MARKETING DEFINED

JOB ADVERTS OF MARKETING

The key words in marketing job advertisements are the following: marketing plan and strategy, creating, communicating and growing customer value, market offerings in terms of product, price, look and feel, relationships, markets; ensuring sustainable markets, understanding customer needs.

These form the basic concepts, which are also highlighted in the 2007 AMA definition that states Marketing is an activity, set of institutions and processes for creating, delivering, communicating and exchanging offerings that has value for customers, clients and society at large.(Kotler, Brown , Burton, Deans, & Armstrong, 2010, p. 10).

The five core concepts of marketing are: Customer needs, wants and demands Market offerings products, services and experiences Customer value and satisfaction Exchanges and relationships Markets

Concept and Definition Customer needs, wants and demands Human needs are states of felt deprivation. They could be physical needs for food, clothing, warmth or safety; social needs of belonging and affection or individual needs for knowledge and self expression. As human needs are shaped by culture and personality, they become wants. As wants expand, the providers provide more satisfying products and services. Customers choose products that have the most perceived value and satisfaction for their money and when they are backed by buying power, they become demands (Kotler et al, 2010, p. 6).

Opening a bank account People have a physical need for safety. Keeping cash in a bank account is much safer than carrying it. Monthly bills can often be paid online through a bank account. Moreover, interest can be accrued on the money in the bank which enables safety for the future. As driven by personality and culture, there are wants for top education, better lifestyle and better homes. For e.g. in South Africa, a person wants bank accounts for advances and loans to match the lifestyle of luxury cars as compared to a person in Nigeria who wants to open a bank account for the need of safety or security for the future. Buying powers converts these wants into demands as people will choose the banks with best benefit and gives them the most satisfaction in terms of better interest rates, better services. A bank account is a marketing offering since it satisfies the need for safety. They also have marketing offering in terms of debit cards, credit cards, loans. Moreover there is convenience in the form of receiving payment from clients or employers, paying dividends, claiming for personal expenses, paying direct debit for a mobile or internet connection .There is a benefit of obtaining student loans, car

Market offerings - goods, service and experience. Anything capable of satisfying a need can be called as a market offering. It can be in the form of goods, services or experiences. It may also include activities or benefits that are intangible (Kotler et al, 2010, p.11).

Purchase of meal from McDonalds Consumers eat when they are hungry and have a physical need for food. For some, eating at McDonalds satisfies the need to meet hunger. By cultural influences and the modern lifestyle of South Africa, eating Mc Donalds burger becomes more of a want than the need of satisfying hunger, like in other poorer countries like Nigeria. As these wants expand, McDonalds provide more of these products like Big Mac, shakes, fries, sundaes, Quarter Pounder for customers and Happy Meals with toys for kids so that they have a perceived value of satisfaction and comfort. There is an increase in demand for the best quality burgers for the best value and benefits like a drive through and 24 hour service (McDonalds, 2011). McDonalds satisfies the need for hunger and better value. It has market offerings in a wide variety of choices it provides for the customers. It provides a better, fast and efficient service with customers not having to wait in queues and a 24 hour drive through service which benefits the customers. There is also better customer experience when they are

loans and housing loans. Banks may also offer better experiences with online banking and ATM machines which are placed on every street. 3 Customer value and satisfaction In marketing, the better the customer support, the better it is, for navigating turbulent waters (Steenkamp, Van Heerde, & Geyskens, 2010, p. 1011). The difference between the values, customers get from owning the product and the costs of obtaining the product. Customers act on perceived value rather than their exact objective costs. (Meredith, 2009, p. 70). Opening a bank account in a bank depends upon the perceived value of the customers, for instances, whether they offer a better interest rate and safety locker options. It also depends on higher customer value, if a current account holder can obtain an overdraft facility or fixed deposit account holders get a loan up to 75% of the amount to their credit. They will value the benefit as to whether the bank is reliable and whether online services or customer services and additional image benefits in form of private executive banking services. Exchanges are taking place in the form of money from the customer to the bank in return for products, services and solutions to suit the needs for customers. Banks also gain profit with lending of money, with the money deposited and providing appropriate long-term returns to our shareholders. Hence there is a beneficial relationship between the banks, customers and shareholders.

Exchanges and relationships Exchanges are the underlying theory of marketing that states that people can obtain a desired object or wants by offering something in return. Each party must be able to communicate and deliver. Focus has shifted from maximizing profit in short term transactions to beneficial relationships with consumers and stakeholders (Kotler et al, 2010, p. 9).

having meals at the restaurant as they are provided with wireless internet access and keeping kids satisfied with the help of toys. (McDonalds, 2011) The customers have perceived value of McDonalds of having the same quality experience at a restaurant, and whether it matches their expectations. The Company has also made convenience a focus of value on how fast it serves customers, comfort in the location of its outlets and availability of quality food. Buyers can buy the meal from Mc Donalds if the value can be perceived as total customer benefits in their offering a variety of menu items, their quality, service and newly added health menus. While purchasing the meal in McDonalds, there is an exchange of money for food. There is an exchange of quick service to the customers and communication of the new menu items to satisfy the customers. Hence there is a relationship between the customers and the franchise. In order to maintain quality of products, there needs to be a beneficial relationship with the suppliers. The building of relationship depends upon consistent deliverance of high quality products,

Markets Markets usually consists of actual and potential buyers of the product who have particular need or want that could be satisfied through exchange, which represents the overall potential market. The size of the market depends on the number of people who exhibit the need, have resources to offer for what they want and have authority to engage in exchange. (Kotler et al, 2010, P. 10)

The potential buyers could be the students, the working crowd and the executives. Markets could target the students with student achiever accounts where the potential buyers being students get benefits for the time of study. Executives earning above the normal salary could benefits from banks offering the private banking services at the door step and quicker service. The actual size of the market are the number of people who exhibit the need of opening an account such as the working employed class who needs to open the bank account for the future savings or the rich who does business transactions through accounts , thus could engage in exchange, which translates into demand.

services and communication of fair prices. This franchise targets markets with buying power. The potential buyers of McDonalds could be kids, teenagers and adults who are health conscious. Teenagers hang out with friends and get a meal at an affordable budget, the kids who force their parents to go there because of their attractive toy offerings and the health conscious who can get variety of salads or vegetarian options could be potentially attracted to the market and engage in exchange. The actual size of the market will be the customers who are loyal to the food sold in the franchise and the busy working crowd who use the franchises 24 hour drive through to grab their quick meal.

References

Kotler, P., Brown.L., Burton, S., Deans, K., & Armstrong, G. (2010). Marketing (8) Pearson Education:French Forest. McDonalds.(2011).Delicious starts right here. Retrieved from http://www.mcdonalds.com/us/en/food.html Meredith, B. H. (2009). Marketing concept the saviour. NZ Business. p. 70. Steenkamp, J., Van Heerde, H., & Geyskens, I. (2010). What Makes Consumers Willing to Pay a Price Premium for National Brands over Private Labels?. Journal of Marketing Research , 47(6), 1011-1024.