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Chapter 1DATW 241 – MARKETING PRINCIPLES
Prepared by:Nor Izzuddin Bin Norrahman
Lecturer of Management, Banking and Islamic FinanceAstin College
What is MARKETING?
Definition…
• American Marketing Association – Marketingas the process of planning and executing theconception, pricing, promotion, anddistribution of ideas, goods, and services tocreate exchanges that satisfy individual andorganizational objectives.
• (Dann and Dann,2004)
• Kotler and Armstrong, 2001 – Marketing as asocial and managerial process wherebyindividuals and groups obtain what they needand want through creating and exchangingproducts and value with others.
Points to ponder…
• Is there any marketing definition trough religion?
• Is it related with religion?
• Is religion belief will affecting the marketing?
• (Dann and Dann,2004) - The definitions of marketing established a series of elements, which are as follows:
– Marketing is a process
– Marketing requires planning
– Marketing is involved from design to delivery
– Marketing involves ideas, goods, and services
– Marketing create exchanges
– Marketing satisfies individual and organizational objectives
Core Marketing Concept
Needs, wants, and demands
Products and services
Value, satisfaction, and quality
Exchange, transactions,
and relationships
Markets
• Needs, wants, and demands
– Human needs are states of felt deprivation. Includes basic physical needs.
• Examples?
– ‘Wants’ are the form of human needs. Shaped by culture and individual personality.
• Examples?
– When ‘Wants’ is backed by the buying power, it becomes demands.
• Examples?
Points to ponder…
• What is your needs as a student?
• Is your asset and your lifestyle are according to your ‘wants’ or ‘needs’?
• Are your ‘demands’ backed up by your own buying power?
• Products and services
– A product is anything that can be offered to a market to satisfy a need or want.
– Products may include services.
– Products also include other entities such as experiences, persons, places, organizations, information and ideas.
– Thus, product is not only physical goods or services.
• Value, satisfaction, and quality
– Consumers make buying choices based on their perceptions of the value that various products and services deliver.
– Customers value : the difference between the values of the customer GAINS from owning or using the products, and the COSTS of obtaining the products.
– The one that gives them the greatest delivered value.
– Customers satisfaction : Depends on a product’s PERCEIVED performance in delivering value relative to a buyer’s expectations.
• (Performance = Expectations)
– Quality : The totality of features and characteristics of a product or service that bear on its ability to satisfy customers need.
• (Performance > Expectations)
• Exchange, Transactions, and Relationships
– Exchange: The act of obtaining a desired objectfrom someone by offering something in return.
– Transactions: Trade value between two parties.
• Barter – Products VS. Products.
• Classic – Money VS. Products
– Relationships: Beyond creating short termtransactions, marketers need to build long-termrelationships with valued customers, distributors,dealers and suppliers.
• Markets
– A market is the set of actual and potential buyers of a products.
– Size of the market depend on the number of people who exhibit the need, have resources to engage in exchange, and are willing to make an exchange.
– Examples?
Marketing Concepts
The production
concept
The product concept
The selling concept
The marketing concept
The social marketing concept
• The production concept
– Favors products that AVAILABLE and highly AFFORDABLE
– Focus on improving production and distribution efficiency
– Pros? Cons?
• The product concept
– The product concept holds that consumers favor products that offer most quality, performance, and features.
– Can lead to “marketing myopia”.
– Pros? Cons?
• The selling concept
– This concept holds that the consumers will not buy enough of the organization’s product unless it undertakes a large SELLING and PROMOTIONeffort.
– Pros? Cons?
• The marketing concept
– Achieving organizational GOALS depends on determining the NEEDS & WANTS of target markets and delivering the desired satisfactions more effectively and efficiently than competitors.
• The societal marketing concept
Society
•Human Welfare
Consumers
•Want Satisfaction
Company
•Profits
Societal Marketing Concept
Factory
• Starting point
Existing Products
• Focus
Selling & Promotion
• Means
Profits trough volumes
• Ends
The Selling Concept
The Marketing Concept
MarketCustomer
needsIntegrate
marketing
Profits trough
customer satisfaction
The Marketing Mix
Quick Review
Chapter 1
go raibh maith agat…aon cheist?