Marketing Principles

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A Marketing Principles Assignment

Prepared By:
Rubab Rashid – I.D. 2012321011
Kazi Nehal Ahmed – I.D. 2011421015
S M Abdullah Al Noman – I.D. 2011421010
Nur-E-Nazneen – I.D. 2012221010
Shagar Islam – I.D. 2012121007
Sharmin Rahman Anika - 2013121008

Prepared For:
Irfan Jahangir
Faculty – Marketing Principles
School of Business

Date of Submission: 02 March 2013

Task 1 (LO 1.1) Explain the various elements of the marketing process. “A market is the set of actual and potential buyers of a product”. – Irfan Jahangir, Lecturer, BAC. According to Antiessays “Marketing is defined in many different ways but all of them basically have the same point. For example, “Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably” according to The Chartered Institute of Marketing (CIM) and “is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders” as defined by American Marketing Association”. For ease of explanation marketing process here is divided into five steps: Create customer delight

Construct an integrated marketing program
Build profitable customer relationship
Design a customer-driven marketing strategy
Understand the marketplace and customer needs & wants

1. Understand the marketplace and customer needs & wants: To define the marketplace and customer needs & wants, one has go through the five core customer and marketplace concepts which are portrayed below: * Customer needs, wants & demands

* Market offerings
* Customer value, satisfaction and product quality
* Exchanges and relationships
* Markets
Customer needs, wants and demands:
Human needs are the most basic concept underlying marketing and are part of the basic human makeup. Human wants is a form that is dictated/shaped by culture and individual personality. Human demands are expressed when his/her wants are backed up by buying power. Companies often go to do a lot to learn and understand about their customer’s needs, wants and demands, this helps in building that connection with the customers. Market offerings:

A market offering usually consists of either a product (usually but not limited to tangible commodity offered to satisfy a need or a want) or a service (intangible activity or benefit that does not result in the ownership of anything).

Customer value, satisfaction and product quality:
Customer value is the difference between the value/s that the customer achieves/gains from using a product and the costs of obtaining it whereas satisfaction depends on a product’s perceived performance in delivering value as per the buyer’s expectations. Product quality is directly dictated by the product or service’s performance. Exchange, transactions and relationships:

Marketing takes place when people decide to satisfy needs and wants through exchanges. Exchange takes place when something is obtained by offering something in return. With the development of ‘money’ the exchange process was transformed into transaction (a trade of values between two or more parties involving money, a response and action). Markets:

The concept of market came in along with the concept of exchange and relationships. Once again ‘A market is the set of actual and potential buyers of a product’. In layman’s terms market is a place where buyers and sellers congregate to exchange goods or services but according to marketers buyers usually constitute a market whereas the sellers constitute an industry. 2. Design a customer driven marketing strategy:

A customer driven marketing strategy talks about choosing target markets and building profitable relationships with them. This strategy can be better explained divided into two segments: selecting customers to serve & value proposition. * Selecting Customers to...
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