Marketing

Digital revolution ● increase in buying power ● a greater variety of G&S

(Goods & Services) or P&S (Product & Services) ● more information ● a
greater ease in interacting and placing and receiving orders ● ability to
compare G&S
Business & Marketing changes
1. ● changing technology
2. ● globalization
3. ● deregulation: greater competition & growth opportunities
4. ● privatization: increasing efficiency
5. ● customer empowerment
6. ● customization
7. ● heightened competition
8. ● industry convergence
9. ● retail transformation
10.● disintermediation

Core Concepts (1)

1. ● Needs: basic human requirements

2. ● Wants: directed to specific objects that might satisfy the need
3. ● Demands: wants for specific products backed by an ability to pay

5 types of needs:

1. Stated (an inexpensive car).

2. Real (a car whose operating cost, not its initial price, is low).
3. Unstated (expects good service from the dealer).
4. Delight (would like the dealer to include an onboard navigation system).
5. Secret (to be seen by friends as a savvy consumer)
 Target market: which segments present the greatest opportunity?

1. ● market offering for each chosen target market

2. ● offering: for target buyers, delivering some central benefit(s)
3. ● brand: an offering from a known source
4. ● successful: if it delivers value & satisfaction to the target buyer
5. ● Value: perceived tangible & intangible benefits & costs to customers
6. ● satisfaction: judgments/outcome vs. expectations

Marketing channel:

● Communication

● Distribution

● Service: to carry out transactions with potential buyers

Supply chain: from raw materials to components to final Products that are carried
to final buyers

Supply chain = value delivery system

Competition: actual & potential