Marketing Summary

Lecture (1) on 13th May 2011

Questions we need to highlight before starting. We need to think and answer initially and evaluate at the end how far our initial understanding was close to the actual.

* Why is marketing important?

* What is the scope of marketing?

* What are some fundamentals?

What is Marketing?

Marketing is an organizational function and a set of processes if creating, communicating and delivering value to customers and managing customer relationships in ways that benefit the organization and its stakeholders.

We have initially to know the customer expectations to be able to create any value.

In fact, 20% of your customers are generating 80% of your profit. So you need to concentrate on the profit customer segment.

Marketing offer (4 Ps)

After you have a look and study to the customer expectations, and have all the information needed to be able to issue an offer, you need to know the offer component which are:

* Product

* Price

* Place

* Promotion

You have to decide if this is WANT satisfaction or NEED have been met. By definition Want is a higher rank than Need. If I want to drink as I am thirsty, this is a NEED. If I ask for special juice, it is a WANT.

All these 4Ps have its corresponding 4Cs as follows:

Ps | Cs | Comment |

Product | Customer needs | Your product must be un-met customer need |

Price | Cost | Your price is your customer cost |

Place | Convenience | You must be close to the customer according to the customer type such as using internet, teleselling or retails … |

Promotion | Communication | Your promotions must be well communicated to your customers. |

In addition we have more three:

Peopleتصرفات الناس السيئة مثلاً

Process الأكل شهي لكن يتأخر في التحضير

Physical ?????

How would we know customer expectations?

* Sales people

* Survey

* MIS (Marketing Information System)

* Focus group (group of customer in the same place to ask them specific...