Marketing Notes

Marketing Principles

http://www.slideshare.net/moamenibrahim/12-ch-0-1-marketing-managing-profitable-customer-relationship97-2003

Chapter 1:

Marketing: Creating and Capturing Customer Value

Learning objectives

Objective 1 Define marketing and outline the steps in the marketing process

Objective 2 Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts

What is marketing?

The marketing process-

Understanding the marketplace and customer needs-

* Marketing is all about creating value for customers.

* Businesses must fully understand consumers and the marketplace in which it operates.

Customer needs, wants and demands-

A. Need-

States of felt deprivation.

B. Want-

The form human needs take as they are shaped by culture and individual personality.

C. Demands-

Human wants that are backed by buying power.

What is the difference between needs, wants and demands? Give examples

* Needs: State of deprivation e.g food

* Wants- To form human needs take as shaped by culture and individual personality e.g. want a big mac

* Demand- Human wants that are backed by buying power

Market offerings: Goods, services and experiences-

* Customer needs and wants are fulfilled through market offerings

* Marketing offering are “some combination of products, services, information or experiences offered to a market to satisfy a need or want”.

* Marketing offers are not limited to physical products such as services, activities or benefits offered for sale that are intangible and do not result in ownership of anything e.g banking.

* Market offers also include other entities such as persons, place, organisations, information and ideas....