The centrality of Marketing

UNIVERSITY OF SOCIAL SCIENCE & HUMANITYDEPARTMENT OF ENGLISH LITERATURE & LINGUISTICS : 

UNIVERSITY OF SOCIAL SCIENCE & HUMANITYDEPARTMENT OF ENGLISH LITERATURE & LINGUISTICS BUSINESS ENGLISH THE CENTRALITY OF MARKETING

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GROUP 4

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A. DEFINITION B. THE PROCESS OF THE MARKETING EXPLAIN THE CONCEPTS IN THE PROCESS C. EXPLAIN ABOUT THE OTHER REQUIRED CONCEPTS CONTENT

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A process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. ( by Philip Kotler) Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (by the American Marketing Association Board of Directors)

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Important role: developing satisfying relationships between the customers and the organization. Customer: given more options to fulfilled their needs and provided the best value delivery at the best price. Organization: Brought profits and credibility from customers.

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Create value for customers and build customer relationship Capture value from customers in return Understand the marketplace and customer needs and wants Design a customer-driven marketing strategy Construct a marketing program that delivers superior value Build profitable relationship and create customer delight Capture value from customers to create profits and customer quality A SIMPLE MODEL OF THE MARKETING PROCESS

1. Understand the marketplace and customer needs and wants : 

1. Understand the marketplace and customer needs and wants In economics, a WANT is something that is desired. It is said that people have unlimited wants, but limited resources. For example: You might need food but you want a hamburger of KFC

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A need is something that is necessary for survival, including: Basic physical needs for food, clothing, warmth, and safety; Social needs for belonging and affection; Individual needs for knowledge and self-expression. They are a basic part of the human makeup

MARKETING RESEARCH : 

MARKETING RESEARCH

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Source of information for marketing research is collected from: direct observation of the consumers mail surveys telephone face-to-face interviews public sources.

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2. DESIGN A CUSTOMER-DRIVEN MARKETING STRATEGY

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Market segmentation divides a market into distinct groups of buyers with different needs, characteristics or behavior, who might require separate products or marketing raises.

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Target market: the group of people sharing common needs or characteristics that you want to sell your products to.

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Differential advantage: unique benefits or characteristics of a firm, product or program that set it apart and above its competitors in the customers’ viewpoint.

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Distinctive competencies: Firm-specific strengths that allow a company to gain differential advantage by differentiating its products and/or achieving lower costs than its rivals.

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Market opportunities are profitable possibilities of filling unsatisfied needs or creating new ones in areas in which the company is likely to enjoy a differential advantage, due to its distinctive competencies.

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MARKETING CONCEPT Focuses on customer needs, wants and delivering the desired satisfaction better than competitors do Gets profits by creating lasting relationships with the right customers based on customer value and satisfaction. SELLING CONCEPT Focuses primarily on customers conquest Getting short-term sales with little concern about who buy or why

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It consists of the firm’s marketing mix, the set of marketing tools the firm uses to carry out its marketing strategy. The marketing program builds customer relationship by transforming the marketing strategy into action.

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The marketing mix is the set of marketing tools the firm uses to carry out its marketing strategy. The marketing mix tools are classified into four broad groups, called the 4Ps

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Promotion including: + Advertising +The sales force +Promotional activities

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Promotional activities A special offer such as a discount or reduced price A free sample A free gift Competition with prizes

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A process of building and maintaining profitable customer relationship by delivering superior customer value and satisfaction It deals with all aspects of acquiring, keeping, and growing customer.

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The first four steps in the marketing process involve building customer relationships by creating and delivering superior customers value. The final step involves capturing value in return, in the form of current and future sales, market share and profits.

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Consumer market Composed of individuals who buy a specific good or service. Industrial market Composed of companies or organizations that purchase goods and services for use in the production of other goods and services that are sold, rented, or supplied to others.

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Raw material: a natural or basic substance that is used to make something in an industrial process.

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Manufacturing is the use of machines, tools and labor to make things for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into manufactured parts.

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Business vocabulary in use ( Bill Mascull) Principles of marketing (Philip Kotler) http://www.marketingpower.com/AboutAMA/Pages/DefinitionofMarketing.aspx http://www.businessdictionary.com/definition/differential-advantage.html SOURCE

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THANKS FOR YOUR ATTENTION