Define the role of marketing in organization
Marketing: Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Core Aspects of Marketing
Marketing is about Satisfying Customer Needs and Wants
Marketing Plan: a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements. Which can broken down into various components- how the products or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer.
How Do Firms Become Value Driven?
Balancing Benefits with Costs
Building Relationships with Customers
Connecting With Customers; Using Social & Mobile Marketing
Marketing Entails an Exchange
Exchange: An exchange is the process by which some transfer of value occurs between a buyer and a seller.
At least two people or organizations must be willing to make a trade, and
Each must have something the other values.
Most exchanges occur in the form of a monetary transaction.
Marketing Requires Product, Price, Place, and Promotion Decision
Marketing Mix (four Ps): product, price, place, and promotion – the controllable set of activities that a firm uses to respond to the wants of its target markets.
Product: creating value, marketing’s fundamental purpose is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs.
Goods: items that can be physically touched.
Service: any intangible offering that involves a deed, performance, or effort that cannot be physically possessed; intangible customer benefits that are produced by people or machines and cannot be separated from the producers.
Ideas: intellectual concepts- thoughts, opinions, and philosophies.
Price: capturing value, Price is everything a buyer gives up (money, time, energy) in exchange for the product; The key to determining prices is to figure out how much customers are willing to pay and assess whether a profit can be made at that point
Place: delivering value, Place, or supply chain management, describes all activities necessary to get the product to the right customer when the customer wants it; supply chain management is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction (e.g., transportation companies) into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing systemwide costs and satisfying the service levels required by the customers.
Promotion: communicating value, Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response.
Marketing can be Performed by Both Individuals and Organizations
B2C (business-to-consumers) marketing: the process in which business sell to consumers.
B2B (business-to-business) marketing: the process of selling merchandise or services from one business to another.
C2C marketing: the process in which consumers sell to other consumers.
Marketing Impacts Various Stakeholders
Employment marketing: marketing programs to attract applicants to the hiring firm, involve undertaking marketing research to understand what potential employees are seeking, and what they think about the firm; its product offering and an employment brand image; communicating that brand image to potential employees; and then fulfilling the brand