Kotler Summary.pdf - Marketing Finance operations accounting and other business functions won’t really matter without sufficient demand for products

Kotler Summary.pdf - Marketing Finance operations...

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Marketing: Finance, operations, accounting, and other business functions won’t really matter without sufficient demand for products and services so the firm can make a profit. In other words, there must be a top line for there to be a bottom line. Thus financial success often depends on marketing ability. Good marketing is no accident, but a result of careful planning and execution using state-of-the-art tools and techniques. It becomes both an art and a science as marketers strive to find creative new solutions to often-complex challenges amid profound changes in the 21st century marketing environment. Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “meeting needs profitably.” The ai m of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. Marketers market 10 main types of entities : goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. MARKETERS AND PROSPECTS A marketer is someone who seeks a response attention, a purchase, a vote, a donation from another party, called the prospect. If two parties are seeking to sell something to each other, we call them both marketers. Eight demand states are possible : o Negative demand Consumers dislike the product and may even pay to avoid it. o Nonexistent demand Consumers may be unaware of or uninterested in the product. o Latent demand Consumers may share a strong need that cannot be satisfied by an existing product. o Declining demand Consumers begin to buy the product less frequently or not at all. o Irregular demand Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. o Full demand Consumers are adequately buying all products put into the marketplace. o Overfull demand More consumers would like to buy the product than can be satisfied. o Unwholesome demand Consumers may be attracted to products that have undesirable social consequences. Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class Key customer markets are: Consumer Markets Business Markets Global Markets Nonprofit and Governmental Markets BASIC MARKETING CONCEPTS:
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