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BASIC CONCEPTS
WHAT IS MARKETING ?
This is a Need
Needs - state of felt
deprivation including physical, social, and individual needs
Wants
Needs become wants they are directed to
specific objects that might satisfy their needs.
This is a Want
Wants Needs become wants when they are directed to specific objects that might satisfy the need.
Demands
Demands are wants for products that are
bagged by an ability and willingness to buy them.
This is Demand
Wants Buying Power
Demand
Products
A product is anything that can be offered
to satisfy a need or want
Product as an idea
Products do not have
to be physical objects. Here the product is an ideaprotecting animals.
Markets
Consists of all the potential customers
sharing a particular need or want who might be willing and able to engage in exchange to satisfy the need or want.
Marketplace, Marketspace
The Marketplace is physical, as when one goes for shopping in a store. Marketspace is digital, as when one goes shopping on the internet.
Marketing
Marketing is a economic process by which
goods and services are exchanged between the producers and consumers and their values is determined in terms of money prices. Marketing is managing profitable customer relationship
What is Marketing
Simple Definition: Marketing is managing
profitable customer relationships. Goals: Attract new customers by promising superior value. Keep and grow current customers by delivering satisfaction.
Relationship Marketing
The practice of building long-term
satisfying relations with key parties-such as customers, suppliers , distributors- in order to retain their long term preference and business
Imp Note
If you are in marketing field then you
have to see from the point of view of final result. i.e, from the point of view of customer.
FIVE CONCEPTS
The Production Concept Product Concept The Selling Concept The Marketing Concept The Societal Marketing Concept
Production Concept
Consumers will favour those
products that are widely available and low in cost.
Product Concept
Consumers will favour those products that
offer the most quality, performance, or innovative features.
4 PILLARS
The marketing concept rests on 4
pillars, namely 1. Target Market 2. Customer Needs 3. Integrated marketing 4. Profitability
Societal Marketing =
Consumer Satisfaction + Company s Profits + Societys well being.
MARKETING MIX
It is defined as the set of marketing tools that
the firm uses to pursue its marketing objectives in the target market. Which includes Product Price Promotion Place All these are also known as 4 ps of marketing.
PRODUCT
Variety Quality Design Features Brand name Packaging Sizes Warranties
PRICE
List price Discounts Allowances Payment period Credit terms
PROMOTION
Sales promotion Advertersing
PLACE
Channels Coverage Locations Invertory transport
4 Cs
We also have 4cs they are Customer needs/wants Cost to customer Convenience communication
4 Ps vs. 4 Cs
Product Customer needs/wants Price Cost to customer Place Convenience Promotion communication.
THE END