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Resources
Roles of Marketing
Marketing is about exchange and relationship, communicating with customers to create value for them. It must be integrated into the overall strategy of the company and aligned with other functions. It might also need to be adjusted regionally, depending on the market and customer needs.
Stakeholder Management
Marketing is the activity and institution managing an organization’s relationship with customers and other external stakeholders. Long-term customer relationships are more profitable than acquiring new customers, and marketing is responsible for managing these relationships.
4 P's of Marketing
Product, Price, Place, and Promotion. This is further explored in Marketing Mix
3 R's of Marketing
- Customer Recruitment
- Customer Retention
- Customer Recovery
Customer Centricity
The customer is always a co-producer of value. Marketing’s philosophy is customer centricity, which means that the customer is at the center of all marketing activities. This includes understanding customer needs and preferences and creating value for customers, not products.