Prof Prashant Kumar GuptaLecturer: Jain College Of MBA and MCA

What will we be learning..???

What is marketing?

Why is marketing important?

What is the scope of marketing?

Some fundamental marketing concepts.

Marketing : Micro and Macro concept

Marketing…????

MeetingNeeds

Profitably

Marketing Management

Marketing is an organisational functionAnd a set of processesFor creating, communicating, and deliveringValue to customersAnd for managing customer relationshipsIn ways that benefit the organisation and the

stakeholders

Marketing Management The social side of it

A societal process

Individuals or groups obtain their needs and wants

Create, offer and freely exchange

Products and services of value

Understanding Marketing

It is an art as well as science.

Choosing target markets.

Get, keep and grow customers.

Create, deliver and communicate superior customer value

Communicating Superior Value

What is MARKETED…???

Experience

Events

Goods

People

Services

Place

Properties

OrganisationsIdeas

Basic Terms: Exchange & Transaction

Exchange & Transaction

The act of obtaining a desired object from someone by offering something

in return

5 Conditions for an exchange to happen:-

• Existence of two parties• Each party must have something of value to the other

• Each party is capable of communication & delivery • Each party is free to accept or reject the offer

• Each party believes that it is appropriate to deal with the other party

Exchange & Transaction

Two parties are in the process of exchange when they negotiate

When they mutually agree on the terms and conditionsit becomes a transaction, an event

Basic Terms: Needs, Wants &

Demands

Need:-• Basic human requirements like food, clothing and shelter• Can also include needs like education and recreation• Find out types of needs

Want:-• Need directed to specified object• Is shaped by culture and individual• Might satisfy the need

Demand:-• Wants backed by purchasing power

Basic Terms: Value &

Satisfaction

Value:-• Reflects perceived tangible & intangible benefits & costs• Usually combination of quality, service and price

Satisfaction:-• Customer’s comparative judgment of expectation and perceived performance

Customer Expectation=Performance =>Satisfaction

Customer Expectation>Performance => Dissatisfaction

Customer Expectation<Performance => High Satisfaction

Basic Terms: Offering & Branding

• Needs are addressed by value proposition• Set of benefits offered to satisfy needs• Value proposition is made physical by an

offering

• An offering from a known source• All companies strive to build a strong,

favourable and unique image

Offering:-

Branding:-

Basic Terms: Market

Physical placeBuyers and Sellers meetTransaction happens

Key customer markets:-1. Consumer Market2. Business Market3. Global Market

Who Markets…???

A Marketer is someone who seeks a

Response from a party ,

referred as Prospect.

Marketer

Skilled in stimulating demand.Responsible for demand management, i.e., identify the demand state and determine plan for it.

There are eight Demand States of a consumer which need to be identified.

Demand States

Negative Demand: Customers dislike the product and may even pay a price to avoid it.

Non-existent Demand: Customers may be unaware or uninterested in the product.

Latent Demand: Consumers may have a strong need that cannot be satisfied by an existing product.

Declining Demand: Consumers buy the product less frequently or not at all.

Irregular Demand: Purchases vary on a seasonal, monthly, weekly or even daily.

Full Demand: Customers buy in adequate amount products available in market.

Overfull Demand: Many consumers would like to buy the product that can be satisfied.

Unwholesome Demand: Consumers may be attracted towards products having undesirable social consequences.

Thank You…!

That’s It For Today