Marketing Revision

Marketing Revision

What is marketing?

An activity set of institutions and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients and society at large.

Core Marketing Concepts – Page 4

* Needs, wants, demands

* Products

* Value, Satisfaction and quality

* Exchange, transactions, and relationships

* Markets

Marketing Management

* It is the art and science of choosing target markets and building profitable relationships with them.

Who is our target?

How can we serve customers best?

6-7 Times more expensive to gain a customer than it is to keep existing customers

Marketing Management Orientation – Page 16

These are five concepts under which organizations may conduct their marketing activities: the production, product, selling, marketing, social marketing concepts.

* The Production Concept – The idea that consumers will favor products that are available and highly affordable, and that the organization should therefore focus on improving production and distribution. For example, Henry Ford’s whole philosophy was to perfect the production of the Model T car so that its cost could be reduced and more people could afford it.

* The Product Concept – The idea that consumers will favor products that offer the most quality, performance and features, and that organization should therefore devote its energy to making continuous product improvements. For example, a company could set out to make the best working mouse trap. But, even though they may have the best working mouse trap, consumers could be driven to other solutions to solve the same problem. This can lead to marketing myopia, this is where a company pays more attention to the specific products it offers than to the benefits and experiences produced by these products. They forget the product is only a tool to solve a consumer’s problem, if a new better product comes along or less expensively, it may drive customers to...