Introduction to Marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

The management process responsible for identifying, anticipating and satisfying customer requirements profitably

"To bring to market" and "to produce (an offer) to be sold in the market"

Epimestic - novelty, curiosity, fun
Conditional - required for a particular context or a sociocultural setting
Hedonic - creates customer emotions, experiences, sensory, epistemic
Symbolic - associated with psychological meanings
Functional - has desired characteristics, is useful, reliable and of appropriate quality for purpose

A transfer of value between the buyer and seller

The customer's evaluation of the differnece between all the benefits and all the costs of a market offering relative to those of competing offers

Depends on the product's perceived performance relative to a buyer's expectation

The aggregate of all prospects and customers with an unmet need and the ability to buy

Something that is required to bridge a gap between an actual state and a desired state

The mistake of paying more attention to the specific product a company offers then to the benefits and experiences produced by these products

Dividing a market into different groups with similar needs, characteristics or behaviours

The process of evaluating each market segments' attractiveness and selecting one or more segent to enter

Making your offering or brand more desirable than all the others in the competitive frame of reference

The process by which marketers try to create an identity in the minds of their target market for it's product, brand or organisation

Product - a market offering thst satisifies a need
Price - the amount a firm will charge for the offering
Place - how and where will the firm make the offering available to the customer
Promotion - communicating the value of the offering and persuading them of its merits

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. It deals with all aspects of acquiring, keeping and growing customers

The total worth to a business of a customer over the whole period of their relationship

The portion of the customer's purchasing that a company gets in its product categories

The total combined customer lifetime values of all the company's current and potential customers

Product
Price
Place
Promotion
People
Process
Presence

Denotes all the activities and communications channels used to communicate with the prospects and customers

Demand for a productis greater than supply
Consumers favour available and highly affoordable products
Mamnagement should improve production and distribution efficiency

Seller's market, poor product quality, consumers seeking innovation and differentiation
Consumers favour products which offer the most in quality, performanceand innovative features
Management's job is to develop good versions of these products

Buyer's market; overcapacity; unsought goods
Consumers will not buy enough products unless the compny undertakes a large selling and promotion effort
Aim is to maximise sales without worrying about customer satisfaction

Supply for a product is greater than demand, creating intense competition among suppliers
Achieveing organisational goals depends on determining the needs and wants of target markets and delivering desired satisfaction better than competitors
Creates long term customer relationships
Marketings task is to provode real value to targeted customers

Organisation utilises data capture, data ming and data modelling to analyse, plan and implement marketing activities focused on building long-term relationships with stakeholders, customer retention, customer lifetime value (CLV) and loyalty

Development, design and implemtation of marketing that recognises interdependent priorities
(Internal Marketing, Integrated marketing, Performance Marketing, Relationship Marketing)

Consumers' needs and wants conflict with their best long-run interests and/or with societal welfare
Organisation should determine the needs, wants and interests of target markets and deliver the desired satisfaction more effectively and efficiently than competitors in a way that maintain or improves the consumer's and society's wellbeing

Covergence occurs when two or more elements combine and transform into a new whole
Industry 4.0 technologies are built on convergence in Cyber Physical Systems (CPSs)
CPSs integrate physical components , digital networks and intelligence

The networked connection of things, people, process and data

Physical objects capable of connecting to the internet and capturing, communicating and analysising, data and communication

A network of wearbale, implantable, ingestibale and injectable smart objects that allows for in-, on- and off-body communications

Data of a very large size, typically to the extent that its manipulations and management present significant logistical (Volume, Variety and Velocity)

Managament, analyis, communication and appication of data such as cloud computing and edge computing

A process by whcih 3D design data is used to build up a component in layers by depositing material

A digital model of a physical process, object or environment built on historical data and with data sensors and cognitive technologies caapble of learning and evolving

Congitive technologies perform tasks, inform decisons and accomplish ibjectives that traditionall required human intelligence

Technologies that enable immersive experiences and simulations of reality including augmented reality (AR), virtual reality (VR), mixed reality (MR) and 360 degree video

A digital ledger or database of transaction and records replicated in real time across a network of computers or nodes

The combination of digital tecnology and marketing