Essay about Marketing Management

5088 Words Jan 3rd, 2013 21 Pages
Marketing - Session 0
Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. Core marketing concepts: 1. Needs, wants, & demands :    Needs : Basic human requirements (Air, water, food, clothing, and shelter ) Wants : Needs directed to specific objects that might satisfy the need (Shaped by society ) Demands :Wants for specific products backed by an ability to pay (Necessity to measure how many people are able buy a company’s products ) Offerings & brands Companies address customer needs through a value. Proposition: Set of benefits that satisfy customer needs. Offerings: Physical representation of those
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The average company loses 10% of its customers each year. A 5% reduction to the customer defection rate can increase profits by 25% to 85%. The customer profit rate increases over the life of a retained customer

5 types of customers needs: Real, stated, unstated, delight, secret. 8 possible demand states: Négative, Non-existent, latent, declining, irregular, full, overfull, unwholesome. Market: A collection of buyers and sellers who transact over a particular product or product category. Marketers need markets, Product markets, demographic markets, geographic markets and basic markets and their basic flows. Consumer markets Business markets Non-profit & government markets B-to-G (B2G) Global markets

B-to-C (B2C) and C-to-C (C2C)

B-to-B (B2B)

All of the above on a global scale

New marketing concerns: network information technology, globalization, deregulation, privatization, heightened competition, industry convergence, retail transformation, disintermediation, consumer buying power, consumer information, consumer participation, consumer resistance. New company capabilities:           Use the Internet as a powerful information and sales channel Collect fuller and richer information Tap into social media to amplify the brand message Facilitate and speed up external communication among customers Send ads, coupons, samples, etc. to customers upon request

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