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Social Media in Marketing

In: Business and Management

Submitted By francesca
Words 1785
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WHAT IS MARKETING?
Marketing deals with customers.
Marketing is the managing profitable customer relationshis. 2 fold goal of marketing - to attract new customers by promising superior value; -keep and grow current customers by delivering satisfaction
Today, marketing must be understoodnot in the old sense of making a sale -"telling and selling"- but in the new sense of satisfying customer needs. If the market understands consumer needs; develops products that provide superior customer value; and prics, distribuites, and promote them effectively, there products will sell easily.
Marketing: the process by which companies create value for customers and build strong customers relationships in order to capture value from customer relationships.
5 steps of marketing process: companies work to undersand consumer, create value and build trong relationships---> 1. understend the market place and customer need and wants. 2. design a customer-driven marketing strategy. 3. construct an integrated marketing program that delivers superiors value. 4. build profitable relationships and create custumer delight. capture value from customers in return---> 5. capture value from custumers to create profits and customer equity.

1. Understanding the marketplace and Customer needs.
Custumer Needs, Wants and Demands.
Needs: states of felt deprovation; 1. physical (food, clothing, warmth, safety); 2. social (belonging and affection); 3. individual (knowledge and selfespression)
Wants: the form of human needs take as they are shaped by culture and indivudual personality. (an american needs food but wants a Big Mac)
Demands: human wants taht are backed by buying power (ask for).
Consumers' needs and wants are fulfield through market offering: some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Market offerings are physical...

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