Marketing Course - Marketing Concepts
What is Marketing?
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
What is Marketing Management?
Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
What is Marketed?
Goods, services, events, experiences, persons, places, properties, organizations, information, ideas.
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Marketing Managements Tasks
- Develop market strategies and plans
- Capture marketing insights
- Connect with customers
- Build strong brands
- Shape market offerings
- Deliver value
- Communicate value
- Create long-term growth
The Holistic Marketing Concept
The holistic marketing concept is based on the development, design, and implementation of marketing programs. The four components of holistic marketing are relationship marketing, integrated marketing, internal marketing, and socially responsible marketing.
Relationship Marketing
A key goal of marketing is to develop deep, enduring relationships with people and organizations that directly or indirectly affect the success of the firm’s marketing activities. Relationship marketing aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business.
Relationship marketing consists of: customers, employees, marketing partners and members of the financial community. Marketers must create prosperity among all these constituents and balance the returns to all key stakeholders. To develop strong relationships, they must understand their capabilities and resources, needs, goals, and desires.
Integrated Marketing
Integrated marketing occurs when the marketer devises marketing activities and assembles marketing programs to create, communicate, and deliver value for consumers.
Internal Marketing
Internal marketing is the task of hiring, training, and motivating employees who want to serve customers well. It ensures that everyone in the organization embraces appropriate marketing principles, especially senior management.
Performance Marketing
Performance marketing requires understanding the financial and non-financial returns to business and society from marketing activities and programs. Top marketers examine the marketing scorecard and interpret what is happening to market share, customer loss rate, customer satisfaction, product quality, and other measures. They are also considering the legal, ethical, social, and environmental effects of marketing activities and programs.
