Introduction to Business Lecture 22

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Introduction to Business Lecture 22 MGT211 Introduction to Business Lecture 22

Marketing All those activities which make the exchange possible. Exchange includes: Exchange of goods, services and ideas from one person, organization and place to another person, organization and place. A system of business activities designed to plan, price, place and promote goods, services and ideas to potential customers.

Marketing Potential Customers A person, a body, an institution or a firm who has: Need Money Willingness to spend money. System A set of interrelated and interdependent activities.

Marketing Planning for marketing Distribution Pricing Promotion What should be marketed? When should be marketed? Where should be marketed? Distribution Pricing What is going to be the price of the product? Promotion Should the product be promoted or not?

Marketing Product is: Anything that is offered for sale in the market. All those things which are tangible. Services are intangible. i.e. which are not touchable. Marketing of ideas.

Marketing Marketing ideas can be applied on non business activities. This is called social/societal marketing. This includes: Asking for donations. Drive slow. Say your prayers. Need is a state of felt deprivation. Marketers satisfy the needs through products, services, objects and ideas. Market is a place where people exchange goods, services and ideas.

Stages in Marketing Production oriented stage Product oriented stage All the efforts are made to produce more and more. Product oriented stage Management focuses on quality of product rather than quantity of product. Sales oriented stage Sellers feel the need of an organized institution that coordinate all activities related to sales.

Stages in Marketing Marketing oriented stage Societal Marketing stage Unsatisfied needs of the customers are satisfied. Societal Marketing stage Benefits of society are considered by the organizations. Value Difference between cost and benefits of the product.

Utility Ability of any commodity to satisfy the needs. Forms of Utility Time Utility Customer get the commodity when they want. Form Utility Converting the shape of the product from one form to another.

Forms of Utility Place Utility Ownership Utility Transportation of product from one place to another. Ownership Utility Product owned by the manufacturer is distributed to the end buyers through different steps.