HW1.0

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1. What is Marketing? 

Marketing is the set of human activities directed at facilitating and consummating exchanges.

-Philip Kotler (Marketing Management)

   Synthesis:

In marketing not just only satisfy  the people’s unlimited needs and gaining profit but it also needed to meet the expectation of an individual, which constitutes the ability and willingness to purchase. Goods and services refer to items that people use to satisfy their needs or wants. Products are actually bought in view of the service or satisfaction that it offers. In deciding what or which product to purchase, it is vital for the customer to decide on the value of the product that is capable of satisfying his needs, it can then be procured via the process of exchange or transactions. 

2. Enumerate and discuss the Goals of Marketing?

Determining your goals is just step 1. After you determine your goals, you need to determine your measures of success. Tom Landry said it the best: “Setting a goal is not the main thing. It is deciding how you will go about achieving it and staying with that plan.” What varies from marketer to marketer is how they measure these goals. SMART is an acronym for:

Specific – Answer the who, what, when, where, which, and why.

 e.g “Building Brand Awareness.” 

Measurable – Track it quantitative or qualitatively. Depending on the metric, manually or with marketing tools. 

e.g “Generating high lead volume.” 

Attainable – Goals should be possible to achieve and you should establish a reasonable time frame to achieve those goals! Otherwise, the goals could become too lofty and overwhelming leading you to feel that it is hopeless in trying reach it. 

e.g: “Establish thought leadership” 

Realistic – Would you need to hire 3 people to achieve your goal? Remember the ideal vs ordeal, unfortunately we can’t do everything! 

e.g “Contributing leads that turn into sales”’

Time-related – Set deadlines for when these goals should be achieved.

e.g “Increasing Engagement” 

Reference:

http://trackmaven.com/blog/2014/01/smarter-marketing-goals/

Synthesis:

In Marketing, we are making a goals to for you to know if there is an accomplishment together with your works. Before you make any headway, you need to make sure that your setting first your goals. Because goal is a key to success without goal your just like running without any purpose. 

3. Discuss the Concept of Customers value and It’s importance to successful Marketing.

You make buying decisions every day. 

According to Woodruff (1997 ) – Customer value is a customer’s perceived preference for and evaluation of those product attributes, attribute performances, and consequences arising from use that facilitate (or block) achieving the customer’s goals and purposes in use situations”.

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.

In order for a company to make any sales, their products and services must have a customer value in the minds of their consumers higher than that of similar offerings by competing companies. When companies make marketing decisions, such as making changes to the quality of their products or changing the price of their products, they must consider the impact that the change will have to the customer value that their consumers currently place on their offerings. 

In order for a company to succeed, they must find consumers who consider their offerings to have the highest customer value when compared to other offerings in the marketplace. Once these consumers have been identified, companies must make every effort to ensure that their products and services consistently create the highest customer value to these consumers when compared to all of the other choices in the marketplace.

Reference:

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http://education-portal.com/academy/lesson/what-is-customer-value-marketing-definition-quiz.html#lesson

Synthesis:

In this lesson, we will learn more about customer value, the concept of valuing customers. In the world of business, customers is the most important thing. Because without a customers, who else could buy the products that had been produced. There will be no changes if that could happen as well in the company. So we must be able to value our customers, not only pertaining their needs or gaining profits but also to make the customer satisfied and meet their expectation as well. In that way, if that customer met his expectation it is possible come back again or so much for that is patronizing your products. If that will happen, of course the customers are willing to buy or maybe invest. An so on, there will be a succession to your business.  

 

 

 

 

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