PRINCIPLES OF MARKETING

Set clear and reasonable expectations that will be resolved throughout the conversation and will confirm your credibility. Honesty and clear communication are the two customer service skills that will help you avoid humiliation and save your face.

Always Exceed Customer's Expectations in A Positive Way

If you want to stay in touch with customers, don't count on them. It's your responsibility as a business owner to look for constant contact with clients before, during and after the sales process. Here are some ideas on how to take better care of your clients and strengthen the client relationship send personalized emails, send newsletters, offer small gifts, invite them to follow a company blog, share their posts on social media platforms.

Always Look For Contact with Customers

defined marketing as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

American Marketing Association

Marketing concepts that is a bit vague and can quickly become confusing, even for people who have studies marketing.

Branding

broadly, describing those offerings, as well as learning from customers.

Communicating

Building long-term customer relationships, being socially responsible, and providing satisfactory products are important for profit-making and wealth maximization.

Company (Profits)

An activity done by a number of people or organizations, each of which is trying to be better that all of the others.

Competition

Keeping a close watch on competitors enables a company to design its marketing strategy according to the trend prevailing in the market.

Competitors

Products and services should be satisfying the consumer's needs.

Consumers (Satisfaction)

the process of collaborating with suppliers and customers to create offerings that have value.

Creating

A person or company that makes, rents, or sells costumes.

Customer

Every business revolves around fulfilling the customer's needs and wants. Each marketing strategy is customer oriented that focuses on understanding the need of the customers and offering the best product that fulfills their needs.

Customers

· bring neither long-run nor short-term benefits.

Deficient products

getting those offerings to the consumer in a way that optimizes value.

Delivering

bring low short-term satisfaction, Nut Benefit society in the long run

Desirable products

Just because you stand out among the competition doesn't mean a customer will absolutely purchase your product or service. In fact, now more than ever, customers want to be sure they've done thorough research prior to making a purchase. Because of this, even though they may be sure of what they want, they'll still want to compare other options to ensure their decision is the right

EVALUATION OF ALTERNATIVES

Every business operates in the economy and is affected by the different phases it is undergoing. In the case of recession, the marketing practices should be different as what are followed during the inflation period.

Economic Factors

main component of a business who contributes significantly to its success. The quality of employees depends on the training and motivation sessions given to them. Thus, Training & Development is crucial to impart marketing skills in an individual.

Employees

trading value for those offerings

Exchanging

A person who is self-employed and not necessarily committed to a particular employer long term. Freelance workers are sometimes represented by a company or a temporary agency that resells freelance labor to clients; others work independently or use professional associations or websites to get work.

Freelancer

The business has some social responsibility towards the society in which it is operating. Thus, all the marketing activities should be designed that result in increased welfare of the society as a whole.3. Macro Environment-The Macro Marketing Environment includes all those factors that exist outside the organization and cannot be controlled. These factors majorly include Social, Economic, Technological Forces, Political and Legal Influences. These are also called as PESTLE framework.

General Public

Quality products are no longer the only factor that contributes to high customer satisfaction as it's the user experience that will overtake the price and product of every brand as a key differentiator by 2020. Don't treat your customers like academic projects that must be completed by the end of the day, but look at them as individuals and deliver a personalized service. Call them by names. A study has pointed out to enhanced brain activity in people when they hear their names. This means, getting on first-name terms with customers will bring you both closer and make visitors feel appreciated. Keep order history. Whether they're first-time visitors or regular clients, it's always good to track order history and offer personalized recommendations. Go the extra mile. If you want customers to stand behind your store, you need to show a genuine interest in their lives. With a simple gesture of caring, like sending a letter or a thank you card (What does customer service mean to you).

Give Each Customer Individual Treatment

make several policies viz. Pricing policy, credit policy, education policy, housing policy, etc. that do have an influence on the marketing strategies. A company has to keep track on these policies and make the marketing programs accordingly.

