INTRODUCTION TO MARKETING SHAH KEVAL En. No.:

Marketing: An Introduction Do you know??

Marketing: An Introduction What is a market? “A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want” (Philip Kotler). For instance…..

Marketing: An Introduction The Overall Themes of Marketing The Traditional Marketing Mix Product Price Promotion Place

Marketing: An Introduction Marketing Defined Marketing is a process… that is… Managerial Social Individual Wants, Desires Demands – Products and/or Services

Marketing: An Introduction As far as Customers are concerned there are three elements to address Customer value: D ifference between the values that the customer gains from owning and using a product versus the costs of obtaining the product. Customer satisfaction: The extent to which a product’s perceived performance in delivering value matches a buyer’s expectations. Quality: the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.

Marketing: An Introduction Marketing Management Philosophies Agree or Disagree? 1. Production: consumers will favor products that are available and highly affordable 2. Product: consumers favor products that offer the most in quality, performance, and innovative features 3. Selling: consumers will not buy unless an organization undertakes a large-scale selling and promotional effort 4. Marketing: determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently then the competitors 5. Societal marketing: generating customer satisfaction and long-run societal well-being are the keys to both achieving the company’s goals and fulfilling its responsibilities

Marketing: An Introduction Relationships Relationship marketing: the process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.

Marketing: An Introduction Marketing Management Practice Essentially Two Types Entrepreneurial marketing: ◦Businesses started by individuals ◦Creativity, drive, and perseverance are keys to success Formulated marketing: –Professional, disciplined approach –Achieving a market orientation

Marketing: An Introduction Orientations towards marketing Production concept (before 1930): demand > supply Selling concept ( ): supply > demand Marketing concept (post-1960s): analyze consumer needs before producing and selling, market orientation, competition…

Marketing: An Introduction Marketing Concept versus Selling Concept Starting PointFocusMeansEnds Factory Product Sell and Promote it Profits through sales volume The Selling Concept Market Customer needs Integrated marketing Profits from satisfied customers The Marketing Concept Figure 1.3

Marketing: An Introduction Marketing Management What is marketing management? « Marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals » (Philip Kotler) Marketing management has the task of influencing the level, timing, and composition of demand in a way that will help the organization achieve its objectives.

Marketing: An Introduction Course Outline Marketing Research Marketing Strategy

Marketing: An Introduction Common marketing problems How can we identify and choose profitable market segments? How can differentiate our offer from our competition? How should we react to competitors? How can we satisfy our customers and build brand loyalty? How can we measure the effectiveness of an add campaign, of Public Relations, of a promotion, etc…?