Lesson 1

1. Define marketing and outline the steps in the marketing process.

*Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large. The marketing process consists of four elements: strategic marketing analysis,
marketing-mix planning, marketing implementation, and marketing control.

2. Explain the importance of understanding customers and the marketplace and identify the five
core marketplace concepts.
*We examine five core customer and marketplace concepts: (1) needs, wants, and demands; (2)
market offerings (products, services, and experiences); (3) value and satisfaction; (4) exchanges
and relationships; and (5) markets.

3. Identify the key elements of a customer – drive marketing strategy and discuss the marketing
management orientations that guide marketing strategy.
 Customer-driven marketing strategy is advertising to an identified target market and
reacting to their needs.

Key Elements of Customer-Driven Marketing Strategy

 Target Your Market.

 Meet-Customer Needs.
 Build Customer Loyalty.
 Use Customer Feedback.
 Gain Customer Referrals.

4. Discuss customer relationship management and identify strategies for creating value for
customer and capturing value from customers in return

Tips for creating value for customers

 Improve the buying process. Value can exist outside your product or service.
 Focus on brand perception.
 Get customer feedback.
 Make a unique product.
 Provide a positive experience.
 Prioritize quality over price.
 Identify your strengths.
 Adjust your marketing strategy.
5. Describe the major trends and forces that are changing the marketing landscape in this age of
relationship

Trends Changing the Marketing Landscape

 Marketing Automation. Research shows that nearly half of tasks done by paid
professionals can be automated.
  Artificial Intelligence.
 Experiential Marketing.
 Executive Branding.

6. Explain company wide strategic planning and its four steps

* planning involves developing a strategy for long-run survival and growth. It consists of four steps: (1)
defining the company’s mission, (2) setting objectives and goals, (3) designing the business portfolio, and
(4) developing functional plans.

7. Discuss how to design business portfolios and develop growth strategies

*Here are the steps you can take to create an effective growth strategy for your business:
 Identify your value proposition.
 Identify your target audience.
 Understand your current revenue streams.
 Look at your competition.
 Choose an area of growth.
 Conduct market research.
 Set goals.
 Create a plan.

8. Explain marketing’s role under strategic planning and how marketing works with it’s partners to
create and deliver customer value
*As we know Strategic planning is an organization's process of defining its strategy, or direction,
and making decisions on allocating its resources to pursue this strategy. It may also extend to
control mechanisms for guiding the implementation of the strategy, so from what I mention we
can see that Marketing is one of the keys that can direct the company to achieve its goals and
objectives through its functions like which kind of product will enter a specific market, which
segment will target, and which pricing , promotion and distribution strategy will we go for, all
these questions Marketing is responsible for the right answers, Marketing is the way to
communicate and deliver the win - win situation to the customer and also the stake holders.
And According to the customer value, Marketing is the first responsible for the customer value
as the Marketing listen to the Market and stake holders through external research (like
Marketing research ) and internal research through its partners like customer services, sales,
Accounting & finance and sales with cooperation with R&D , and go back with decisions towards
the stakeholders including the customers.

9.Describe the elements of a customer -driven marketing strategy and mix, and the forces that
influence it.
* The marketing mix refers to the set of actions, or tactics, that a company uses to promote its
brand or product in the market. The 4Ps make up a typical marketing mix – Price, Product,
Promotion and Place
10.List the marketing management functions, including the elements of a marketing plan, and
discuss the importance of measuring and managing return on marketing.
*Major Functions of Marketing Management
 Selling.
 Buying and Assembling.
 Transportation.
 Storage.
 Standardization and Grading.
 Financing.
 Risk Taking.
 Market Information.