Government

If you think that receiving negative comments will tarnish your company's reputation permanently, you're very wrong. The key to receiving negative feedback is that the customer's opinion (flattering or not) gives valuable insight into the company management system. There is always room for improvement whether you work for a startup or a well-established company. Collect feedback, admit your mistakes and turn failure into success.

Handle Negative Feedback Well

· very important to society, the environment, and businesses. · was developed to tackle the consumerism and profit only the motive of business. · helps to maximize profits for the organization and creates a long-term relationship with customers. It encourages developing products that benefit society in the long run and satisfies consumers

IMPORTANCE OF SOCIETAL MARKETING CONCEPT

Once a problem is recognized, the customer search process begins. They know there is an issue and they're looking for a solution. If it's a new makeup foundation, they look for foundation; if it's a new refrigerator with all the newest technology thrown in, they start looking at refrigerators - it's fairly straight forward.

INFORMATION SEARCH

Understand customer wants and needs. Identify whom to target and how to reach them.

Identify Customers

includes all the factors that are within the organization and affects the overall business operations. These factors include labor, inventory, company policy, logistics, budget, capital assets, etc. which are a part of the organization and affects the marketing decision and its relationship with the customers. These factors can be controlled by the firm.

Internal Environment

defined marketing as how you tell your story to attract customers, partners, investors, employees and anyone else your company interact with. It's the script that helps users decide they'll welcome you into their lives as a staple, nice-to-have or necessary annoyance. It's the way that everyone interacts with your brand. It's impression, first, last, and everything in between.

Jeff Cutler

Local business can be a locally owned business or a corporate business with multiple locations operating in a specific area

Local Business

Build strong, long term relationships with clients instead of always trying to find new short-term ones.

Long term Clients

is the condition that exists in the economy as a whole, rather than in a particular sector or region. includes trends in the gross domestic product (GDP), inflation, employment, spending, and monetary and fiscal policy closely linked to the general business cycle as opposed to the performance of an individual business sector.

Macro Environment

Educates customers so that they can find the products they want, make better choices about those products, and extract the most value from them.

Marketing

Firms should analyze the need of their costumers and then they make decisions to satisfy their needs, better than the competition.

Marketing Concept

according to her, marketing includes research, targeting, communications (advertising and direct mail) and often public relations. Marketing is to sales as plowing is to planting for a farmer- it prepares an audience to receive a direct sales pitch.

Mary Ellen Bianco

includes all those factors that are closely associated with the operations of the business and influences its functioning. include customers, employees, suppliers, retailers & distributors, shareholders, Competitors, Government and General Public. These factors are controllable to some extent

Microenvironment

· To maintain a long-term relationship with customers. · To create a better image in the society for the company than its competitors. · To carry out its social responsibilities. · Developing community awareness towards its brands. · To carry out its social responsibilities. · To increase the consumer base and market share.

OBJECTIVES OF SOCIETAL MARKETING CONCEPT

Just because a purchase has been made, the process has not ended. In fact, revenues and customer loyalty can be easily lost. After a purchase is made, it's inevitable that the customer must decide whether they are satisfied with the decision that was made or not.

POST-PURCHASE EVALUATION

before a purchase can ever take place, the customer must have a reason to believe that what they want, where they want to be or how they perceive themselves or a situation is different from where they actually are. The desire is different from the reality - this presents a problem for the customer.

PROBLEM RECOGNITION

A need has been created, research has been completed and the customer has decided to make a purchase. All the stages that lead to a conversion have been finished. However, this doesn't mean it's a sure thing. A consumer could still be lost. Marketing is just as important during this stage as during the previous.

PURCHASE

The customer has explored multiple options, they understand pricing and payment options and they are deciding whether to move forward with the purchase or not. That's right, at this point they could still decide to walk away.

PURCHASE DECISION

defined marketing as the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled need and desires. It defines, measures and quantifies the size of the identified market and the profit potential.

Phillip Kotler

· bring a high level of immediate satisfaction but cause long-term harm long in society.

