MARKETING

WHAT IS MARKETING?
Traditional school of marketing started as buying and selling. Economic school of marketing defines it as movement of goods from the producer to the consumer. Contemporary, marketing is defined as a managerial and social process by which individuals and groups obtain what they need and want through creating and exchanging products of value with others. Marketing can also be defined as the process that identifies, anticipate and strategies customer requirement profitably.

THE CORE CONCEPTS OF MARKETING.
1. TRANSACTION
A piece of business that is done between people especially in an act of buying or selling (trading). Example: KPOGAS Furniture Works sells furniture to an individual who buy it at a cost. Therefore there is trading of values between the two parties.
1. RELATIONSHIP
In marketing, relationship is the way in which companies and customers behave towards each other or deal with each other. There is this friendly and cordial atmosphere between them for a long period of time.
2. EXCHANGE
It is the act of receiving or acquiring a desired object from someone by offering something in return. For instance, a company like Nestle exchanges its product (milk) with money from a prospective buyer.



3. MARKET
A group of people who are the definite and potential buyers of a product. Example: Nursing mothers can serve as the definite and potential buyers of PAMPERS (baby’s napkins).

4. DEMAND
They are the wants backed by purchasing power. One demand products with remuneration.

5. NEED
A state of felt denial. To require something or somebody because they are essential or very important not just because you would like to have them. It can be physical needs (shelter, air) social needs (sense of belonging, affection) or individual needs (education, marriage).

6. WANT
To have a desire or wish for something. They take the form of ‘need’ but are shaped by the personality, culture or the individual’s preferences. Want comes in after the needs are satisfied.
Example: I want to buy a bicycle.

7. MARKETING OFFER
It is the combination of ideas, products, services, experiences provided to a market to satisfy their needs and wants. An idea could be ‘IF YOU DRINK, DON’T DRIVE, IF YOU DRIVE , DON’T DRINK’ , ‘STOP AIDS LOVE LIFE’. Services can also take the form of ‘MTN NETWORK SERVICES, ALLURE SPA’. Products can also be ‘MILK, GINO RICE’ and so on.


8. VALUE AND SATISFACTION
Value – how much something is worth in money or other goods for which it can be exchanged.
Satisfaction- the good feeling that one has when he or she has achieved something or when something that you wanted to happen does happen.
Companies must satisfy the needs of their customers because satisfied customers inform others about their experiences and dissatisfied customers switch brands. Also when satisfaction is exceeded customers are delighted.
Companies must also value their customers because a customer means more than loosing one sale but a series of purchases a customer would make over a life time.


THE MAJOR TRENDS AND FORCES THAT ARE CHANGING THE MARKETING LANDSCAPE IN THIS MODERN WORLD.

Traditionally, marketing started as buying and selling. Economically, it was viewed as the movement of goods from a provider to a consumer. In contemporary times marketing is also seen as satisfying the needs and wants of customers. All these schools of thoughts definition are influenced by some major trends and forces in our modern world.
The are four major forces associated and these are: The call for ethics and social responsibility, Rapid globalisation, The growth of not-for-profit marketing and the New digital age.
1. THE CALL FOR MORE ETHICS AND SOCIAL RESPONSIBILITY
There is reassessment by marketers into how they relate with the very ground that sustains them. Satisfying or giving back what you have taken from a community is being socially responsible. Marketing has now taken a new look since it has to consider the welfare of the society in which it operates. Example: Obuasi Gold Fields (Mines) would sponsor festivals and other programmes mostly concerning the inhabitants of Obuasi other than any society and this makes them socially responsible.

2. RAPID GLOBALISATION
The world is a global village as popularly said. This means that marketers are now connected globally to their marketing partners. Due to globalisation companies are able to sell internationally aside local selling. Therefore marketers are now not only thinking of satisfying the needs and wants of the people but also how to market their product, service or idea both locally and internationally.

3. THE GROWTH OF NOT-FOR – PROFIT MARKETING
Marketing has been given a new landscape in this modern world due to the growth of not- for -profit marketing. In recent times marketing is being used by organisations such as hospitals, schools, unlike the past where marketing was widely used in product manufacturing companies. Some long–standing not-for-profit organizations like Red Cross Society, St. Johns Society are now applying marketing principle to modernise their aims, objectives and services.

4. NEW DIGITAL AGE
The recent technology boom has had a great impact on the way marketers connect with and bring value to their customers. It has created a thrilling way to get and learn more about customers. It has also help customers to receive their purchases in less than 24 hours.

In summary, today changing marketing landscape companies must take into account building customer relationship, control marketing technology and make certain that, they act in an ethical and socially responsible way.