Marketing is a social and managerial process by which individuals/groups obtain what they need and
want through creating and exchanging products and value with others.
In business context: To build and maintain profitable customer relationships with stakeholders
Difference between Customers and Consumers:
customer purchases/obtains an offering (uber/airbnb)
>< a consumer(user) uses it (or eats it, in the case of food)
Initiator: Initiates idea
Influencer: Influences
Decider: Ultimate buying decision
Buyer: Actual purchase
Payer: Pays
User: Consumes
Gatekeeper: Controls access
important to know these roles bc : for example women buy deo for men so they don’t like ads that
say itll attract women etc
Market orientation
= The organization-wide generation of market intelligence
pertaining to current and future customer needs,
dissemination of the intelligence across the departments,
and organization-wide responsiveness to it’
try to predict current+future underlying needs of consumers
= Organisation-wide belief in delivering customer value
Understanding consumer needs even better than consumers themselves do
Creating products that meet existing and latent needs, now or in future
custumor orientation :
concerned with creating superior value by continuously developing and redeveloping offerings
to meet customer needs, meaning that we should measure customer satisfaction on a
continuous basis and train front-line service staff;
competitor orientation
requiring an organization to develop an understanding of its competitors’ short-term strengths
and weaknesses, and its own long-term capabilities and strategies
interfunctional coordination
requiring all an organization’s functions to work together for long-term profit growth
→ market sensing : understanding strategic implications of the market and acting on info collected
through environmental scanning
long term satisfaction of customer needs >< short term ‘’
high focus on stimulation of demand >< focus on meeting existing demand only
greater input into customer design of offering (co creation) >< lesser input ‘’
, What do Marketers do?
Core competencies
= to generate customer insights
champion the customer and hence customer focus
and develop marketing strategy
2. Understand the concepts of exchange in marketing and the marketing mix
Exchange = the act of obtaining a desired object from someone by offering something in return
• At least two parties
• Each must hold something of value to offer
• Parties must want to deal with each other
→ Exchange creates value, gives people more consumption choices or possibilities
Customer value: the consumer’s assessment of the product’s overall capacity to satisfy their
needs
perceived value: price
>< economists: maximise utility, focus on functional value
e.g. Tesla (expensive) / cola for thirst wont work
benefits : saves on gas
cost : low range
calculate how many km u would have to drive to
recover the extra cost
→ but also other fun gadgets and popularity
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