MARKETING
MEANING OF MARKETING
KEY MARKETING CONCEPTS
MARKETING MANAGEMENT
UNDERSTANDING THE CONSUMER/CUSTOMER
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MEANING OF MARKETING
What Is Marketing? Marketing can be described as the delivery of customer satisfaction at a profit.
Marketing is also viewed as a social and managerial process by which individuals, in groups, obtain what they need and want through creating and exchanging products and value with others. The goal of marketing is: • • To attract new customers by promising superior value. To keep current customers by delivering satisfaction.
Sound marketing is critical to the success of any organization – large or small, for profit or non-profit.
Marketing is not about advertising and selling. It is about understanding consumer needs, developing products that provide superior value and prizes, distribution and effectively promoting them so that they sell easily.
KEY MARKETING CONCEPTS
What are the key Marketing concepts? a. Needs, Wants and Demands • Needs Human needs reflect states of felt deprivation. They are the things that people require in order to survive or keep their bodies functioning properly. They include: Basic physical needs – for food, clothing, shelter/warmth and safety. Social needs – for belonging and affection. Individual needs – for knowledge and self expression. • Wants Wants are the form taken by human needs as they are shaped by culture and individual personality. Wants are described in terms of objects that will satisfy needs. For example, a
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person in Swaziland may want a home with many small individual huts yet a person in America may want a large double storey house. People have almost unlimited wants but limited resources. Thus, they want to choose products that provide the most value and satisfaction for their money. • Demands When backed by buying power, wants become demands. Given their wants and resources, people demand products with the benefits that add up to the most...