Pleasing products

With the change in political parties, several changes are seen in the market in terms of trade, taxes, and duties, codes and practices, market regulations, etc. So the firm has to comply with all these changes and the violation of which could penalize its business operations.

Political & Legal Factors

The channel partners play an imperative role in determining the success of marketing operations. Being in direct touch with customers they can give suggestions about customer's desires regarding a product and its services.

Retailers and Distributors

Give customers a reason to keep coming back. Find new opportunities to win their business.

Retain Customers

The societal marketing concept holds that a company should make good marketing decisions by considering consumer's wants, the company's requirements, and society's long-term interests.

SOCIETAL MARKETING

Companies should balance three considerations in setting their marketing strategies: company profits, the consumer wants, and society's interests.

SOCIETAL MARKETING CONCEPT

· It helps to build a better image for the company. · It gives a competitive advantage over the competitors. · Useful in customer retention and long-term relationships. · Increases sales and market share. · Facilitate expansion and growth in the long term. · Products and company policies should prioritize social welfare and society in general. · Economic resources are properly used. · Societal marketing raises the living standard of people in society. · It ensures economic planning more significant and more fruitful to society.

SOCIETAL MARKETING CONCEPT ADVANTAGES AND BENEFITS

It is important to understand customer needs, wants and demands to build want- satisfying market offerings and building value-laden customer relationships. This increases long-term customer equity for the firm.

STEP 1: UNDERSTANDING THE MARKETPLACE AND CUSTOMER NEED AND WANTS

Focus areas for designing a marketing strategy. Selecting customers to serve defining the target market. Deciding how to serve customers in the best way choosing a value proposition.

STEP 2: DESIGNING A CUSTOMER DRIVEN MARKETING STRATEGY

The Company's marketing strategy outlines which customers the company will serve and how it will create value for these customers. Then the marketer develops integrated marketing plans that will the intended value to target customers.

STEP 3: CONSTRUCTING AN INTEGRATED MARKETING PLANS THAT DELIVERS SUPERIOR VALUE

Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. It aims to produce high customer equity, the total combined customer lifetime values of all of the company's customers. The key to building lasting relationships is the creation of superior customer value and satisfaction.

STEP 4: BUILD PROFITABLE RELATIONSHIPS

The ultimate aim of customer relationship management is to produce high Customer equity total combined lifetime values of all of the company's current and potential customers. More loyal to the company's profitable customers, higher are the customer equity. Customer equity may even be a better way to measure the company's performance than market share or current sales. Marketers cannot create customer value and build customer relationships by themselves. They need to work closely with other company departments and with partners outside the firm. In addition to being good at customer relationship management, they also need to be good at partner relationship management.

STEP 5: CAPTURING VALUE FROM THE CUSTOMERS

A dividend is a distribution of profits by a corporation to its shareholders.

Sales

Operations and activities involved in promoting and selling goods or services.

Sales

Make the right product or service available to the right people at the right time. Make everyone feel better off from the exchange.

Satisfy Customers

defined marketing as the creating irresistible experiences that connect with people personally and create the desire to share with others.

Saul Colt

the owners of the company, and every firm has an objective of maximizing its shareholder's wealth. Thus, marketing activities should be undertaken keeping in mind the returns to shareholders.

Shareholders

Did you know that returning customers spend 67% more than new customers? This means, targeting customers with special programs could act as an incentive to revisit the store and encourage a product repurchase. So, if you're looking for new ideas to benefit customers and keep them close, try introducing one of the loyalty programs that offer a different type of user engagement gift cards, birthday cards, the points program (points for rewards),the game program (rewards for completing game levels),the tiered program (rewards based on the membership level).

Show Appreciation to Clients by Introducing Loyalty Programs

since business operates in a society and has some responsibility towards it must follow the marketing practices that do not harm the sentiments of people. Also, the companies are required to invest in the welfare of general people by constructing public conveniences, parks, sponsoring education, etc.

Social Factors

Idea of marketing concept is to find out the needs and wants of customers, and then try to satisfy them better than competitors.

