Chapter | 1 Introduction to Marketing Lecture 1 – February 15, 2012 Rajeev Shrestha A process by which a firm profitably translates customer needs into revenue. It is called… MARKETING
May 31, 2015
Chapter | 1
Introduction to MarketingLecture 1 – February 15, 2012Rajeev Shrestha
A process by which a firm profitably translates customer needs into revenue.
It is called…
MARKETING
•Concept and importance of marketing
•Approaches to the study of marketing
•Marketing mix and its components
OVERVIEW
Marketing comes in a wide variety of flavors based on audience, media platform and business in today’s evolving and dynamic marketplace.
What is Marketing?
•Create value and get value in return
•Products can be copied but not the feelings towards them
•Relationship management rather than just selling
•Selling and advertising just tips of an iceberg
•Applicable for all – Profit seeking companies, non-profit
seeking companies
•Managing profitable customer relationships
What is Marketing?
Marketing deals with identifying and meeting human and
social needs. It is seen as the task of creating, promoting
and delivering goods and services to consumers and
businesses.
Marketing is a social and managerial process whereby
individuals and groups obtain what they need and want
through creating and exchanging products and value with
others.
And Marketing Management deals with…
Choosing target markets and getting, keeping and growing
customers through creating, delivering and communicating
superior customer value.
Marketing Process
Understanding the
Marketplace and
Customer Needs
Designing a Customer-
Driven Marketing Strategy
Preparing an Integrated Marketing Plan and Program
Capturing Value from Customers
Core Marketing Concepts – Understanding Marketplace
Needs:
is a state of felt deprivation. They are basic human needs.
Wants:
The form taken by a human need as shaped by culture and
individual personality. Objects that will satisfy ones needs.
Given a want and depending on resources, people demand
products with benefits that add up to the most value and
satisfaction.
When Wants Become Needs…
Needs are what you must have. Needs are essential. Wants
are what you would like to have.
Wants are nice to have. But sometimes wants can become
needs.
I need a vehicle to travel around
How Wants Become Needs?
Wants can become needs. Two ways this can happen are:
• Through commercials or ads, and
• Convincing yourself a want is a need.
“Needs are not created by marketers; they are a basic part of the human makeup.”
Marketing is a “value creating” and “value delivering” process.
Market Offerings
• Products, Services, Experiences
• Marketing Myopia
More on how to understand the marketplace
• Customer Value and Satisfaction• Exchanges and Relationships• Markets
Designing a Customer-Driven Marketing Strategy
• Selecting customers to serve• Choosing a value proposition• Marketing Management Orientations
• The Production Concept• The Product Concept• The Selling Concept• The Marketing Concept – Sense and respond• The Societal Marketing Concept
Relationship Marketing
Relationship Marketing is the practice of building long term
satisfying relations with the key parties – suppliers,
distributors, customers.
Smart marketers always build up a “win-win” situation.
The ultimate outcome of RM is marketing network.
Marketing Changes and Challenges in the New Millennium
The Digital Age
Rapid Globalization
Ethics and social
responsibility
Growth of not-for-profit marketing
Next Lecture
• Marketing Mix