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Chapter One

Introduction to Marketing

What is Marketing??
Selling? Advertising? Promotions? Making products available in stores? Maintaining inventories?

All of the above, plus much more!

What Is Marketing?
Simple Definition: Marketing is managing profitable customer relationships.
Goals: 1. Attract new customers by promising superior value. 2. Keep and grow current customers by delivering satisfaction.
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Marketing Defined
A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. (Kotlers Social Definition)

OLD View of Marketing: Making a Sale Telling & Selling

NEW View New View of Marketing: of Marketing: Satisfying Satisfying Customer Needs customer needs
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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.
Marketing is meeting customers needs profitably
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The Marketing Process


A simple model of the marketing process:
Understand the customer needs and wants. Design a customer-driven marketing strategy. Construct a marketing program that delivers superior value. Build profitable relationships and create customer delight. Capture value from customers to create profits and customer quality.

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Needs, Wants, & Demands


Need: State of felt deprivation including physical, social, and individual needs.
Physical needs: Food, clothing, shelter, safety Social needs: Belonging, affection Individual needs: Learning, knowledge, self-expression
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Five Basic Needs


Clothes
Shelter

Five Basic Needs

Food

Drink

Warmth

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Needs, Wants, & Demands


Wants:
Form that a human need takes, as shaped by culture and individual personality. Wants are specific satisfier Wants + Buying Power = Demand

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Demand
Wants for specific product or specific satisfier It is backed by an ability to pay As we all know that people have unlimited wants but they have limited resources

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Marketing Myopia
Marketing myopia occurs when sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products. They focus on the wants and lose sight of the needs.
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Value & Satisfaction


Care must be taken when setting expectations:
If performance is lower than expectations, satisfaction is low. If performance is higher than expectations, satisfaction is high.

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Exchange
Exchange:
Act of obtaining a desired object from someone by offering something in return.

Conditions for Exchange:


Involvement of two parties Capable of Communication and Delivery Both parties are free to accept or reject the offer. Each party has something that might be of value to other party. - Each party believes it is appropriate or desirable to deal with other party.
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Exchange vs. Transaction


Exchange:
Act of obtaining a desired object from someone by offering something in return.

Transaction:
A trade of values between two parties. One party gives X to another party and gets Y in return. Can include cash, credit, or check.
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What Is a Market?
Derived from a Latin Word Marcatus means a place where business is conducted. The set of actual and potential buyers of a product. In other words it is an arena for potential exchanges. It is a place where buyer and seller personally contact,interact and finalize their deals. These people share a need or want that can be satisfied through exchange relationships.

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Market
Market Place: - Physical place.
-Where one goes for shopping in a store.

Market Space: - It is digital in nature - One goes for a shopping on the internet.

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Value Proposition
The set of benefits or values a company promises to deliver to consumers to satisfy their needs.
Value propositions dictate how firms will differentiate and position their brands in the marketplace.

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Modern Marketing System

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Difference Between Marketing And Selling

Marketing
Emphasis on Customers Needs and wants. Planning is long term oriented. First determine the need and want of the customers and then deliver the product to satisfy those needs and wants Management is profit oriented through customer satisfaction.

Selling
Emphasis is on the product. Planning is short run oriented. Organization first make the product and then sell it. Management is sales volume oriented.

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Modern Marketing Systems


Main elements in a modern marketing system include:
Suppliers Company (marketer) Competitors Marketing intermediaries Final users

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Marketing Management
The art and science of choosing target markets and building profitable relationships with them.
Requires that consumers and the marketplace be fully understood

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Marketing Management
Designing a winning marketing strategy requires answers to the following questions: 1. What customers will we serve?
What is our target market?

2. How can we best serve these customers?


What is our value proposition?
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Target Market

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Target market

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What is Marketing Management?


Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

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Marketing Management Tasks


Developing marketing strategies Capturing marketing insights Connecting with customers Building strong brands
Shaping market offerings Delivering value Communicating value Creating longterm growth.

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Five Components of Marketing Management


a. b. c. d. e. Planning Research Implementation Control Evaluation

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Benefits of Marketing Management


a. Marketing efforts are accomplished in a well-planned, systematic way b. An adequate amount of marketing research and other marketing information is generated c. Marketing weaknesses are quickly spotted and corrected d. Funds and human resources available for marketing are used as efficiently and effectively as possible
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Benefits of Marketing Management


e. Marketing efforts are always under careful scrutiny; it is always felt that there is room for improvement f. The organization is in a better position to adapt to change among customers and competition, and in the industry g. Marketing is better integrated into all the organization's activities and within its various departments
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Benefits of Marketing Management


h. Marketing personnel and other staff members are more highly motivated toward achieving marketing objectives i. There is a much clearer understanding of marketing results, good and bad, and the reasons for successes and failures

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Customer Satisfaction
Dependent on the products perceived performance relative to a buyers expectations.
Customer satisfaction often leads to consumer loyalty. Some firms seek to DELIGHT customers by exceeding expectations.

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Scope of Marketing
Goods Services Events Experiences Persons Places Properties Organizations Information Ideas.

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