What is Marketing
                                   Prepared By Mostafa Kamel
        What is Marketing
        Marketing:  is  an  organizational  function  and  a  set  of  processes  for 
        creating,  communicating,  and  delivering  value  to  customers  and  for 
        managing customer relationships in ways that benefit the organization 
        and its stakeholders.”
                                        Prepared By Mostafa Kamel
       Delivering Value – Value and 
       Benefits
       •• C  ustomers buy products that offer the best value when it comes to 
         meeting their needs and wants.
       • Value is a relative comparison of a product’s benefits versus its costs
                                         Value = 
       • A satisfied customer perceives the benefits derived from the 
         purchase to be greater than its costs.
                                       Prepared By Mostafa Kamel
        Delivering Value – Value and 
        Utility
        • Utility is the Ability of a product to satisfy a human want or need.
        • Marketing strives to provide four kinds of utility:
            • Form utility. Designing products with features that customers want.
            • Time utility. Providing products when customers will want them.
            • Place utility. Providing products where customers will want them.
            • Possession utility. Marketing creates a possession utility by transferring 
              product ownership to customers  by
                    • Setting selling prices, 
                    • Setting terms for customer credit payments
                    • Providing ownership documents.
                                             Prepared By Mostafa Kamel
        Goods, Services, and Ideas
        • Marketing apply to:
            • Consumer Goods physical products purchased by consumers for personal use. 
              (Medicine, car, food)
            • Industrial Goods physical products purchased by companies to produce other 
              products (Raw materials, Machines)
            • Services products having nonphysical features or activity that can be 
              purchased. (information, expertise)
            • Marketers also promote ideas such as 
                 Ads warn us against copyright infringement and piracy. 
                 Advantages of avoiding fast foods.
                                            Prepared By Mostafa Kamel