introduction to marketing
TRANSCRIPT
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Introduction to MarketingIntroduction to Marketing
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What is Marketing?What is Marketing?
Social definition A societal process by which individuals and
groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others
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What is Marketing?What is Marketing?
Management definition It 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 goals.
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Needs and WantsNeeds and Wants
Needs are basic human requirementsWants are needs directed to specific
objects/services that might satisfy the need
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ProductProduct
A product is any offering catered to satisfy needs and wants.
A brand is when the product is from a known source.
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DemandDemand
This is the wants for specific products backed by an ability to pay.
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Target MarketTarget Market
Very rarely does a product cater to the entire market. Most products are designed to cater to a group of customers who specifically want such a product. This group of customers is the target market which is a slice of the total market. We say it is the market segment.
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Value and SatisfactionValue and Satisfaction
Value = Benefits/CostsBenefits = Functional Benefits + Emotional
benefitsCosts = Monetary costs + Time + Energy + Psychic costs
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ExchangeExchange
Get something (product /service) by offering something in return.
Eg. kind (barter) or money (value )Exchange is a value creating process
because it leaves both parties better off (win – win situation)
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Transaction and TransferTransaction and Transfer
A transaction is an exchange between two things of value on agreed conditions and a time and place of agreement.
A transfer is a one way exchange without receiving anything in return.
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Relationship MarketingRelationship Marketing
Building long term mutually satisfying relations with customers, suppliers, distributors in order to retain their long term preference and business
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Marketing NetworkMarketing Network
A marketing network is the relationships built with its stakeholders. Effective relationships make up an effective and strong network.
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Marketing ChannelsMarketing Channels
Marketing channels are used to reach the target segment.
Communication channels eg. Advertising, telephone enquiry systemDistribution channels – trade, direct sales
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Supply ChainSupply Chain
The supply chain represents a value delivery chain – from procurement of raw materials to final delivery of product to consumer.
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CompetitionCompetition
Potential and rival substitutes and offerings a buyer might consider.
Competition can be viewed in various perspectives – brand, industry, form, generic
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Marketing EnvironmentMarketing Environment
Competition Customers Govt. policies Suppliers Trade
Product Import tariffs Trends Technology Politics
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Marketing MixMarketing Mix
It is the tools that an organization employs to pursue its marketing objectives in the target market
Product, Price, Place, Promotion4 C’s – Customer solution, Cost,
Convenience, Communication
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Concepts under which firms Concepts under which firms conduct marketing activitiesconduct marketing activities
Production conceptProduct ConceptSelling ConceptMarketing ConceptSocietal marketing Concept
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Customer needsCustomer needs
Stated needsReal needsUnstated needsDelight needsSecret Needs
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Company Responses and Company Responses and AdjustmentsAdjustments
Reengineering Outsourcing E – Commerce Bench marking Alliances
Partner – supplies Market centered Global/local Decentralization