Topic 1 Marketing

8/6/2019 Topic 1 Marketing

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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.

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Thank You

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Topic 1 Marketing