The nature and role of marketing
Marketing: A total system of activities designed to plan, price, promote and place (Distribute) products to present and potential customers
Role of marketing
ÃÂ· Find out what customers want and then attempt to satisfy their needs
ÃÂ· Bring together the buyer and the seller
ÃÂ· Generate revenue for their business
Customer based market VS Product based marketing
Find the customers Create product
Then create the product Then attract the customers
Type of Market
Marketing plans and strategies vary depending on the intended market.
Resource Market: produce a wide range of raw materials to customers such as agricultural firms.
Industrial Market: produce partly processed raw materials and assembled items to secondary and tertiary firms.
Intermediate Market: After a making a product producer sells it on the intermediate market to a retailer or wholesaler. It is a stage along distribution chain from producer to consumer.
Consumer Market: Is the biggest market where individuals and households buy finished products from "middle men" such as retailers.
Producers and sellers studying purchasing habits of consumers to satisfy them and in turn make a profit.
Mass Market: Deal with products for which there is a great demand. These are standard, undifferentiated products such as fruit and vegetables, meat and petrol.
Niche Market: These are small target markets, which are lower in volume but higher in value. Services such as web page design and products like imported cars focus on the particularly important needs of individuals and businesses.
The Marketing Concept
Involves all of the business's activities, which aim at achieving customer satisfaction. This can be accomplished through:
1. Customer orientation: The focus is producing products and services to satisfy consumer's particular needs. Thus marketing decisions and practices are based on customers needs.
2. Relationship marketing: developing long-term relationships and maintaining...