Friday, May 9, 2008

Key conccepts of the Marketing Management (part 1)

Key Concepts of the Marketing Management:

“The purpose of business is to create and retain the customer.” Peter Ducker

Marketing management is the main tools of the business. Marketing is the set of activities within the enterprise or organization designed to plan. Price, promote and distribute products to target markets.

So the first question which arise in marketing management is

What are the customer’s needs and wants?
And how do consumers go about their decision?

The above questions answer will give the results on these parameters-
Features vs. benefits
Customer value
Customer satisfaction
Market research
Market intelligence
The decision making units
The decision making process
Consumer Involvement

There are eight parameter where three parameter based on customer’s, another two parameter based on the information and data collection by survey another three parameter define the decision making methods of the consumer.

For example kids need will be decided by the parents etc.

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