Marketing Management & Digital Marketing

1. Marketing is the process of determining what the customer wants and then fulfilling
those needs.The conventional marketing concept is client-centric, with a priority on
generating income through customer satisfaction.

● Human needs are levels of felt insufficiency, because they're the most basic
requirements of a human life. Examples: Food, clothes and shelter

● Wants are the different varieties that human values take as a result of environment and
social personality. Wants are disguised in such a way that everyone believes that these
desires are a necessary part of existence.
Example:Telephones, the Internet, and a wide range of meals and clothing.

● Human beings have endless wants, but resources are limited in the environment, thus
demand is want backed up by consumer spending. Example: Willingness to buy a car is
a want, but if you have the financial means to do so, it becomes a demand.

2. The production concept is a significant proportion of marketing concepts in which you

concentrate on manufacturing goods and services in a way that makes them easily
accessible and inexpensive to your customers. A corporation managing its
manufacturing needs to another single business unit or operating in nations where they
can produce in large volumes at a significantly lower cost is an example of the
production concept.

● According to the Product Concept, customers or consumers prefer to buy products that
are of the highest possible quality, effectiveness, and functions. Louis Vuitton is a prime
example of product concept, the manufacturer markets high-quality items at a wide price
range, from inexpensive, stylish merchandise for daily use to overly pricey timepieces
and other collectibles.

● The selling concept is the process of developing interest in a company's products and
services with the desired outcome of making a sale. A clear example of the selling
concept would be door to door selling, The salespeople appear at your door, hoping to
not only persuade you, but also to touch base on making a sale.

● The marketing concept is a business approach in which the company's determinations

are influenced by consumer demand.Samsung is very much an excellent example of a
company that not only makes products that are adapted to the interests of its clients, but
also incorporates numerous advantages into its strategy.
● The societal marketing concept is founded on the notion that firms should meet
customers' needs and wants while also acknowledging society's long-term
objectives.Metal straws are an example of a societal marketing concept; plastic straws
are hazardous to the environment. Metal straws are a reusable and environmentally
preferable alternative to adversely affecting plastic straws.

3. Targeting the Niche Market: Only by focusing your marketing approach on a particular
sector can a company gain the most market share. You can identify demographic
features of your clients through marketing research method, such as profession, gender,
economic status, and age.

● Catering Needs of Customers: Customers' preferences and wants must be met to the
greatest extent possible when designing a marketing strategy for them. It is critical to
explain how your product or service will be efficient and convenient to your customers.

● Building Customer Loyalty: Customer loyalty is critical for referral business and repeat
sales, therefore your marketing approach should try to cultivate it. Try and ensure your
marketing approach includes features that clients will always be interested in.

● Customer feedback: To survive in this competitive market, selling the product isn't
enough.Client comments and feedback might assist you in making the essential
modifications to your services.

● Word-of-Mouth Technique: Apart from providing superior services, promote your

consumers to mention others about their excellent experience. This is a word-of-mouth
method that can benefit you in gaining new clients through recommendations.

4. Consumerism: Is the belief that increasing one's consumption of products and services
acquired on the market is always a worthy outcome, and that one's well-being and
pleasure are inextricably linked to the acquisition of consumer items and material
belongings.

● Environmentalism: An structured motion of concerned citizens, industries, and

government agencies working to protect and enhance people's living standard.

5. The company's microenvironment is generally composed of local individuals who design

and construct its value delivery services or have an impact on its capacity to reach
 potential customers. Internal environment, marketing channel firms, and competitors are
all included.

6. Outline the steps in the marketing research process:

a. Define the Problem
b. Develop the research plan
c. Collect the information
d. Analyze the information
e. Present the findings
f. Make the decision

7. The structure that enables us to buy items, goods, and services is known as a consumer
market.
a. Psychological Factors:Consumer behaviour is significantly influenced by human
psychology. These influences are difficult to quantify, but they have substantial
weight to affect a purchase choice.
b. Social Factors:People are social beings who are surrounded by a large number
of others who impact their purchasing decisions.
c. Cultural factors:When a person originates from a certain community, the culture
associated with that community has a significant influence on his or her actions.
d. Personal Factors:Consumers' purchasing decisions are influenced by personal
characteristics. These personal characteristics vary between individuals,
resulting in a wide range of perceptions and purchasing behaviour.
e. Economic Factors:Consumer purchasing preferences and decisions are heavily
influenced by a nation's or market's economic state.

8. Define the major steps in designing a customer-driven marketing strategy

a. market segmentation: The division of a company's target market into groups and
subcategories is known as market segmentation.
b. Targeting:Targeted marketing is the process of finding potential customers and
marketing items and services through channels that are most likely to reach
them.
c. Differentiation:Differentiation is a business strategy for distinguishing a service or
product from others on the market that are comparable.
d. Positioning:In marketing, positioning is a strategic process that entails building
the authenticity of a business or brand in the eyes of potential buyers.

9. Idea Generation:The remainder of the process will focus on ensuring that proposals are
tested for acceptability, so all ideas are great ideas at the start.
 a. Idea Screening: This stage is critical in ensuring that undesirable ideas are
discarded as quickly and efficiently as possible for whatever reason. Ideas
should be evaluated objectively by a group or committee, if applicable.
b. Concept Development & Testing:The proposal should be tested on a small group
of your genuine customers — those that engage – to see how they react.
c. Business Analysis:After the concept has been evaluated and refined, a business
case must be created to determine whether the new product or service will be
financially beneficial.
d. Product Development:If the new project is accepted, it would go through the
technical and management stages of development.
e. Test Marketing:This step is essential to confirm the entire concept. It is used to
fine-tune all parts, from the product to the marketing message.
f. Commercialisation:Final decisions must be made to move the product to its
market launch after the proposal has been established and proven.
g. Launch:For this stage to go smoothly and effectively, a precise launch plan is
required. It should involve decisions about when and where to launch in order to
reach your key target market.

10. Explain the roles of brand personality, brand status, and brand equity in building brands.
a. Brand Personality:Customers' reactions to human characteristics and the
feelings they generate (Positioning) social respect status
b. Brand Equity: individuals are willing to pay for a brand that has a financial worth
based mostly on intangible traits.
c. Brand status: Consumer impressions of a brand's efficiency, prestige, value,
and potential to serve as a status or success symbol are referred to as brand
status.

11. Identify the three major pricing strategies.

a. Customer value-based Pricing:Customers and their sense of value are
extremely important to the success for good pricing.The customer will choose
whether or not a product is worth its cost.
b. Cost-based Pricing:While customers' perceptions of value are important in
customer value-based pricing, the seller's costs are the primary consideration in
cost-based pricing.
c. Competition-based Pricing: Consumers in highly competitive markets will base
their assessments of a product's worth on the costs that competition offer for
similar goods.Setting prices based on competitors' strategies, costs, prices, and
market offerings.

12. Describe how advertising objectives are set.

 a. Informative Advertising:Customer value communication, Creating a company's
brand and image, announcing a new product to the market and Explicitly
describing how a product works.
b. Persuasive Advertising: Creating brand loyalty, Switching to a different brand is
encouraged and Changing client perceptions of the value of a product.
c. Reminder Advertising:Keeping customer relationships secure, Reminding
customers that the product may be required in the long term.
12.1.How advertising strategy is developed.
A. Creating Advertising Messages:Must break through the clutter, Branded
entertainment and merging ads with entertainment
B. Selecting Advertising Media:Set reach, frequency, and impact goals, Choose
among major media types,Select specific media vehicles and Decide on media
timing