Principles of marketing are important to acquire & you will here
1.0 Define Marketing & Outline the Steps in the Marketing Process
What is marketing?
Marketing is a process by which companies create value for customers 🎯 and build strong customer relationships 🤝 to capture value from customers in return 💼.
So, marketing is about creating value ✨ and capturing value 💵.
The Marketing Process:
Understand the marketplace 🛒 & customer needs and wants 🧠.
Design a customer value-driven marketing strategy 📝.
Construct an integrated marketing program 🎯 that delivers value.
Build profitable relationships 🤝 and create customer delight 😊.
Capture value 💰 from customers to create profits 📊 and customer equity.
1.1 Importance of Understanding the Marketplace & Customer Needs
Market Offerings 📦:
These are combinations of products, services, information, or experiences offered to satisfy needs or wants.
Market Myopia 👓:
This occurs when a company focuses only on existing wants 🔄 and loses sight of underlying customer needs 🧐.
Example: A camera company 📸 focused on selling only cameras may overlook the growing trend of smartphones with high-quality cameras 📱.
Customer Needs:
Needs: Basic states of deprivation (e.g., food 🍔, clothing 👗, safety 🛡️).
Wants: Needs shaped by culture 🌍 and individual personality (e.g., craving a burger 🍔 instead of just food).
Demands: Wants backed by purchasing power 💳 (e.g., someone wanting a luxury car 🚗 and having the financial means to buy it).
Exchange 🔄:
The act of obtaining a desired object by offering something in return 🤝. Marketing involves creating, maintaining, and growing desirable exchange relationships.
The Role of Marketers:
Marketers identify needs 📊, influence desires 💭, and offer products or services that fulfill these desires 🛍️.
Example: Marketers for smartphones 📱 emphasize how having the latest phone can enhance your life 📈, then offer it as the perfect solution ✅.
Good Marketers:
They not only understand how to create 🛠️ or tap into desires 🔥, but they also know how to satisfy these desires 🎯 by delivering tailored solutions that feel personalized 💼.
Example: Apple 🍏 markets its products as status symbols 💎 and cutting-edge technology 💻, making consumers feel that owning an Apple product satisfies both a functional need 📱 and an emotional desire for status 🏆.
To Sum Up:
Marketing is all about creating value for customers and capturing value in return. It’s a strategic process that involves understanding the marketplace 🛒, designing value-driven strategies 📝, and building strong, profitable relationships 🤝.
marketing terms to know:
Market Offerings 📦: A mix of products, services, and experiences that satisfy customer needs and wants.
Market Myopia 👓: A company’s short-sightedness by focusing only on current wants, ignoring future needs.
Customer Needs, Wants, and Demands 🧠: Knowing the difference helps marketers craft the right products for the right people at the right time.
Exchange 🔄: Marketing is a continuous exchange of value between the company and its customers.
Marketers’ Role 📊: Great marketers understand how to influence desires and deliver satisfaction through personalized solutions.
In short, successful marketing means understanding what customers want, designing solutions that provide value, and fostering long-term relationships that benefit both the company and the customer 😊.
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