Description
Marketing comprises the events/activities which are performed by companies in order to provide value (sometimes no value) to consumers or end users. These activities are based on objectives which organization willing to achieve.
Examples of activities performed by company are,
- Removal or Inclusion of product features
- Pricing
- Customer engagement
- After sales service
- Warranty
- Product improvements
- Communication
Examples of Objectives are,
- Profit increase with x%.
- Market share capture.
- Increase customer loyalty
- Increase sales
Just to name a few.
Marketing is a powerful tool for business, it impacts, influence the decision, brand, finance, choices to its stakeholders.
Marketing around us:
Marketing is everywhere formally or informally. People, customer or stakeholders are engaged by in vast number of activities from organizations.
Value:
Value is defined as sum of all the perceived benefits by customer over the cost spent on the product or service.
The perception can be tangible or intangible. Tangible are functional benefits which are perceived and measurable. Intangible are emotional benefits like pride, prestige, experiences (value-added) which are usually qualitatively measured.