Societal Marketing

Companies must make sure the products, services, actions, investment innovations servers' society first.

Society (Human Welfare)

It's unacceptable, then, to keep customers waiting on hold for hours if there're many modern communication channels that allow for a quick query resolution in just one contact. To defuse the situation in a professional way and lead customers through the waiting process by communicating every step of the way, estimating the wait time, speeding up the conversation with canned responses.

Spare Customer's Time

Customer service is not a department. It's an attitude. It is about helping people and your performance shouldn't be determined by someone's bad mood. Instead, set the positive state of mind by following these two simple steps: Use positive language. Resort to affirmative words (e.g. excellent, surely, exactly) and empathy statements (e.g. Let me look into it) to create a positive environment for yourself and customers. Smile 😊 it's been scientifically proven that smiling releases endorphins to our bodies that make us feel overly happy and motivated enough to deliver an excellent service to all types of customers.

Stay Positive throughout the Whole Interaction

The art of devising or employing plans or stratagems toward a goal.

Strategy

the persons from whom the material is purchased to make a finished good and hence are very important for the organization. It is crucial to identify the suppliers existing in the market and choose the best that fulfills the firm's requirement

Suppliers

This approach combines the "guru" and "buddy" approaches.

THE CONSULTANT

They position themselves as problem-solvers, able to answer any question and tackle any issue that the prospect lays before them.

THE GURU

Best described as "scare the prospect into buying.

THE HARD SELLER

They try to connect on an emotional level with each prospective customer.

THE INSTANT BUDDY

The dedicated networker takes it to the next level, setting up and maintaining a web of friends.

THE NETWORKER

Refers to a group of potential customers to whom a company wants to sell its products and services.

Target Market

As technology is advancing day by day, the firms have to keep themselves updated so that customers' needs can be met with more precision. Therefore, marketing environment plays a crucial role in the operations of a business and must be reviewed on a regular basis to avoid any difficulty.

Technological Factors

"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time."

Thomas Edison

A financial metric which represents operating liquidity available to a business, organization, or other entity, including governmental entities.

Working Capital

Age structure of a population is the distribution of people of various ages.

· Age Structure

Is a chain of businesses or intermediaries through which a good or service passes until it reaches the final buyer or the end consumer.

· Channel Distribution

is the satisfaction the customer experiences (or expects to experience) by taking a given action relative to the cost of that action.

· Customer Value

An effort to measure the effectiveness of our projects or programs, we've created a worksheet that incorporates methods we have used for years to bring focus to the planning, strategy, and basic structure of executing a digital initiative.

· Digital Growth

How a nation's total GDP is distributed amongst its population.

· Income Distribution

The habits, attitudes, tastes, moral standards, economic level, etc., that together constitute the mode of living of an individual or group.

· Life Style

Refers to the broader condition of an economy as opposed to specific markets.

· Macroeconomic

Refers to the systematic collection, analysis, interpretation, storage and dissemination of the market information, from both the internal and external sources, to the marketers on a regular, continuous basis.

· Marketing Information System

Typically enter into longer-term commitments with the producer and make up what is known as the marketing channel, or the channel of distribution.

· Marketing Intermediaries

Identifies market opportunities and comes out with appropriate strategies for exploring those opportunities profitably.

· Marketing Management

It is how you communicate to them in a way that makes them feel like the message they're consuming was created just for them.

· Marketing Message

Forces are those that are distinct and individual, such as customers, producers, marketing intermediaries, public entities and the company itself.

· Microenvironment

Refers to the non-human-made surroundings and conditions in which all living and non-living things exist on Earth. A dividend is a distribution of profits by a corporation to its shareholders.

· Natural Environment

A group of people who work together to try to influence what other people or the government think about a particular subject, in order to achieve the things they want

· Pressure Group

Technology developments affect business operations in a number of positive ways.

· Technological Environment

The highest ranking executives (with titles such as chairman/chairwoman, chief executive officer, managing director, president, executive directors, executive vice-presidents, etc.) responsible for the entire enterprise.

· Top Management