UNIT 1 Introduction To Marketing Principles and Concepts.docx

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UNIT 1 Introduction to Marketing Principles and ConceptsWhat is marketing?
The Marketing Process involves five steps:1.Understand the marketplace and customer needs and wants.2.Design a customer-driven marketing strategy.3.Construct a marketing program that delivers superior value.4.Build profitable relationships and create customer delight.5.Capture value from customers to create profits and customer quality.(See figure below)Step 1 Understanding the Marketplace and Customer NeedsMarketers/companies must understandfive (5)core customer and marketplace concepts. Theyare:(a) needs, wants, and demands (b) marketing offers (products, services, andexperiences) (c) value and satisfaction (d) exchanges and relationships (e) markets.a.Needs, Wants, and DemandsThe most basic concept underlying marketing is that of human needs.Human needsare states offelt deprivation. Needs are necessities to meet urgent requirements. They include basic physicalneeds for food, clothing, warmth, and safety; social needs for belonging and affection; andindividual needs for knowledge and self-expression. These needs were not created by marketers;they are a basic part of the human makeup. They are natural default requirements of every humanbeing. Organizations already know these needs, there is no requirement for any research work toPREPARED BY NICHOLE THOMPSON BARNES1
develop products which cover the needs of human beings.Wantsare the form human needs take as they are shaped by culture and individual personality. Awant is a desire for something that is not essential. Wants are marketed by marketers in such away that everyone feel these wants should be mandatory part of life. Telephone, internet,different varieties of food and clothing all come under the umbrella of wants. Food is a need tofeed oneself but a desire for ice-cream, patty, fast food, tofu or roti is a want. This desire isinfluenced by culture and individual personality. A Jamaicanneedsfood butwantsa juicy patty.

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Term
Fall
Professor
DR.Anthony
Tags
Marketing, NICHOLE THOMPSON BARNES

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