Introduction to Marketing

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Presentation transcript:

Introduction to Marketing

What is Marketing? Social definition A societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others

What is Marketing? Management definition It 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.

Needs and Wants Needs are basic human requirements Wants are needs directed to specific objects/services that might satisfy the need

Product A product is any offering catered to satisfy needs and wants. A brand is when the product is from a known source.

Demand This is the wants for specific products backed by an ability to pay.

Target Market Very rarely does a product cater to the entire market. Most products are designed to cater to a group of customers who specifically want such a product. This group of customers is the target market which is a slice of the total market. We say it is the market segment.

Value and Satisfaction Value = Benefits/Costs Benefits = Functional Benefits + Emotional benefits Costs = Monetary costs + Time + Energy + Psychic costs

Exchange Get something (product /service) by offering something in return. Eg. kind (barter) or money (value ) Exchange is a value creating process because it leaves both parties better off (win – win situation)

Transaction and Transfer A transaction is an exchange between two things of value on agreed conditions and a time and place of agreement. A transfer is a one way exchange without receiving anything in return.

Relationship Marketing Building long term mutually satisfying relations with customers, suppliers, distributors in order to retain their long term preference and business

Marketing Network A marketing network is the relationships built with its stakeholders. Effective relationships make up an effective and strong network.

Marketing Channels Marketing channels are used to reach the target segment. Communication channels eg. Advertising, telephone enquiry system Distribution channels – trade, direct sales

Supply Chain The supply chain represents a value delivery chain – from procurement of raw materials to final delivery of product to consumer. Steel – Cold rolled steel – Bearings – axle assembly - trucks

Competition Potential and rival substitutes and offerings a buyer might consider. Competition can be viewed in various perspectives – brand, industry, form, generic

Marketing Environment Competition Customers Govt. policies Suppliers Trade Product Import tariffs Trends Technology Politics

Marketing Mix It is the tools that an organization employs to pursue its marketing objectives in the target market Product, Price, Place, Promotion 4 C’s – Customer solution, Cost, Convenience, Communication

Concepts under which firms conduct marketing activities Production concept Product Concept Selling Concept Marketing Concept Societal marketing Concept

Customer needs Stated needs Real needs Unstated needs Delight needs Secret Needs

Company Responses and Adjustments Reengineering Outsourcing E – Commerce Bench marking Alliances Partner – supplies Market centered Global/local Decentralization