Chapter

1 and 2
Wednesday, October 14, 2015

4:08 PM

Define a market
A market is a set of all potential buyers of a product or service
Define Marketing and Describe the marketing process
Marketing is the process by which companies create value for customers
and also create good customer relationship in order to capture value in
return
The marketing process consist of 5 major steps, these include
Identifying the needs and wants of the target market
Design a customer driven marketing strategy
Construct a marketing prgram that delivers superior customer value
Build and sustain a profitable relationship with customers
Capture value in return
Define Mkt Mgmt. and what they control
Marketing management is the art and science of choosing a target market
and building a profitable relationship with them
Define Value proposition?
A value proposition is a set of values a marketer has promised to provide
to customers in order to satisfy their needs
Mkt orientation and philosophies or concepts
There are five philosophies in while marketers carry out their marketing
strategy
Product concept-This philosophy states that customer will favour
products that are readily available, highly affordable and easily
accessible.
Production concept-This phil. Holds thats customers will favour
products that are built with the best quality and provide them with
the most 'bang for their buck'.
Selling concept-This philosophy holds that the marketers will have
to create a large scale sale promotion in order the get customers
favoue their product
Marketing concept- This philosophy holds that markets will have to
identify the needs and wants of the target market
Social concept- This philosophy hold that markets will have the

 Selling concept-This philosophy holds that the marketers will have

to create a large scale sale promotion in order the get customers
favoue their product
Marketing concept- This philosophy holds that markets will have to
identify the needs and wants of the target market
Social concept- This philosophy hold that markets will have the
identify the needs and wants of target markets and also take into
consideration the long term goals and benefits of the society

Types of markets in our society

Manufactures market
Resouce market
Consumer market
Intermediary market
Govt market
Discuss customer relationship management and identify strategies for creating
value for customers
Customer relationship management is the process of building and
maintening good profitable relationship with customers, To create value
for customers comapanies must have
Good Customer relationship management and offer value to the
customers
Good partener relationship management - working closely with
other marketers
Customer satisfaction- A customer is satisfied when a products
perception reaches expectation.
Changes in marketing landscapes
Technological change-eMarketing
Connceting with consumers
Customer feed back through social media