Introduction

What is Marketing ?

Definition

• Creating value for customers
• Building strong customer realtionships
• To capture value from customers in return
• Deep engagement and sense of community

The activity, set of institutions, and processes from CREATING, COMMUNICATING, DELIVERING, and EXCHANGING offerings that have value for customers, partners and society at large.

Marketing is:

• Engaging customers
• Managing profitable customer relationships

Goals of Marketing

• Attracting new customers by promising super value
• Keep and grow current customers by delivering satisfaction

« The management task links the business to the customer by identifying and meeting the customers' needs profitability - it does this by getting the right product at the right price to the right place at the right time. »

Creating value

Evolution of marketing

Journey through time

• SIMPLE TRADING: Pre-Industrial Revolution = specialize & sell surplus
• PRODUCTION ERA: Industrial Revolution - 1930s = "If we make it, they will by it" -> Empty warehouses -> Produce more
• SALES ERA: 1930s - 1950s = Increase competition, Create surplus invetory and Convince customers to buy through sales and advertising
• MARKETING DEPARTMENT: 1950s = "Customer is King", Short-term Planning, Marketing Functions brought under one unique department
• MARKETING COMPANY: 1960s to one = Whole company work together to satisfy customers' needs, Build long-term relationships

Selling and Marketing Concepts

Marketing as a process

Strategic Marketing

• Study of needs and their evolution
• Relevant market segment identification
• Measure of qualitative and quantitative potential of each segment (attractivity)
• Evaluation of strengths and weaknesses of the company (competivity)
• Choice of strategy of development

Operational Marketing

• Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
• Addresses who, where, when, and how
• Implementing the marketing plan

Marketing mix

Controllable, tactical marketing tools (PRODUCT, PRICE, PLACE AND PROMOTION) that the firm blends to produce the response it wants in the target market.

Conclusion

Marketing helps decision makers reduce uncertainties.

Marketing is an assistant to intuition and reasoning.

Marketing contribute to reduce risks without making it disappear.