Summary of Marketing

Marketing, more than any other business function, deals with

customers. It is engaging customer and managing profitable
customer relationships.
For example, Nike leaves its competitors in the dust by
delivering on its promise to inspire and help everybody athletes
to “Just do it.”
Marketing process :
 Understand the marketplace and customer needs and
wants
 Design a customer value driven market strategy
 Construct and integrated marketing program that deliver
superior value
 Engage customers, build profitable relationships, and
create customer delight
 Capture value from customers to create profits and
customer equity
Company market strategy must find the game plan for long- run
survival and growth that makes the most sense given its specific
situation, opportunities, objectives, and resources. This is focus
of strategic planning - the process of developing and
maintaining a strategic fit between the organization goals.
Steps in strategic planning :
 Defining the company mission
 Setting company objectives and goals
 Designing the business portfolio
 Planning marketing and other functional strategies
A company’s marketing environment consists of the actors and
forces outside marketing that effect marketing management’s
ability to build and maintain successful relationships with target
customers.
There are two types :
 Microenvironment
 Macroenvironment
The microenvironment consists of the actors close to the
company that affect its ability to engage and serve its
customers. e.g suppliers, publics, customer markets.
The macroenvironment consists of larger societal forces that
affect the microenvironment. e.g demographic, technological,
and political.
Consumer makes many buying decisions every day and the
buying decision is the focal point of the marketer’ s effort. Most
large companies research consumer buying decision.
Model of buyer behavior:
 The environment
 Buyer’s black box
  Buyer responses
The business market is huge. In fact, business market involve
far more dollars and items than do consumers markets. For
example, think about the large number of business transaction
involved in the production and sale of a set of Goodyear tires.
Model of business buyer behavior :
 The environment
 The buying organization
 Buyer responses
Marketing strategy shows four major steps in designing a
customer value driven marketing strategy
Designing a customer – driven marketing strategy:
 Segmentation
 Targeting
 Decide on a value proposition
 Positioning
We define a product as anything that can be offered to a
market for attention, acquisitions, use that might satisfy a want
or need. Products include more than just tangible objects, such
as cars, clothing, or mobile phones.
Level of product:
 Core customer value
 Actual product
 Augmented product
A firm can obtain new product in two ways. One is through
acquisitions by buying a whole company, a patent to produce
someone else’s product. The development of original products.
Product improvement, product modification and new brands
through the firms own product development effort.
Product development process:
 Idea generation
 Idea screening
 Concept development and testing
 Marketing strategy development
 Business analysis
 Product development
 Test marketing
 Commercialization
In the narrowest sense price is the amount of money charge for
product or service. Price is some of all the values that customer
give up to gain the benefits of having or using a product or
service.
Pricing strategy usually change as the product passes through
its life cycle.
Retailing :
All the activities involve in the selling goods and services
directly to the final consumer for personal use
Types of retailer :
  Specialty store
 Departmental store
 Super market

Wholesaling:
All the activities involve in selling goods or services to those
buying for resale
Any paid form of non personal presentation and promotion of
ideas goods or services buy and identify sponsor