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Overview of marketing, Definition of Marketing, Marketing Process, Social…

- - - - 1). Marketers - A person whose duties include the identification of the goods and sevices desired by a set concumers, as well as the marketing of those goods and services on behalf of a company
      - 2). Market - The set of all actual and potential buyers of product or service. These buyers share a particular need or want that can be satisfied through exchange and relationships
    - - 2) Customer Satisfaction - The extent to which a product's perceived performance matches a buyer's expectations. If performance matches or exceeds expectations to buyer is satisfied or delighted
      - 3). Quality - Total quality management ( TQM ) program designed to constantly improve the quality of products , services and marketing process. Quality has direct impact on product perfomance and hence on consumer sarisfaction.
      - 1). Customer Value - Benefit that customer gains from owning and using a product compared to the cost of obtaining the product.
    - - 2). Services - Any activities or benefit that one party can offer to another which in essentially intangible and does not results in ownership of anything.
      - 3). Experiences - To differentiate organization's offer, beyond simply making products and delivering services, they are creating and managing customer experiences with their products or company
      - 1). Product - Anything that can be offered to a market for attention , acquisition, use or consumption that might satisfy a want or need. It includes physical objects, services, persons, places, organizations and ideas
    - - 1). Need - A state of delt deprivation, it is a state of lacking something necessary in a person , may be in form of physiological needs.
      - 2). Want - Is the extension of needs but being influenced by the culturee surrounding the human and the individual personality.
      - 3). Demand - Human needs or wants that are backed by buying powers. Given their wants and resources, people demand porducts and services with the benefits that add up to the most value and satisfaction
    - - Transaction - A trade between 2 parties that involves at least 2 things of value ,agreed upon conditions, a time of agreement , and a place of agreement.
      - iii) Relationship - Marketing consists of actions taken to build and maintain a desirable exchange relationships with target audiences involving a product , service , idea or other object
      - i) There two condition for exchanges process to happened :
        1) At least two parties involved in the process and there must be something valuable to trade.
        2)Both parties are initially agreeing to involve in the process and both parties are free either to except or not
- - - - Value market: Companies put most of their resources into value-building marketing investment.
      - Customer-oriented marketing : Company view and organize their marketing activities from the consumer's point of view.
      - Social marketing : Companies make marketing decisions by considering consumers wants, the company's requirements, consumers long-run interest, and society's long-run interest.
      - Innovative marketing : Companies seek real product and marketing imrpovements.
      - Sense-of-mission : Companies define their mission in broad social terms, rather than in narrow product terms.
- - - - To create values or trust with key stakeholders.
      - When an organization behaves ethically , customers develop
        more positives attitudes about the firm, its products, and its services.
      - 1) . To build good image the organization in the minds of
        customer, employee , shareholders and the society.
    - - 3) Placing
        
        Exerting influence to cause vendors to reduce display space
        for competitor's product
        
        Promising shipment when knowing is not possible by the promised date
        
        Crossed expiry date
      - 4)Advertising
        
        Promorting unhealthy product
        
        Subliminal ads
        
        Advertising to children
        
        Deceptive ads
        
        Puffery ( nothing to support the fact )
      - 2) Price
        
        Super competitive pricing
        
        Price fixing
        
        Bid rigging
        
        Price skimming
      - 5)Packaging
        
        Graphic
        
        Packaging safety
        
        Label information
        
        Environment implication of packaging
      - 1) Product
        
        Designing for special need
        
        Product liability and reliability
        
        Consumer safety
    - - Marketing ethics - Refers to principles and standards that define
        acceptable conduct in marketing as determined by various
        stakeholders, including the publics, government regulators, private interest groups, industry, and the organization itself
    - - Imrproving decision making
      - Long terms gains
      - Uniting people and leadership
      - Securing the society
      - Creating credibility
      - Mutual trust
      - Satisfying basic human needs
      - Loyal customer