Today, I had chance to make people smile. For my simple comments students were laughing and enjoying, loved to see smile spreading on their faces. Today I revised the last day class and then added details to the things that I discussed in the last day class.
Yesterday I said, ” Marketing is identifying needs and wants and satisfying the same with the company product/service (to the end customer).
Today I said it with association with the company, “Marketing is meeting the needs and wants profitably”. Here I emphasized more on revenue generation.
Yesterday we saw customer satisfaction with the simple term called SATISFY, today we saw it with some more additional information. I explained it with two different states. One is Actual state and another is expected state.
If a company is fulfilling the needs and wants to the extend which a customer expects that is called Customer satisfaction and if he exceeds it that’s called as customer delight.
For example:- You buy a pen and it’s writing well, that’s called customer satisfaction/
You buy a pen and the shop owner gives you another pen for free and making is a surprise that’s called Customer delight.
After these additions we saw Philosophies of Marketing,
That has five different aspects which is getting changed with the years.
1) Production concept – By 1920’s companies were doing mass production and low-cost products. And they believed that the product will sell.
2) Product concept – Here they believed that quality of a product is important, and product will sell itself for the quality.
3) Selling concept – Here companies made product they went to the customer with the product and convinced public to buy it and made profit.
4) Marketing concept – Here companies are more aware, they identified the needs and wants and then worked on strategies then the went ahead with selling the product. ( We will see this later in detail).
5) Societal Marketing Concept – This is taking care of the society and customer on a long-term basis (alias) customer relationship management.
Next class will be on Marketing process.. Studying it in detail so that I can explain them without notes 🙂