1. What is Marketing ? (Kotler’s Definition)
The term Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others. Also it is an persuading or encouraging potential customers to buy a product or service.
According to Philip Kotler’s Definition “Marketing” is a managerial process which an individual or group of individuals can attain what they need and want in exchanging products with others. And marketing is also a process on how you encourage a person, customer or client to buy your product. It is on how you communicate or on how you will approach them to buy the products you sell.
2. Enumerate and discuss the goals of Marketing.
To a great extent, the goals of a company’s marketing depend on the business concept, written down in the business plan. The goals can be monetary (net sales, result), marketing-related (market share or position) or social (sustainable development).
Goals can also be developed. This means that the focus is on the specification of the qualities, values, distinctness and identity of the company and products. As an aid, a brand strategy can be created and a manual and internal marketing established to ensure consistent compliance with it.
The Goals of Marketing is committed to pursue or to provide the needs and wants of every individual to satisfy . And they focus on the specification of the qualities, values, distinctness and identity of the company and products.
3. Discuss the concept of concept of customer value and its importance to successful marketing.
Customer value is defined in the marketplace not in the factory or an agency. A small
but growing number of companies in the markets draw on their knowledge of what customers
value or they value to gain marketplace advantages over their less knowledgeable competitors
In the world of sales, ‘Customer Value’ is a much used phrase — and rightly so, because customers buy what they perceive as being of value to them. If they have a choice, they’ll take the most valuable. This can be beyond a straightforward return on investment, as ‘Customer Value’ can capture intangible positives too — an improvement in staff morale for example. We will often be in competition with other suppliers and will need to create a greater perception of ‘Customer Value’ than our competitors.
The Customer Value is the result or the outcome of the conversation between the seller and buyer. If the seller is able to determine or know what they need and how those products gives a benefit to the customers. Customer Value is very important to the sellers or in any kind of business establishments because on that they know what their defects and what are the things that they improved their business and to become more successful.