Marketing foundations & elements

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Information about Marketing foundations & elements

Published on February 3, 2014

Author: Giratorio


Marketing Foundations &

Foundations of Marketing

Economics The study of allocating resources to maximize their uses.

Business, Management, Entrepreneurship The study of operating and managing a business & all the skills and concepts necessary.

Communication Skills Interacting with people and organizations

Professional Development Ongoing growth within a career path

Elements of the Marketing Concept

Customer Orientation Business focus on building relationships with customers to facilitate loyal, repeat customers for life.

Customer Satisfaction Meet or exceed customer’s expectations

Customer Needs / Wants Desires of the consumers that convert into purchases

Company Approach Employees working together to satisfy their customers to earn profits

Company Commitment All employees focused on the customers

Company Goals Goals should be focused on satisfying customers

CRM – (Customer Relationship Management) Combines customer information via databases with customer service and marketing communication

Marketing Loyalty Programs Rewards repeat customers

Product Business provides items that satisfy desires of consumers

Profits Money business keeps after paying all expenses

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