Chapter what the customer requires through channels of
Marketing is an act of providing what the customer
requires through channels of Communication and delivery. Marketer sells 10
kinds of entities namely Goods, Experience, Persons, Properties, Services, etc.
Marketer is someone who tries to
gain attention from another party. Market
is a group of people with sellers and buyers.
Needs are something without which humans can’t live.
Want is what a human desires. Demand is what one asks for. Marketer influence customers to purchase
their new products by educating them about it. Marketer target people of
different demands by offering them products of their interest.
In today’s times there are many platforms to market
such as company’s website and Facebook page. Marketing Environment has broad
environment and Task environment which includes production, distributions and
Now consumers can not only attain information and
purchase the products from all across the world at due to Globalization but also get reviews and opinion from other users. Companies
can communicate with consumers efficiently. Technology has played key role in
making things accessible for people
Following are few concepts followed in marketing the
production concept. The product concept, the selling and marketing concept .Holistic
marketing concept has 4 components. The basis of these component lies in development,
implementing the marketing programs, design of products. This concept adds more
depth to the concept of four P’s.
Marketing Management at HP after suffering economic
loss are revising their marketing strategies to serve their customers better.
To create value to customer there are 3 stages firstly to choose target market.
Second is to provide the value and third stage is communication through various
Michael porter has laid down a value chain which
involves nine actions which lead to increase in value to the customer. Core
competency has three features
Increased customer benefits
Can be applied to different markets
Rival companies cannot copy it
Firms plan four actions to define the mission for
example amazon begun as “world’s largest online bookstore and changed its
mission to become “world’s largest online store (Kotler,
&Keller, L.K).Next is to establish Strategic
Business Unit, to assess growth. Strategic plan happens at these levels: division,
product, corporate and business unit. The marketing ideas of a firm are generally
influenced by objectives that a firm wants to attain finally these plans are
Forecasting plays an important role in understanding
what a customer wants and thus help brands to provide customers promptly what
they are looking for. Marketing Information Systems consist of all the data
that can help marketers to make decisions .MIS gathers information from (1) an
internal records system, including information (2) a marketing intelligence
system to obtain information about the marketing environment; and (3) a
marketing research system(Kotler,
&Keller, L.K) .The six factors to be kept in
mind by marketers are political which refers to abiding by the laws, demographic
include the gender, level of education and ethnicity of people, socio-cultural refers
to views of people, technological means the current technology advancements, and
natural factor includes responsibility towards the environment and economic
factor focusing on income and savings of customers