What is Marketing? “The Art and Science of Satisfying Customers” We call customer satisfaction an art because it requires imagination and creativity, and a science because itrequires technical knowledge, skill, and experience.
Why Is Marketing Important?• The production and marketing of goods and services are the essence of business in any society.Ideas generated from the subject Economics “Utility”
How does an organization create a customer?1. identify needs in the marketplace,2. find out which needs the organization can profitably serve,3. and develop goods and services to convert potential buyers into customers.
How does Company meet their Goals to Satisfy Customers?• By using Marketing strategies (the tools that marketers use to identify and analyze customers needs, then show that their companys goods and services can meet those needs)For instance: Company Focus on1. Consumer Tastes2. Competitive Offerings,3. Other Market Dynamics.• identifying customer needs;• designing products that meet those needs;• communicating information about those goods and services to prospective buyers;• making the items available at times and places that meet customers needs;• pricing merchandise and services to reflect costs, competition, and customers ability to buy; and• providing the necessary service and follow-up to ensure customer satisfaction after the purchase.
Four types of Utility?1. Form (production): converting raw materials and component inputs into finished goods and services. Ex: combining glass, plastic, metals, circuit boards, and other components, Nikon makes a digital camera .2. Time (marketing) : Availability of goods and services when consumers want them.3. Place (marketing) : Availability of goods and services at convenient locations4. Ownerships (marketing) : Ability to transfer title to goods or services from marketer to buyer. Ex. Retail sales (in exchange for currency, credit, or debit card payment)
" The aim of marketing is to knowand understand the customer sowell the product or service fitshim and sells itself." —Peter F. Drucker
Expanded concept of marketing activities• assumes that organizations conduct their marketing efforts ethically and that these efforts serve the best interests of both society and the organization• identifies the marketing variables— product, price, promotion, and distribution—that combine to provide customer satisfaction• identifying and analyzing who its potential customers are and what they need.• emphasizes creating and maintaining long-term relationships with customers and suppliers.
Global Marketplace• to extend their economic views to events outside their own national borders• First, international agreements are negotiated to expand trade among nations.• Second, the growth of electronic business and related computer technologies allows previously isolated countries to enter the marketplace for buyers and sellers around the globe.• Third, the interdependence of the worlds economies is a reality because no nation produces all of the raw materials and finished goods its citizens need or consumes all of its output without exporting some to other countries.
Present Marketing Strategy?Is all About “creating satisfaction throughcustomer relationships”Marketing is an organizational function and aset of processes forcreating, communicating, and delivering value tocustomers and for managing customerrelationships in ways that benefit theorganization and its stakeholders. 7