“Era of connectivity”- everything is connected via social media
* Marketing: identifying and meeting human and social needs. “Meeting needs profitably.” Taking a private or social need and making it profitable. * Marketing Management: art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. * Social role: marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, products and services of value with others. * Marketers market 10 entities: goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. * Marketer: someone who seeks a response-attention, a purchase, a vote, donation- from another party, called the prospects (i.e. two parties trying to sell something= marketers) * Responsible for demand management. 8 Demand states:
* Negative demand: consumer dislike, pay to avoid product * Nonexistent demand: consumer unaware, not interested * Latent demand: consumer share a strong need, not satisfied with the current product * Declining demand: consumer purchase less frequent, or not at all * Irregular demand: consumer purchase varies on season, month, week , or even hourly * Full demand: consumers purchasing all products placed in the marketplace * Overfull demand: more consumers would like to buy the product then can be produced * Unwholesome demand: consumer attracted to products that have undesirable social consequence * **Marketers must identify underlying cause of demand state and determine a plan of action to shift demand to a more desired state *
Marketing: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners,...
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