What is marketing? many people think of marketing only as selling and advertising. But in today’s world, marketing must be understood not in the old sense of making a sale, but in the new sense of satisfying customer needs.
A simple model of the marketing process:
1. understand the marketplace and customer needs and wants
2. design a customer-driven marketing strategy
3. construct an integrated marketing program that delivers superior value
4. build profitable relationships and create customer delight
5. capture value from customers to create profits and customer equity
Understanding the marketplace and customer needs:
The most basic concept underlying marketing is that of human needs. Physical needs like clothing, warmth and safety; social needs like belonging and affection; and individual needs for knowledge and self-expression. Those needs were not created by marketers; they are a basic part of the human makeup.
Wants are the form human needs take as they are shaped by culture and personilities. An American needs food but wants Big Mac, french fries, and a soft drink. A person in China needs food but wants Rice, noodle and fish. When wants are backed by buying power it becomes demands.
Outstanding marketing companies go to great lenghts to learn about and understand their customer’s needs, wants and demands.