
all. “A core concept is one which
has a very clear cut, definite,
widely acceptable, relevant, and
verifiable to understand the very
process of marketing that directs
the flow of goods and services
from producers to consumers.”
6. Needs, Wants and Demands
Needs: Human needs are states of felt deprivation. Needs, may be various
types. Such as; physical needs, social needs, personal needs
Wants: Wants are the form of human needs take as shaped by culture and
individual personality. When we feel hungry, we take rice and fish and
others, on the other hand, An American takes fast food.
7. Demands: Demands are human wants that are backed by buying
power. Demand must have three conditions:
a. Desire of getting the product or service
b. Ability to pay for the product or service
c. Intention to pay for the product or service
8. Marketing Offers
Marketing offers are some combination of products, services,
information, or experiences offered to a market to satisfy a need or want.
a. Products: A product is anything that can be offered to a market for
attention, acquisition, use or consumption that might satisfy a want or
need. Such as; book, rice, pen etc.
b. Services: Service is any activity or benefit that one party can offer to
another that is essentially intangible and does not result in the ownership
of anything. Such as; health service, banking and insurance service,
transportation service etc.
c. Experiences: Experiences are knowledge or skill which is obtained from
doing, seeing or felling things. Such as; due to experience, Nike not only
produce shoe, but also they are producing high quality sports elements.
9. Value and Satisfaction:
Firstly, Value: Customer value is the difference between the customer gains
from owing and using a product and the cost of obtaining the product.
10. Secondly, Satisfaction: Satisfaction is a person’s feelings of pleasure or
disappointment resulting from comparing a product’s perceived performance in
relation to his or her expectations. Satisfaction depends of the perceived
performance of product or service.
11.
12. Exchanges Transaction and Relationships:
a. Exchanges: Exchange is the act of obtaining a desired object from someone by
offering and something in return.
13. b. Transaction: A trade between two parties that involves at least two
things of value, agreed-upon conditions, a time of agreement, and a
place of agreement.
For an example: One party gives X to another party and gets Y in
return. Sami pays $600 to buy a television.
14. c. Relationships: Relationship marketing is the process of creating,
maintaining and enhancing strong value-laden relationships with
customers and other stakeholders.
Smart marketers try to build up long-term , trusting, "win-win"
relationships with valued customers, distributors, dealers, and suppliers.
That is accomplished by promising and delivering high quality goods,
good service, and fair prices to the other parties over time. Marketer
always has to create good relationship with target customers.
15. Market
A market is the set of actual and potential customers of a products or services.
A regular gathering of people for the purchase and sale of provisions, livestock, and
other commodities.
### Markets have some conditions:
a. Actual and potential customer.
b. Desire of product and service.
c. Ability for paying behind the product.
