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All infornations about the basics of marketing are in this document
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This document provide all first year tools to succeed in marketing.
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03/10/2022Definition of Marketing:
Marketing is the activity, set of institutions and processes for creating,
delivering, and exchanging offerings that have value for customers,
clients, partners and society at large
Marketing takes an outset in identifying and addressing customers’
needs which impacts all others activities in the firm.
Marketers first identify customers’ needs and then provide products
that satisfy those needs to ensure the firm’s long-term profitability.
Marketing vs Management:
Marketing identifies customers’ needs for a particular product or
service and continues producing with the adapted qualities (pricing,
promotion, stocking).
Marketing => understanding consumers motivations (what,
why, how, where and at what price)
Market => Group of people who have the same needs.
Management deals with the other functions of the company for the
best functioning.
The Marketing mix: 4Ps
PRODUCT PRICE
The exchange between Price is the assignment of
company and customers. value the customer must
exchange* to receive the
offering.
*Exchanges are not only
monetary.
PROMOTION PLACE
Communication used to Where the product come
encourage potential from and where the
buyers. product is available =>
Media channels example: tv, supply chain.
social media…
, The 4ps are INTERDEPENDENT. A decision about any single facto
affects and can be affected by all the others.
BASIC CONCEPTS:
o Needs are general
o Wants are desires for specific products
o A product delivers a benefit when it satisfies a need or a want
o Good projects identify what wants customers look for and then
develop that product
o A market is made up of all the people who are a common
need.
Consumers are not just passive recipient but co-creators:
o Consumers generate content. Slides 67
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