Definition of Marketing
The process of planning, managing and executing the conception, pricing, promotion and distribution of ideas,
goods, services, organizations and events to create and maintain relationships that will satisfy individual needs and
organizational objectives. (Profit, market share brand strength etc.)
“Marketing is manipulation”
Where does marketing fit?
The marketing process
Create value for customers; build customer relationships
Needs wants demands
Who will we serve? How will we be different?
Marketing mix (the 4p’s)
CRM (are we actually creating value? Are our customers satisfied?)
Customer lifetime value, share of customer, customer equity
Requirements for marketing to occur
1. Two or more parties with unsatisfied needs
2. Desire and ability to satisfy these needs
3. A way for the parties communicate
4. Something to exchange
Understanding the marketplace and customer needs
Maslow’s pyramid of needs
o State of felt deprivation
o The form human needs take as shaped by culture and individual personality.
o Wants which are backed by buying power
Marketing Myopia is management’s failure to recognize the scope of its business
- To avoid marketing myopia, companies must broadly define organizational goals toward consumer needs
- Focus on benefits or ultimate derived feelings on the part of your customer.
MARKETING UTILITY: convenience (saving time)
Marketing is a process by which companies create value for customers a