MARKETING

 Deals with identifying & on meeting human and

social need.

 Meeting need profitably.

 Social Definition : Marketing is a societal

process by which individuals and groups obtain
what they want through creating, offering and
exchanging products & services of value with
others.

 Managerial definition describes it an art of

selling.
 EXCHANGE &
TRANSACTIONS
Core concept of Marketing. Five conditions must be
satisfied.
1. At least two parties
2. Each party has something that might be of value to
other party.
3. Each party is capable of communication & delivery.
4. Each party is free to accept or reject the offer.
5. Each party willing to deal with other party.

Exchange takes place only when two parties to agreed.

 ENTITIES INVOLVED IN
MARKETING
1. GOODS
2. SERVICES
3. EVENTS
4. EXPERIENCES
5. PERSONS
6. PLACES
7. PROPERTIES
8. ORGANISATIONS
9. INFORMAITONS
10. IDEAS
 DEMAND STATES & MARKETING
TASKS

1. NETATIVE DEMAND
2. NO DEMAND
3. LATENT DEMAND
4. DECLING DEMAND
5. IRREGULAR DEMAND
6. FULL DEMAND
7. OVER FULL DEMAND
8. UNWHOLESOME DEMAND
 CORE MARKETING
CONCEPTS
1. TARGET MARKETS & SEGMENTATION
2. MARKET PLACE, MARKET SPACE & META MARKET
3. MARKETERS & PROSPECTS
4. NEED, WANTS & DEMANDS
5. VALUE & SATISFACTION
VALUE = Benefits / Costs
= FB+EB / MC+TC+EC+PC
Value is considered as a combination of quality,
service & price (QSP) this is called customer value
triad. Value increases with quality and service and
decreases with price.
 MARKETING MIX

PRODUCT
Product Variety
Quality
PRICE PROMOTION PLACE
Design Sales Promotion Channels
List Price
Features Advertising Coverage
Discounts
Brand Name Sales Force Locations
Payment Period
Sizes Public Relations Inventory
Credit Terms
Packaging Direct Marketing Transport
Services