Basic Marketing Summary
1. What is Marketing?
Marketing is the process of creating value for customers and building strong relationships to capture value in
return.
Purpose:
- Understand customer needs
- Create and deliver the right products
- Build brand loyalty
Example: Nike designs shoes based on customer feedback.
2. Key Concepts in Marketing
- Needs: Basic human requirements (e.g., food, shelter)
- Wants: Shaped by culture and personality (e.g., preferring Coca-Cola over water)
- Demands: Wants backed by purchasing power
Example: Need to drink > Want Coca-Cola > Demand Coca-Cola if I have money.
3. The Marketing Process (5 Steps)
1. Understand the market and customer needs
2. Design a customer-driven strategy
3. Deliver customer value
4. Build customer relationships
5. Capture customer value (profit, loyalty).
