01. Introduction to Marketing

Marketing is engaging customers an d managing profitable customer relationships.

Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “meeting needs profitably.”

When Google recognized that people needed to more effectively and efficiently access information on the Internet, it created a powerful search engine that organized and prioritized queries.

When IKEA noticed that people wanted good furnishings at substantially lower prices, it created knockdown furniture.

These two firms demonstrated marketing savvy and turned a private or social need into a profitable business opportunity.

The aim of marketing is to create value for customers in order to capture value from customers in return.

What Is Digital Marketing? (Learn it in 5 Minutes)

Marketing management is a challenging and rewarding career choice because it is a core management function central to all company efforts. Successful marketing of products and services both locally and globally in a dynamic, networked, demanding marketplace is a vital skill needed by every company.

If we think about it marketing profoundly affects our day-to-day lives. It is embedded in everything we do – from the clothes we wear, to the food we eat, the restaurants we visit, the websites we click on, the advertisements we see, the service we receive, the price we pay and so on.

Marketing and a marketing department are critical ingredients for business success. It is the role of the marketing manager and the marketing department to plan, manage and execute the marketing strategy throughout the company with innovation, intuition and creativity.

Marketing is organized effort, activity and expenditure designed first to acquire a customer and second to maintain and grow a customer at a profit.

In this course, we lay the foundation for your study of marketing by providing an overview of the main marketing issues facing marketing companies in a rapidly changing marketing world we live operate now. This course provides great explanation.

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19. What is a Market?

Traditionally, a “market” was a physical place where buyers and sellers gathered to buy and sell goods. Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class (such as the housing market or the grain market). Five basic markets and their connecting flows are shown in below. Manufacturers go to resource markets (raw material markets, labor markets, money markets), buy resources and turn them into goods and services, and sell finished products to intermediaries, who sell them to consumers. Consumers sell their labor and receive money with which they pay for goods and services. The government collects tax revenues to buy goods from resource, manufacturer, and intermediary markets and uses these goods and services to provide public services. Each nation’s economy, and the global economy, consists of interacting sets of markets linked through exchange processes. Marketers view sellers as the industry and...

22. Business markets

Companies selling business goods and services often face well-informed professional buyers skilled at evaluating competitive offerings. Advertising and Web sites can play a role, but the sales force, the price, and the seller’s reputation may play a greater one. The term business, business-to-business or industrial marketing focuses on understanding business buying centres and on how businesses purchase in different ways to consumers – further explored in Chapter 8. Business markets are now networked organizations operating in a complex environment. Nowadays the focus is on neither consumer or business markets but on recognizing that the lines between the two are blurring in four important ways: A blurring of value chains through outsourcing and other relationships that allows networks of companies and customers to operate. When Apple set up its iTunes online music store, it brought together recording companies with music and customers who wanted to download music tracks f...

18. Marketer and prospect

A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect. If two parties are seeking to sell something to each other, we call them both marketers. Marketers are skilled at stimulating demand for their products, but that’s a limited view of what they do. They also seek to influence the level, timing, and composition of demand to meet the organization’s objectives. Eight demand states are possible: 1. Negative demand—Consumers dislike the product and may even pay to avoid it. 2. Nonexistent demand—Consumers may be unaware of or uninterested in the product. 3. Latent demand—Consumers may share a strong need that cannot be satisfied by an existing product. 4. Declining demand—Consumers begin to buy the product less frequently or not at all. 5. Irregular demand—Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. 6. Full demand—Consumers are adequately buying all products put int...

Ransford Advanced Diploma course In Marketing Management

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