PRINCIPLES OF MARKETING
APRIL 3, 2008
Marketing is the process when companies create value for customers and build strong customer relationship in order to capture value from customer in return. Within marketing there is a process that is used to build customer relationship and value. Marketing also deals with the customer’s needs, want, and their demands. Next after the customer’s needs and wants are done then the market has to offer products, services and experiences. In understanding the marketing mix the four P’s and the four C’s have to be developed. The four P’s are product, price, place, and promotion. Whereas the four C’s are customer solution customer cost, convince, and communication. By examining and adapting the element in the marketing mix a successful product or service can be offered. In order to produce superior customer value and satisfaction companies need information that is call marketing information system. Kotler and Armstrong (2008), marketing information system consists of people, equipment and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.
There are five steps in the marketing process that creates a model for companies to follow. First four steps include “companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value” (cited in Kotler and Armstrong, 2008, page 5). A market-focused, or customer-focused, company first determines what its potential customer’s desire, and then builds the product or service. Marketing theory and practice is justified in the belief that customers use a product or service because they have a need, or because it provides a perceived benefit. For the purpose of the marketing mix, process is an element of...