1.Basics of Marketing (E9-11)

8/7/2019 1.Basics of Marketing (E9-11)

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Introduction to

Marketing

Chapter 1

References:

Marketing (Philip Kotler)

Internet

VU

Resource Person: Furqan-ul-haq Siddiqui


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Contributions in making a business

successful

Strategy

Dedicated Employees

Resources

Feasible Environment

Excellent implementation of Strategy

Marketing


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What is Marketing, anyway?

Publicrelations

Sponsors

Pricing

Innovation

Billboard

s

Promotion

ArtofSel

ling

Shopping

Packaging

Advertisement

Services

CheatingCustomers

Luc

ky

D

raws/GiftsD

isco

unts

Res

earch


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What is Marketing?What is Marketing?

Marketing is telling & selling

Marketing is advertising & selling

Learning to make what you can sell & selling

what you can make.

Marketing deals with customers


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More simply:

Marketing is the delivery ofcustomer satisfaction at a profit.


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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.

Art of Selling product.


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Marketing is the process of managing profitablecustomer relationship. It seeks to create & manage

profitable customer relationship by delivering

superior value to them.

Marketing is a societal & managerial 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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Marketing is the process of determining consumers

demand for a product or service, motivating its saleand distributing it to ultimate consumer at a profit orminimal loss.

Marketing is total system of business activitiesdesign to plan, price, promotion and distribution ofwant satisfying and services to target market in order

to achieve organizational objective.


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AMA Definition

Marketing is an organizational function and a set of

processes for creating, communication, and delivering to

customers and for managing customer relationships in a

way that benefit the organization and its stakeholders.

Wikipedia Definition

Marketing is an integrated communications-based processthrough which individuals and communities discover that

existing and newly-identified needs and wants may be

satisfied by the products and services of others.


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Peter Drucker

"the father of modern management,

Goal of all organizations is to

gain and retain customers

Innovation and marketingare the only

two ways to achieve the goal


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Costs

About 50% of total

product costs are

marketing costs

Contributions to

Individual Organizations

Critical to the successof a firm

Careers

About 25 to 33% of

the work force hold

marketing positions.

Contributions to Society

Marketing decisions affect

the lives of individual

consumers and society asa whole

Why Study

Marketing ?


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Marketing Mix(4Ps of Marketing)(4Ps of Marketing)

Set of marketing

tools used by a

firm to pursue its

marketing objectivesin a target market.

Or

Combination of a

number of policiesto realize profit

through customer

satisfaction.


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Scope of Marketing

What is Marketed?

Basically 10 types of entities are being marketed.

1. Goods Consumer goods, industrial goods

2. Services Intangible offerings of people ororganizations

3. Experiences Tourism, Recreation, adventure

4. Events Anniversaries, shows, testimonials5. Persons Marketing one's self e.g. celebrities,

politicians, artists etc.


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6. Places Cities, states, regions, historicalplaces, tourism

7. Properties Intangible rights of ownershipeither real property (real estates) or financialproperty ( stocks & bonds).

8. Organizations Firms, Universities, museums.

9. Information News, views like encyclopediasnews papers etc.

10.Ideas New ideas/research about production,services, advertisement etc.


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Kinds of Markets

1. Consumer Market Consists of all individualsor house holds who buy or acquire offeringsfor personal usage.

2. Industrial/Business Market Consists ofbuyers who purchase or acquire offerings forresell or reproduction to earn profit

3. Global Market/International markets.4. Non Profit & Government Markets


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Marketersome one who is seeking a response

(attention. A purchase, a vote, a donation) from anotherparty called prospect. Prospects future potential buyer Need, Wants, and Demand

Need Basic human requirement Want Need becomes want when it is directed to

specific object that satisfies need.

Demand want for specific product backed bypurchasing power. Marketing Offer- Some combination of products,

services, information or experience offered to market to

satisfy a need or a want.


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Value is ratio between what consumer gets & what he gives(Value = Benefits / Costs orValue= Functional benefits +

Emotional benefits / Monetary costs + Time costs + Energy costs +Psychic costs)

Marketers can enhance the value of an offering to the customer

by:

Raising benefits. Reducing costs.

Raising benefits while lowering costs.

Raising benefits by more than the increase in costs.

Lowering benefits by less than the reduction in costs.

Customer Satisfaction- Its related with how well the

product performance lives up to customers expectation.


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A person can obtain a product by 4 ways Self Produce By Force

Beg Exchange ( Core of Marketing)

Exchange involves obtaining a desired product fromsomeone by offering something in return. 5 conditions of exchange At least 2 parties Each party must have some thing value able to other party Parties are capable to communicate & deliver Parties are free to accept or reject exchange offers

Willingness to deal with other party Transaction A trade of values between two or more parties,

involves at least two things of value, agreed-uponconditions, a time of agreement, and a place of agreement.

Transfer A gives something to B but doesnt receiveanything tangible in return.

Documents

1.Basics of Marketing (E9-11)