MARKETING

MARKETING
A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others

To explain the definition we will examine some important terms:

Need

A state of felt deprivation.

Want It is the form taken by the human need as shaped by the culture and individuals personality. Demand Human wants that are backed by buying power.

Product

Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.
Services Any activity or benefit that one party can offer to another that is essentially intangible and doesn't result in the ownership of anything.

Customer value

The difference between the value the customer gains from owning and using a product and the costs of obtaining the product.
Customer satisfaction The extent to which a products perceived performance matches buyers expectations. Transaction

A trade between two parties that involves at least two things of value, agreed-upon conditions, a time of agreement, and a place of agreement.

MARKETING PROCESS
The process of
Analyzing marketing opportunities Selecting target markets Developing the marketing mix

Managing the marketing effort

Analyzing marketing opportunity

Newly identified need, want, or demand trend that a firm can exploit because it is not being addressed by the competitors.
Selecting the target market Market segmentation Dividing the market into distinct groups of buyers on the basis of needs, wants or behavior of the individuals.

Market targeting The process of evaluating each market segments attractiveness and selecting one or more segments to enter. Market positioning Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the mind of target consumers. Developing the Marketing Mix Set of controllable tactical marketing tools-product, price, place and promotion that the firm blends to produce the response it wants in the target market.

Product

It can be the goods or service or combination that the company offers to the target market.
Price It is the amount of money customer has to pay to obtain the product. Place It includes the activities or the way that make the product available to target consumers.

Promotion
Means the activities that communicate the merits of the product and persuade target customers to buy it.

Managing the marketing effort

Consists of measuring and evaluating the results of marketing activities and taking corrective actions when necessary. MARKETING STARTEGY
Written plan which combines product development, promotion, distribution, and pricing approach, identifies the firm's marketing goals, and explains how they will be achieved within a stated timeframe.

Marketing strategy determines the choice of target market segment, positioning, marketing mix, and allocation of resources.

PRODUCT LIFE-CYCLE STRATEGIES

The course of a products sales and profits over its lifetime, it involves five distinct stages

1.Product development It begins when the company finds and develop a new-product idea.

2. Introduction stage It is the stage in which the new product is first distributed and made available for purchase.

3.Growth stage

It is the stage in which a products sales start climbing quickly.

4.Maturity stage It is the stage in which sales growth slows or levels off.

5.Decline stage It is the stage when a products sales decline.