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Understanding the Marketplace and Customer Needs:

In the first step, marketers need to examine the following five core concepts to understand customer needs, wants and the marketplace. i.e., i) customer needs wants and marketplace,
ii) Market offering, iii) Value and satisfaction, iv) Exchange and relationships, v) Markets.

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The Marketing Process:
• The five-step process forms the marketing framework.
• By creating value for customers, marketers capture value from customer in return.
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Marketing Defined:

People think of marketing as just selling and advertisement, in-fact these are just the tips of iceberg.
In the new sense, marketing is to satisfying customer needs by providing them superior services.

Peter Drucker says “The aim of marketing is to make selling unnecessary”
What I have perceived from this definition is, to provide so much customer centric superior services that customer himself come to purchase your product.

“A set of marketing tools that work together to engage customers, satisfy customer needs and build customer relationships.”

Another definition is “the process by which companies engage customers, build strong customer relationships and create customer value in order to capture value from customers in return.”

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What is Marketing?
Definition:
Marketing is engaging customers and managing profitable customer relationships.

In simple terms, there are two goals of marketing,
a) first is to attract new customers by promising better services and quality,
b) the second goal is to maintain and improve the relationship with existing customers by fulfilling the promises.

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Measuring Job Satisfaction:
The positive feelings about a job after evaluating job’s characteristics.

Job is not just about completing the required tasks, on job employees need to interact with co-workers and supervisors, meeting performance standards, obey rules, etc. All these factors play important role in measuring job satisfaction.

There are two approaches to measure job satisfaction, these are,

First is, asking a single question “keeping all factors in mind, how satisfied you are with your job”, respondents ae given rating scale ranging between 1 to 5 from highly satisfied to highly dissatisfied. And respondents rate the job on the scale accordingly.

Second is, identifying key job factors like interaction, rules, pay, environment etc., respondents rate each factor, and in the end, researchers add the rating to get overall job satisfaction score.

Ch # 3: Managing in a Global Environment, (Principles of Management)

Managing in a Global Environment, chapter 3, part 1, Management, Stephen P. Robbins Find these notes on www.shortnotes.netManaging in a Global Environment, chapter 3, part 1, Management, Stephen P. Robbins