Summary TEST 1 MARKETING NOTES

WEEK 3
What is marketing?

“A social and managerial process by which individuals and businesses obtain what they need
and want through creating and exchanging value with others” – Kotler & Armstrong



Marketing myth busters:

 Marketing is not sales

 Marketing is not advertising

 Marketing is not design

 Marketing is not the art of selling products/services

 Marketing is not spam

 Selling is however the tip of the marketing iceberg!



10 types of categories that can be marketed:

- Goods
- Services
- Events
- Experiences
- People
- Places
- Properties
- Organizations
- Information
- Ideas

What are these categorized as?

1. CONSUMER NEEDS
- Human needs
- Include basic physical, social and individual needs
- Maslow’s hierarchy of needs

2. WANTS
- Are the form human needs take as shaped by culture and individual personality
- What is the difference between a need and a want

, MARKET OFFERINGS

- Consumers needs and wants are fulfilled through a market
- Combination of:
o Products
o Services
o Experiences



CUSTOMER VALUE AND SATISFACTION

Consumers usually face abroad array of products and services that may satisfy a given need

• How do they choose among these offerings?
 Satisfied customers choose to re-buy or tell others about their experience
• Ultimately could end with them becoming loyal customers for the long-term.


EXCHANGES AND RELATIONSHIPS

- Exchange – the act of obtaining a desired object from someone by offering something in
return
- Marketing consists of actions taken to build and maintain desirable exchange
relationships with target audiences involving a product, service, idea or other object.


LESSON 2: Creating and capturing customer value

1. Understand the marketplace
- Marketers refer to the term ‘target market’ to describe customer groups
- There are 4 types of customer markets




Customer
needs, wants
and
demands




Market
Markets offerings

The
Marketplace