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
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
