MARKETING 101 Excerpt
Definitions of Marketing-
The super basic definition- Managing profitable
customer relations.
“Broadly defined, marketing is a social and managerial process by
which individuals and organizations obtain what they need and want
through creating and exchanging value with others.”
“Marketing is the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large.” What is a Market?
The set of actual and potential buyers of a product.These people share a need or want that can be satisfied through exchange
relationships.
2 of the most important questions to ask before you
can create your marketing strategy:
What is our target market? (What specific customers will I
serve?)
What is our value proposition? (How can I serve these customers
best?)
A company’s value proposition is the set of benefits or
values it promises to deliver to customers to satisfy their needs.
The Marketing Process
Situation Analysis
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Marketing Strategy
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Marketing Mix Decisions
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Implementation & Control
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