Marketing Ma

nagement

MARKETING MANAGEMENT

TOPIC 1: What is marketing?

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

Value: perceived tangible and intangible benefits and costs to customers

Marketing is the art and science of choosing target markets and getting, keeping, growing customers through creating, delivering and communicating superior customer value.

Target market: markets being aimed at

Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of values with others

Need: basic human requirements: food, air, water, clothing and shelter to survive. Strong need: recreation, education, entertainment.

Wants: Needs directed to specific objects that might satisfy the need

Demand: Needs backed by an ability to pay

COMPANY ORIENTATION = direction we will go

- Production concept ( CEO focuses much on productivity. All solutions in the company are to increase the productivity in the company.

- Product concept ( spend much money on R&D, technology ( produce good and new products.

- Selling concept ( sell what have been produced (starting point of selling is a factory because we sell what have been produced in a factory. Tools using in selling is advertising and promotion. Profit is turnover)

- Marketing concept ( sell what is expected by customers (Starting point is customers because we sell what customers are expecting from our products. Tools using marking is marketing mix. Profit is customers’ satisfaction)

- Holistic marketing concept = modern/ update marketing concept

+ Internal marketing ( take care of employees ( make them happy ( produce good products

+ Socially responsible marketing ( take care of people

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