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Unit 2 Marketing Market vs. Marketing Market The place where buyers and sellers gathered to exchange their goods. The set of all actual and potential buyers of a product or service. Marketing Managing markets to bring about exchanges and relationships for the purpose of creating value and satisfying needs and wants. Some terms Marketing concept Marketing strategy Marketing management Marketing budget Marketing research Market demand Market fluctuation Market positioning Market segmentation Market share Market coverage rate What is marketing? Selling and advertising? Making a sale---telling and selling? Satisfying customer needs? Marketing deals with customers. The twofold goal of marketing: to attract new customers by promising superior value; to keep current customers by delivering satisfaction. Customer is the king (queen)! Customer satisfaction---customer delight---customer loyalty CRM What is marketing? The delivery of customer satisfaction at a profit. the ultimate goal of marketing in a company Customers’ value and satisfaction are at the very heart of modern marketing thinking and practice. Good sayings “We don’t have a Marketing Department; we have a Customer Department.” “It is an almost blind, passionate commitment to taking care of customers.” “We’re not satisfied until our customers are.” “If we are not customer driven, our cars won’t be either.” Core marketing concepts Products and services markets Needs, wants and demands Value, satisfaction and quality Exchange, transaction and relationships Needs, wants and demands Need: a state of felt deprivation. Want: the form taken by a human need as shaped by culture and individual personality. Demands: human wants that are backed by buying power. Industry (a collection of sellers) Market (a collection of buyers) Products-services money information A sim
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