A modern marketing system

A modern marketing system have five main elements. These are-
1. Suppliers;
2. Company;
3. Competitors;
4. Marketing intermediate;
5. Final consumers.

Every successful company should face his competitors when they're going to served the final consumers through marketing. The first and foremost duty of a company research the market for understanding customer needs & wants. After completing research ,company makes their product & send their  market offerings  to consumers. Companies can do this directly or indirectly through marketing intermediaries. Each element of modern marketing system are affected by  some major environmental forces like demographic, economic,natural,technological ,political ,social & cultural.
Each elements in this system adds value for the next level. It is true that success at building profitable customers relationship depends not only  companies own actions but also no how well the entire system serves the needs of final consumers.
For example: Arong  cannot fulfill its promise to delivered high quality cloth unless its suppliers provide raw - materials at low costs.

Importance of understanding the marketplace & customers needs( identify the five core marketplace concepts)

There is no alternative for a marketer to understand customer needs,wants & demands. Its means that every marketers should have enough knowledge about their consumer needs ,wants & demands & the marketplace in which they operate.

The five core & marketplace concepts are -

1. Needs ,wants & demands;
2. Market offerings( products,services & experiences);
3. Value & satisfaction;
4. Exchanges & relationships;
5. Markets

Now,I'm going to described this five core customer & marketplace concepts .

1. Customer needs, wants & demands:

Human needs are the most basic concept underlying marketing. Human needs are states of felt deprivation like physical needs for food,clothing,warmth & safety; social needs for belonging & affection; individuals needs for knowledge & self expression. This are the basic part of human makeup,no marketers can create these needs.
Wants are the form of human needs take as they are shaped by culture & individual personality like a Bangladeshi wants rice & a Chinese wants Noddle's, pasta .
Human wants that are backed by buying power,wants become demands.

2. Market offerings - products,services & experiences :

 Market offerings are  some combination of products ,services ,information or experiences that. Offered to a market to satisfy target customers needs & wants. Market offerings are not only physical products but also intangible products like services ,benefits,satisfaction. For example; airline,hotel,retailing,home repair,banking etc.

3. Customer value &,satisfaction:

Every customers have their own right level of expectation. That's why marketers are careful to set  their plan. If marketers set the right level of expectations, they'll satisfy the current customers and keep and grow customers. If they fail to do that they only satisfy who buy their product but fail to attract enough buyers. There is no doubt that customer value & satisfaction are key building blocks for developing & managing customer relationship.

4. Exchanges & relationships:

Marketing occurs between buyers & sellers when buyers are decide to satisfy their needs & wants through exchange relationship.
Exchange is the act of obtaining a desired object from someone by offering in return. Every companies want to  build strong relationship by constantly delivering superior customer value.

5. Markets : Maximum people believes that markets is the place where products are buy & sell. But actually ,this is not the right believes,because market is the set of all actual & potential buyers of a product or services and these buyers have particular need & want that can be satisfied through exchange relationship.

The marketing process

Marketing is not only selling & advertising process but also it is a managerial & social process. Through this process, companies are able to create value for customers and build strong relationship with customers. It also help to capture value from customers in return.
Marketing have five steps. They're -

1. Understand the marketplace & customer needs & wants.

2. Design a customer driven marketing strategy.

3. Construct an integrated marketing program that delivers superior value.

4. Build profitable relationships & create customers delight.

5. Capture value from customers to create profits & customer equity.

The first four steps are useful for understanding consumers , create customers value & also useful for building strong customers relationships.

In the last step,companies are successful to create superior customers value & also successful to capture value from customers in the form of sales ,profits & long-term customer equity.

What is marketing?

Generally, common people are thought that marketing means  selling  & advertising products or services just as like we can see in TV commercials ,catalogs,sales calls etc. But reality is difference.
At present time ,marketing not in the old sense of making a sale " telling & selling"  but it develop e new sense of satisfying customer needs. All marketer need to understands customer needs ,want and demand; develop products that provide superior customer value ;& prices ,distributes and promotes them effectively; if marketers done this, these products 'll sell easily .

At present, you can see every successful companies have one thing in common & that is they are strongly customer focused and heavily committed to marketing. These companies try to understand & satisfying customer needs in defined target markets. By creating value for the customer they try to build lasting customer relationship.

Marketing is actually a business function that deals with customers. More appropriately marketing is managing profitable customer relationship. It has two motive; first one is to attract new customers by promising superior value & 2nd one is to keep and grow current customers by delivering satisfaction.

For example, here we can see that present leading clothing brand in our country are"Aarong & Yellow". Why they are leading brands ???Why every people go there for purchasing product??? They are become the leading brand because by keeping their promise to deliver superior customers satisfaction.

Marketing is needed for every profit or non profit organization. Profit firms like as Google, Toyota, Microsoft , Proctor & Gamble. Non profit organization like as schools,colleges,hospitals, museums,symphony orchestras & even churches.

Actually, marketing is a social & managerial process. In this process,individuals & organizations obtain their need & want through creating & exchanging value with others . Broadly ,through marketing companies are able to create value for customers ,able to build strong customer relationships & able to capture value from customers in return.