Marketing
the activity, set of institutions, and process for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large.
marketing as an ongoing management process that aims at identifying the (potential) customer’s needs and wants, developing the product(s) and product features accordingly and communicating the products and their benefits to the (potential) customers.
& @Fuhrmann
Some think marketing is a philosophy that is present in the whole business.
Marketing is about creating value for the customer through
- customer satisfaction
- creating a Unique Selling Proposition (USP)
- gaining and maintaining market share
- maintaining or increasing sales
- profitability → higher ROI than interest rate
Case Study Do&Co during the Pandemic
Market Orientation
Even if you are not in sales, you are in sales
& my dad
Market Orientation is about knowing the wants and needs of your customers and providing goods or services to meet those wants and needs or even requirements.
Marketing Mix
- Product: which products and services
- Price: are sold at what price
- Place: where is it available
- Promotion: what is the message all of this is based on Market Research
Market Measures
| Volmue | Potential | |
|---|---|---|
| All businesses | Market Volume | Market Potential |
| One Business | Sales Volume | Sales Potential |
- Market Share
- Measurement Criteria
- Market Segments
- Market Growth/Decline
- Trends
- Competitors