Marketing is 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. (AMAs definition)
Marketing is communicating the value of a product, service or brand to customers, for the
purpose of promoting or selling that product, service, or brand.
Today, marketing must be understood not in the old sense of making a saletelling and
sellingbut in the new sense of satisfying customer needs. (Philips Kotler)
Marketing is The process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return. (Philips Kotler).
Marketing is managing profitable customer relationships. The twofold goal of marketing is to
attract new customers by promising superior value and keep and grow current customers by
delivering satisfaction. (Philips Kotler) E.g service shoes, parwaz fans, Telenor.
The four ps concept in marketing

Product
Price
Place
Promotion

Importance

Marketing in for-profit and not for profit organizations

Marketing in our day to day lives.

The Marketing Process

1. Understand the marketplace and customer needs and want

Customer Needs, Wants, and Demands
Needs
States of felt deprivation.
Wants
The form human needs take as they are shaped by culture and individual personality.
Demands
Human wants that are backed by buying power.
Market OfferingsProducts, Services, and Experiences Consumers needs and wants are fulfilled
through market offerings.

Marketing myopia

The mistake of paying more attention to the specific products a company offers than to the
benefits and experiences produced by these products. E.g WAPDA, Railways
Pitfall: Disloyalty
2. Design a customer-driven marketing strategy
A marketing management is the mechanism to devise a customer driven marketing
strategy whereas Marketing management is the art and science of choosing target markets
and building profitable relationships with them. Marketing management involve answers
to the following questions.
What customers will we serve (whats our target market)? and How can we serve these customers
best (whats our value proposition)?

3. Construct an integrated marketing program that delivers superior value

The marketer develops an integrated marketing program that will actually deliver the
intended value to target customers. The marketing program builds customer relationships
by transforming the marketing strategy into action. It consists of the firms marketing
mix, the set of marketing tools the firm uses to implement its marketing strategy. The
major marketing mix tools are classified into four broad groups, called the four Ps of
marketing: product, price, place, and promotion. To deliver on its value proposition, the
firm must first create a need-satisfying market offering (product).
4. Build profitable relationships and create customer delight
Managing detailed information about individual customers and carefully managing
customer touch points to maximize customer loyalty.
5. Capture value from customers to create profits and customer equity
The final step involves capturing value in return in the form of current and future sales, market
share, and profits. By creating superior customer value, the firm creates highly satisfied
customers who stay loyal and buy more. This, in turn, means greater long-run returns for the firm.
Here, we discuss the outcomes of creating customer value: customer loyalty and retention, share
of market and share of customer, and customer equity.