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Topic : 1
Definition of Marketing.
Basic Concept of Marketing & Its
Terms By Philip Kotler
Lecture No .
By Salman Shahid
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A
merican MarketingAss
ociationMarketing is the activity, set of
institutions, and processes for
creating, communicating, delivering,and exchanging offerings that have
value for customers, clients, partners,
andsociety at large.
(Approved October 2009)
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Chartered Institute of Marketing
The Chartered Institute of Marketing
define marketing as 'The management
process
respon
sible for identifying ,
anticipating and satisfying
customer requirements profitably'
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The Chartered Institute of Marketing(CIM) is a professional
marketing body based in UK with over 50000 member
sworldwide
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Definition Of Marketing
A social and managerial process by which
individuals and groups obtain what they
need and want through creating and
exchanging products and value with others.By Philip Kotler
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The Core Marketing Concept
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Needs, Wants, and Demands
Human needs are states of felt deprivation.
Physicalneeds(food, clothing, warmth, and safety)
Socialneeds(Belonging and affection)
Individualneeds (knowledge and self-expression)
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Physicalneeds
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Chinese Food
Indian Food
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9clothing
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10clothing
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Knowledge
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Socialneeds
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Someone needs
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Needs, Wants, and Demands
Wants
The form take by a human need asshaped
by culture and individual personality.
Demands
When backed by buying power, wants
become demands.
People have almost unlimited wants but limited resources.14
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Wants, and Demands
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Products and ServicesProduct
A product is anything that can be offered to
a market to satisfy a need or want. The
concept ofproductis not limited to physical
objectsanything capable of satisfying a
need can be called a product. In addition totangible goods.
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iPod Product
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Product
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Product
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service
s
Any activity or benefit that one party can
offer to another that is essentially intangible
and does not result in the ownership of
anything.
Examples include banking, airline, hotel,
and home repairservices.
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Value, Satisfaction, and
QualityCustomer Value
The difference between the values the
customer gains from owning and using a
product and the costs of obtaining the
product.
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Customer Satisfaction
The extent to which a product's perceivedperformance matches a buyer's expectations. If
the product's performance falls short of
expectations, the buyer i
sdi
ssati
sfied. If
performance matches or exceeds expectations,
the buyer is satisfied or delighted.
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QualityTotal quality management (TQM)
Programs designed to constantly improve
the quality of products, services, and
marketing processes.
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xchange and TransactionExchange
The act of obtaining a desired object from
someone by offering something in return.
Transaction
A trade between two parties that involves at
least two things of value, agreed-upon
conditions, a time of agreement, and a place
of agreement.
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Relationship marketing
The process of creating, maintaining, and
enhancing strong, value-laden relationships with
customers and otherstakeholders.
Marketing management The analysis, planning, implementation, and
control of programs designed to create, build, and
maintain beneficial exchanges with target buyers
for the purpose of achieving organizational
objectives.
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Demarketing
Marketing to reduce demand
temporarily or permanently; the aim
is not to destroy demand, but only to
reduce orshift it.
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MarketThe set of all actual and potential
buyers of a product orservice.
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Production concept
The philosophy that consumers will favor
products that are available and highly
affordable and that management shouldtherefore focus on improving production
and distribution efficiency.
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Product concept
The idea that consumers will favor products
that offer the most quality, performance, and
features and that the organization should
therefore devote its energy to makingcontinuous product improvements. A
detailed version of the new-product idea
stated in meaningful con
sumer term
s.
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Selling concept
The idea that consumers will not buy
enough of the organization's products
unless
the organization undertakes
alarge-scale selling and promotion
effort.
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Marketing concept The marketing management philosophy that
holds that achieving organizational goals
depends on determining the needs andwants of target markets and delivering the
desired satisfactions more effectively and
efficiently than competitors do.
The End31
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Thank You