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Marketing, Marketing Functions and Process - Coggle Diagram
Marketing
The Concept of marketing
- states that consumers will favor products that are readily available and affordable.
- they focus on mass distribution, improving production efficiency, and lowering costs
- The Concept of Marketing evolved substantially over the years
- States that consumers will favor products that offer the most quality, performance, or innovative features.
- They focus on the quality of their products and make improvements.
- States that unless an organization aggressively sells and promotes its products, the consumers will not buy them.
this concept is commonly practiced with items people don't normally buy.
- They don't need to find customers for their product, but in fact, they should focus on finding the right product for the customers.
- Thus marketers should focus on determining the needs of their target market and finding out how best they satisfy those needs through their products.
- Societal Marketing Concept
- States that marketing needs to take into consideration not only the needs of consumers, but also that of society and the environment at large.
Marketing Terms
- Marketing Myopia: Where companies concentrate on the quality of the product, ignoring other important factors such as pricing, promotion, and distribution
Marketing is the process of identifying and satisfying the needs of customers in a way that is profitable to the organization
The Process of Marketing:
- Identifying Customers needs and want
- Creating a value
- Communicating the value
- Delivering the value
- Managing customers relationships
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