Principles of Marketing (waqas@hazara.edu.pk)

Principles of MarketingLecture-1By: Waqas Ahmad Khan

MBA, M.Phil (Pak), PPM (Philippines), SIX SIGMA GREEN BELT (Singapore), Certified QAM (QPSP)

Apr 11, 2023 1Waqas Ahmad Khan (waqas@hazara.edu.pk)

Profile Ex- Country Manager

Gohar Publishers / Hamdard PakistanSecretary General

National Education Council PakistanMember

Marketing Association of PakistanMaster Trainer

FHRI, CCE, ESL,VUICT Consultant (2007)

Asian Development Bank

Feel free to contact at+92-300-9119770waqas@hazara.edu.pk

Today’s TopicsIntroduction-an overview of marketing

Road map Apr 11, 2023 4Waqas Ahmad Khan (waqas@hazara.edu.pk)

Introduction of Marketing

Music to a Marketer’s Ears

“They’re the best.”

“I always eat there.”

“I only fly with that airline.”

“I buy my electronics at that store.”

“I will prefer to go in that school.”Apr 11, 2023 6Waqas Ahmad Khan (waqas@hazara.edu.pk)

Advertising

Promotions

Public relations

SponsorshipsPricing

Retailing

Direct mail

Catalogues

Billboards

E-commerce

Shopping

channels

Packaging

Delivery

Service

Research

Coupons

DefinitionMarketing: The process of creating consumer value in the form of goods, services, or ideas that can improve the consumer’s life.

What is marketing ?More than selling and advertising

Identifying and satisfying customers needs

Range of activities (marketing mix - 4P’s)

What is Marketing?What is Marketing?Learning to make what you can

sell vs. selling what you can make.

Identifying and satisfying customer needs and wants.

Peter Drucker Goal of all organizations is to gain and retain customers

Innovation and marketing are the only two ways to achieve the goal

“The rest only adds cost”

The AMA managerial definition: “Marketing 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 objectives.”

Marketing Involves having the Right Product available in the Right Place at the Right Time and making sure that the customer is Aware of the Product.

Product Price

Place Promotion

Customers

Simple Marketing SystemSimple Marketing System

Producer/Seller Consumer

Communication

Product/Service

Feedback

Marketing’s 4 P’s ProductPricePlacePromotion

Marketing’s 4 P’s (+2)PeoplePeopleProductPricePlacePromotion ProfitsProfits

MarketingIt assumes that it will proceed in accordance with

ethical practices.

Identifies the 4 marketing variables - product, price, promotion, and distribution.

States that the public, the customer, and the client determine the marketing program.

Emphasizes creating and maintaining relationships.

Finally applies for both non-profit organizations and profit-oriented businesses.

Marketing Includes...Personal sellingAdvertisingMaking products available in storesMaintaining inventoriesetc

What Can Be Marketed?GoodsServicesExperiencesEventsPersons

PlacesPropertiesOrganizationsInformationIdeas

How Does an Organization Create a Customer?

Identifying customer needs

Designing goods and services that meet those needs

Communicating information about those goods and services to prospective buyers

Making the goods or services available at times and places that meet customers’ needs

Pricing goods and services to reflect costs, competition, and customers’ ability to buy

Providing for the necessary service and follow-up to ensure customer satisfaction after the purchase

How is Marketing Done?

Marketers Develop and Implement a Marketing Plan Based on the

Following Information:Organization’s Strengths

and WeaknessesOrganization’s Strengths

and Weaknesses

Organization’s Overall ObjectivesOrganization’s Overall Objectives

Opportunities and Threats to theOrganization in the Marketplace

Peter F. Drucker Said:If we want to know what a business is,

we have to start with its purpose. And its purpose must lie outside the business itself. In fact, it must lie in society since a business enterprise is an organ of society. There is one valid definition of business purpose: to create a customer.

Reasons for Studying Marketing

CostsAbout 50% of total product costs are marketing costs

Contributions toIndividual OrganizationsCritical to the successof a firm

CareersAbout 25 to 33% of the work force holdmarketing positions.

Contributions to SocietyMarketing decisions affect the lives of individualconsumers and society asa whole

Why StudyMarketing ?

Why Study Marketing?Plays an important role in society

Vital to business Offers outstanding career opportunities

Affects your life every dayApr 11, 2023 31Waqas Ahmad Khan (waqas@hazara.edu.pk)

Marketing is Everywhere in Your Life

What do Marketers Think About?

Ex: Open a Book shop On Campus Is there a need? Who is my target market? What is my product? How can I produce and deliver a “product”

better than my competitors? How will I promote my product? How can I insure customer loyalty?

Marketing is....getting the right products to the right people at the right price and at the right place and time with the right promotion

Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.

Kotler 1994

Process by which individuals and groups obtain what they needneed and want want through creating and exchanging products exchanging products and value with others.

More simply:

Marketing is the delivery of customer satisfaction at a profit.

Simple Questions, Hard Answers

•Who are our customers?

•What important & unique benefits do we provide?

•Are these benefits sustainable?Apr 11, 2023 39Waqas Ahmad Khan (waqas@hazara.edu.pk)

Let’s stop

it here

COURSE STRUCTUREReadings LecturesAssignmentsProjectExamApr 11, 2023 41Waqas Ahmad Khan (waqas@hazara.edu.pk)

Recommended BooksPrinciples of Marketing by Philip Kotler and Gary Armstrong

Fundamentals of Marketing by Stanton, Etzel and Walker

Marketing by Joel R. Evans and Barry Berman

SummaryApr 11, 2023 43Waqas Ahmad Khan (waqas@hazara.edu.pk)

Simple Marketing SystemSimple Marketing System

Producer/Seller Consumer

Communication

Product/Service

Feedback

Principles of Marketing (waqas@hazara.edu.pk)

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WAQAS KHAN - prr.hec.gov.pk