Principle of Marketing

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CHAPTER 1- OVERVIEW OF MARKETING
1. Marketing – social and management process where individuals or groups acquire their needs and wants by creating value and exchanging it among themselves. 2. Marketing Process :
* Understand the marketplace and customers needs and wants. * Design a customer-driven marketing strategy.
* Construct an integrated Marketing program that delivers Superior value. * Product
* Promotion
* Price
* Place
* Build profitable relationships and create customer delight. * Customer value
* Customer satisfaction
* Capture value from customers to create profits and customer equity. * Creating customers loyalty and retention, good customer relationship management creates customer delight. Customer will remain loyal and talk favorably to others about the company and its product. * Growing share of customers.

* Building customers equity (asset/long term)
3. Product : a need-satisfying offering of a firm to the market for attention ,acquisition, use or consumption. 4. Need : basic human need to live, something necessary.
5. Wants : people’s needs that are moulded/shaped by culture and individual personality. 6. Demand : created by buying power of a person’s wants. 7. Marketing Concept :
a) Production concept
-holds that consumers will favor product that are available and highly affordable -focus on improving production and distribution efficiency
b) Product concept
-holds that consumers will favor product that offer the most quality, performance and features. -company must make product improvement
c) Selling concept
-believes that consumer will not buy enough of company’s products unless it undertakes a large-scale selling and promotion effort.

d) Marketing concept
-holds that achieving company’s goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. e) Societal Marketing...
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