1. Definition Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others
1.1. Attracting new customers
1.2. Retaining and growing current customers
2. CORE OF MARKETING - Needs - Wants - Demands
2.1. Needs State of felt deprivation Not created by marketer-it is basic part of human life Example: Need food, cloth, safety
2.2. Wants The form of needs as shaped by culture and the individual Example: Want a Big Mac, fries and soft drinks
2.3. Demands Wants which are backed by buying power Example: Burger King vs Ramly Burger, MNG vs Petaling Street cloth.
3. CONCEPT
3.1. Production
3.1.1. Consumer: will favor products that available and highly affordable.
3.1.2. Management: focus on improving production/distribution efficiency.
3.1.3. Management should look for ways to increase production.
3.1.4. Example: mineral water,salt
3.2. Selling
3.2.1. Consumer: will not buy enough of firm’s product unless undertakes large-scale selling or more promotion effort
3.2.2. Marketing strategies:if the company faces overcapacity, aim to sell what they make rather than the market wants.
3.3. Product
3.3.1. Consumer: will favor products that offer the most quality, performance and innovative features.
3.3.2. Marketing strategies: making continuous product improvements. Ex: shampoo, mousetraps, cameras, handphones
3.4. The Societal- Marketing
3.4.1. See the conflicts between consumer short run wants and consumer long run welfare.
3.4.2. Ex: McDonalds-the company should balance the 3 consideration in marketing strategies: company profit, consumer wants and society interests.
4. MARKETING MIX
4.1. Product
4.1.1. -goods and services (combination) the company offers to the target markets
4.1.2. -quality, design, features, brand name
4.2. Price
4.2.1. -the amount of money customers have to pay to obtain the product
4.3. Place
4.3.1. -company activities that make the product available to target consumers
4.3.2. -channels, locations, coverage
4.4. Promotion
4.4.1. activities that communicate the merits of the product and persuade target customers to buy it
5. CUSTOMER RELATIONSHIP MANAGEMENT
5.1. the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
5.1.1. Strangers show low potential profitability and little projected loyalty.
5.1.2. Butterflies are potentially profitable but not loyal.
5.1.3. True friends are both profitable and loyal.
5.1.4. Barnacles are highly loyal but not very profitable.