HW1.0

1.What is Marketing? (Kotler’s Definition)

Marketing is the process of persuading or encouraging potential customers to buy a product or service. This is often done through the means of advertising and promotion.

Reference: http://wiki.answers.com/Q/What_is_Philip_kotler_definition_of_marketing?#slide=1

Synthesis: Based on the definition of marketing made by Philip Kotler, it is a process on how you will encourage your customer or your client to buy your product. It is on how you will communicate with them and how you will approach or convince them to buy your product. And it will done through on how you advertise or promote your product in a good way.

2. Enumerate and discuss the goals of Marketing.

To a great extent, the goals of a company’s marketing depend on the business concept, written down in the business plan. The goals can be monetary (net sales, result), marketing-related (market share or position) or social (sustainable development).

Goals can also be developed. This means that the focus is on the specification of the qualities, values, distinctness and identity of the company and products. As an aid, a brand strategy can be created and a manual and internal marketing established to ensure consistent compliance with it.

Reference: http://www.yrityssuomi.fi/markkinoinnin-tavoitteet

Synthesis: Goals of marketing is to sustain the needs and wants of customer. And the focus of it is on the classification of qualities, values and the identity of the products.

3. Discuss the concept of concept of customer value and its importance to successful marketing.

Customer value is defined in the marketplace not in the factory or an agency. A small
but growing number of companies in the markets draw on their knowledge of what customers
value or they value to gain marketplace advantages over their less knowledgeable competitors
In the world of sales, ‘Customer Value’ is a much used phrase — and rightly so, because customers buy what they perceive as being of value to them. If they have a choice, they’ll take the most valuable. This can be beyond a straightforward return on investment, as ‘Customer Value’ can capture intangible positives too — an improvement in staff morale for example. We will often be in competition with other suppliers and will need to create a greater perception of ‘Customer Value’ than our competitors.

Reference:http://www.firstconcepts.com/customer-value/
http://www.freshbusinessthinking.com/business_advice.php?CID=&AID=9164&PGID=&Title=The+Importance+Of+Customer+Value#.U6Lkt_Ae0p8

Synthesis: customer value is the result of the conversation beetween the sales person and a customer. where the sales person is able to determine the customers need and how their products will create a benefits for their customer., customer value is more important than the product because value can be customized as necessary wherever there is a potential fit.

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