INTRODUCTİON TO BUSİNESS

The basic activities and functions of marketing and specifies that marketers deal with (1) identifying and creating needs, wants, and desires of consumers in B2C (businessto-consumer) and B2B (business-to-business) markets, (2) promoting the product by way of integrated communication techniques, and (3) delivering the product by appropriate sales points in either brick-andmortar retail locations or virtual outlets.

Marketing is typically defined as the creation, promotion, and delivery of goods and services directed towards consumers and businesses.

The American Marketing Association offers the following formal definition: “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging that have value for customers, clients, partners, and society at large” (Approved July 2013).

Marketing is all about building a relationship with customers and requires a deep understanding of consumer behavior.

Scope of marketing is not limited with products (good and services), which are intended to be commercially sold. The following are also in the scope of marketing: • Events, such the Olympics where different types of sports are played by thousands of different players from around the world, • Places, such as Paris as the most romantic destination for honeymoon, • Organizations, such as the World Wild Life, trying to lead initiatives on preserving wild life on earth, • Persons, such as Marilyn Monroe, who has become the icon for beauty and the symbol of “dumb blonde” character in Hollywood, • Experiences, such as Disneyland theme park, with over 650 million visitors since it opened.

STRATEGIC ADVANTAGE  ; Unique product , Basic product

Scale economies state that a company can produce at a lower cost per unit of production if it is able to use the capacity further.

Four Ps are identified to be the initial letters of the most fundamental marketing actions, namely, product, price, place (distribution), and promotion.

Shopping products require more effort on the part of consumers since they are less frequently purchased. Refrigerator is a shopping - durable product.

“Big-data” in this new era represents large and complex sets of data collected through primary data collection methods and data readily available on the web.

Differentiation refers to offering extra value in addition to the basic features offered in the product.

Focus strategy attempts to capture a smaller segment in the market.

Segmentation is the task of dividing this population into sub-groups in a way that can meaningfully separate consumers in terms of their consumption patterns.

Targeting involves the careful selection of at least one segment by considering a variety of different factors.

A convenience store usually works with extended hours and sells a limited range of product categories intended to supply items of emergency and instant purchase such as bandages and cigarettes.

Advertising is the most expensive but the most effective (in terms of the number of people reached with one message) contact method.

The tools of communication available for marketers are: (1) advertising, (2) sales promotions, (3) public relations and publicity, and (4) personal sales.

Brand equity is a term reflecting the brand’s worth in the eyes of consumers, usually reflected in the price.

Content marketing refers to the creation, publishing, and distribution of digital content for a targeted audience online.

Differentiation refers to offering extra value in addition to the basic features offered in the product.