Lecture1

Lecture 1 - 3 : 

1 Lecture 1 - 3 Prof. Manjusha Novel IMS

Defining Marketing : 

2 Defining Marketing Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products and value with others.

What is Marketing? : 

3 What is Marketing? Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. More simply: Marketing is the delivery of customer satisfaction at a profit.

Core Marketing Concepts : 

4 Core Marketing Concepts Needs, wants, and demands Products Value, satisfaction, and quality Exchange, transactions, and relationships Markets

Core Marketing Concepts : 

5 Core Marketing Concepts Products and Services Value, satisfaction, and quality Needs, wants, and demands Exchange, transactions, and relationships Markets Core Marketing Concepts

Need, Wants, demands : 

6 Need, Wants, demands Need. A human need is a state of felt deprivation. Examples include the need for food, clothing, warmth and safety. Wants. Wants are how people communicate their needs. A hungry person may want a hamburger, noodles, or cheese and bread. Demands. When backed by buying power, wants become demands.

Product : 

7 Product A product is anything that can be offered to satisfy a need or a want.

Value, Satisfaction, and Quality : 

8 Value, Satisfaction, and Quality Customer value is the difference between the benefits that the customer gains from owning and/or using a product and the costs of obtaining the product. Customer satisfaction depends on a product’s perceived performance in delivering value relative to a buyer’s expectations. Quality begins with customer needs and ends with customer satisfaction.

Markets : 

9 Markets A market is a set of actual and potential buyers who might transact with a seller.

Marketing and Sales Concepts Contrasted : 

10 Marketing and Sales Concepts Contrasted

Marketing Management Philosophies : 

11 Production Concept Product Concept Selling Concept Marketing Concept Societal Marketing Concept Consumers favor products that are available and highly affordable. Improve production and distribution. Consumers favor products that offer the most quality, performance, and innovative features. Consumers will buy products only if the company promotes/ sells these products. Focuses on needs/ wants of target markets & delivering satisfaction better than competitors. Focuses on needs/ wants of target markets & delivering superior value. Marketing Management Philosophies

Marketing’s Future : 

12 Marketing’s Future “It (marketing) encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customer’s point of view.” Peter Drucker Marketing has become the job of everyone.