Marketing Summary

What is marketing?

A social and managerial process by which individuals and groups obtain what they need and want, through creating and exchanging products and value with others. It is not only “selling” and “advertising”.

What are the core marketing concepts?

Human needs are states of felt deprivation. They include physical needs (food, clothing, warmth and safety), social needs (belonging and affection), and individual needs (knowledge and self-expression). Wants are shaped by culture and personality. As a society evolves, the wants of its members expand. People have narrow basic needs but unlimited wants. Demands are human wants that are backed by buying power.

Marketing offers?

Products, services and experiences offered to a market to satisfy a need or want. Marketing myopia: a failure to meet the needs of people. Organizations should be careful not to define themselves too narrowly. For example, company that delivers coal should think of itself as being in the energy business.

Value and satisfaction?

Customer value is the difference between what a customer gets from a product, and what he or she has to give in order to get it. Customer satisfaction is the extent to which a product’s perceived performance matches a buyer’s expectation. If the product’s performance falls short of expectations, the buyer is dissatisfied. If performance matches or exceeds expectations, the buyer is satisfied or delighted. Smart marketing companies want to keep their customers satisfied because they know that satisfied customers make repeat purchases and tell others about their good experiences with the product. Smart companies also promise their customers only what they can deliver and then deliver more than they promise.

Exchange, transactions and relationships?

Exchange is the core concept of marketing. It is the act of obtaining something we want from someone by offering something in return. A transaction is a trade between two parties. Relationship means the...