1. Define Marketing and Discuss How It Is More Than Just “Telling and Selling.”

In: Business and Management

Submitted By trungkiendo
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1. Define marketing and discuss how it is more than just “telling and selling.”
Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. Hence, marketing is defined as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Today, marketing must be understood not in the old sense of making a sale—“telling and selling”—but in the new sense of satisfying customer needs. If the marketer understands consumer needs; develop products and services that provide superior customer value; and prices, distributes, and promotes them effectively, this goal will be achieved easily. The aim of marketing is to make selling unnecessary. Selling and advertising are only part of a larger marketing mix
2. The marketing process (p5)
3. 5 core customer and marketplace concepts
• Customer Needs, Wants and Demands
 needs: states of felt deprivation (physical, social, individual)
 wants: form of human needs shaped by culture and personality
 demands: wants backed by buying power
• Market Offerings – combination of Products, Services and Experiences offered to a market to satisfy a need or a want. Marketing Myopia: The mistake of paying more attention to the specific products than to the benefits produced by them, e.g, a firm thinks that the customer needs a drill, but what he really needs is a hole.
• Customer Value and Satisfaction
 Customers form expectations about the value and satisfaction
 Marketers must be careful to set the right level of expectation
• Exchange and Relationships: Mkt consists of actions to build and maintain exchange relationships with target audiences involving a product, service, idea, or other object.

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