UNIT - 1 MARKETING CONCEPTS. What is Marketing? Marketing is an organizational function and a set of processes for creating, communicating, and delivering.

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Presentation transcript:

UNIT - 1 MARKETING CONCEPTS

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.

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.

What is Marketed? Goods Services Events Experiences Persons

What is Marketed? Places Properties Organizations Information Ideas

Demand States  Negative  Nonexistent  Latent  Declining  Irregular  Unwholesome  Full  Overfull

Figure 1.1 Structure of Flows in Modern Exchange Economy

Figure 1.2 A Simple Marketing System

Key Customer Markets  Consumer markets  Business markets  Global markets  Nonprofit/Government markets

Core Concepts  Needs, wants, and demands  Target markets, positioning, segmentation  Offerings and brands  Value and satisfaction  Marketing channels  Supply chain  Competition  Marketing environment  Marketing planning

Types of Needs Stated Real Unstated Delight Secret

Marketing Channels Communication Distribution Service

Marketing Environment DemographicEconomic Socio-cultural Natural Technological Political-legal