(1st lecture)
12 January 2009
What is Marketing and Important Marketing Concept : Marketing is the relationship with the customers and creating customers satisfaction.
According to modern definition of Marketing..
“Marketing is the profitable relationship with you and your customers, Attract and retains the customers.”
Selling and advertising are the two important parts of the marketing.
Marketing Mix.
CRM (Customer Relation Management): It is s social and management process by which individuals and groups obtain, what they need and want by creating and exchanging the product and value,
Marketing is about
- Satisfying demand.
- Anticipating means forecasting
- Customer surveys
- Managing Simulation
Simulation: It is an artificial laboratory condition to test the customer behaviors before producing the product in the market.
Satisfaction: Full fill the customer requirements, customer exceptions
Satisfaction depends upon:
- Friends Opinion
- Marketer and competitor information
- Advertising
- Provider and fulfiller
- Product availability according to the demands of the customers.
Needs: Feeling of deprivation, e.g. food (basic necessary requirements) , safety, shelter, cloths, belonging and affection
Wants: The need which is shaped by the culture or society.
Demand: When need and want are backed by buying power, they become demand.
Customer Values and Satisfaction:
Customer will buy that thing that the customer value
Value: Different between cost of obtaining a product and benefits of that product .
Production concepts: The customer will go for that product that is highly affordable and available (peak time)
Product Concept: The customer will go for that product that will offer high performance, quality and feature.
TQM (Total Quality Management): The marketer should devote his energy for empowering the product’s performance.
Selling Concept: The customer will not buy that enough of your product unless the marketer is having a selling and advertising concern.
- Unsought production (Who are search for the customer)
- Insurance Polices
- Blood Donation
Marketing Concept: The philosophy holds that achieving the organizational objectives depends on understanding the needs and wants to target markets and delivering desired satisfaction more effectively and efficiently than the competitor.
Social Concept: The philosophy holds that achieving the organizational objectives depends on understanding the needs and wants to target markets and delivering desired satisfaction more effectively and efficiently than the competitor and considering the well being of people and society.