I. Marketing Basics

1.What is Marketing?

• Definition: The process of engaging customers, building relationships, and creating value to capture value in return.
• Examples: Launching a loyalty program to retain customers.

2.Marketing ≠ Advertising/Social Media:

3.Marketing includes understanding needs, creating offerings, and delivering value.

II. Key Concepts

1.Needs, Wants, Demands:

• Needs: Basic human requirements (e.g., food).
• Wants: Shaped by culture/personality (e.g., sushi).
• Demands: Wants backed by buying power (e.g., buying premium sushi).

2.Market Offerings: Combination of products, services, and experiences to meet needs.

• Example: A hotel offering spa services alongside rooms.

3.Marketing Myopia: Focusing too much on the product, not the customer needs.

• Example: A camera company ignoring smartphone competition.

III. Marketing Management Orientations

1.Production Concept: Focus on affordability and availability.

• Example: Mass-market fast food.

2.Product Concept: Focus on quality and innovation.

• Example: Apple products.

3.Selling Concept: Heavy promotion to drive sales.

• Example: Limited-time sales campaigns.

4.Marketing Concept: Focus on customer needs for profitability.

• Example: Personalizing user experiences on e-commerce sites.

5.Societal Concept: Customer + Profit + Society.

• Example: Eco-friendly products (Patagonia).

IV. Consumer Behavior

1.Factors Influencing Behavior:

• Cultural: Values, subcultures (e.g., Hispanic market preferences).
• Social: Reference groups, family, roles (e.g., aspiring to luxury brands).
• Personal: Age, lifestyle, economic situation (e.g., younger audience preferring streaming services).
• Psychological: Motivation, perception, learning (e.g., selective attention to ads).

2.Types of Buying Behavior:

• Complex: High involvement, big differences (e.g., cars).
• Habitual: Low involvement, minimal differences (e.g., salt brands).

V. Buying Decision Process

1.Steps: Need recognition → Information search → Evaluate alternatives → Purchase → Post-purchase behavior.

2.ZMOT (Zero Moment of Truth): Happens during search and evaluation stages (e.g., reading reviews).