1. What is marketing? (Kotler’s Meaning)
Satisfying needs and wants through an exchange process. Customers will only undertake the exchange, if they feel that their needs are being satisfied, clearly the transactional value can not be more than the amount customers are prepared to pay to satisfy their need. Marketing is often performed by a department within the organization. This is both good and bad. It’s good because it unites a group of trained people who focus on the marketing task. It’s bad because marketing activities should not be carried out in a single department but they should be manifest in all the activities of the organization. Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.
Reference : http://www.youtube.com/watch?v=84PewDOi5AY ANAHEIM UNIVERSITY MBA INTERVIEW WITH PHILIP KOTLER
Marketing is an everyday exchange of goods and services by means of money, if you have money so you can avail a service of buy a product that you need, market is where people who have the capacity and capability to buy goods and services takes place. Marketing is an up-to-date activity and it is dynamic, because our needs are insatiable or unlimited.
2.Enumerate and discuss the goals of marketing.
1.)Maximize consumption – more usage per occasion. 2.)Maximize consumer -more uses per occasion. 3.)Maximize choice – more product per occasion. 4.)Maximize life quality – more users per occasion.
Reference: Marketing book
Synthesis : If the consumption is maximized, the marketing system will continue to circulate, the more consumers, the more the market goes on a good way. And if the market have more products, it will have more users or consumers.
3. Discuss the concept of customer value and its importance to successful marketing
In every buying decision, a consumer asks the same question: is what I am going to receive worth what I have to give up in order to get it? The gain the consumer receives for the benefit is weighed against the cost the consumer must pay to acquire the benefit. The value the individual consumer places on a product or service becomes the customer value for that offering. All strategies such as improving quality, enhancing service, lowering operating cost, changing distribution channels, altering the go to market approach, raising productivity through technology, discounting prices and so on depend on customer value. Why do strategies that are successful for some firms turn into abysmal failures for others? Why don’t some of the success principles espoused in countless books actually work all the time? Why does the opposite of these success practices yield good results sometimes? These supposed holy grails of success actually only work in certain situations and not others. What links them all together is customer value.
Reference : http://www.firstconcepts.com/customer-value/
In other word, it is the customer’s equity. The customer value is when a customer thinks about the worth of the product he/she consumes or bought. Is it worth the price, are you satisfied on the product or service that you consumed. It is very important to successful marketing because if a consumer find a product and he got interested on it, bought it and satisfied him, he will repeat to buy that product. And since young people are skeptic about advertising of products, the companies needs to improve their products and should come out the real value proposition. It should be clear, distinctive and compelling.