01. introduction to marketingPresentation Transcript
Chapter | 1Introduction to MarketingLecture 1 – February 15, 2012 A process by which a firmRajeev Shrestha profitably translates customer needs into revenue. It is called… MARKETING
OVERVIEW•Concept and importance of marketing•Approaches to the study of marketing•Marketing mix and its components Marketing comes in a wide variety of flavors based on audience, media platform and business in today’s evolving and dynamic marketplace.
What is Marketing?•Create value and get value in return•Products can be copied but not the feelings towards them•Relationship management rather than just selling•Selling and advertising just tips of an iceberg•Applicable for all – Profit seeking companies, non-profitseeking companies•Managing profitable customer relationships
What is Marketing?Marketing deals with identifying and meeting human andsocial needs. It is seen as the task of creating, promotingand delivering goods and services to consumers andbusinesses.Marketing is a social and managerial process wherebyindividuals and groups obtain what they need and wantthrough creating and exchanging products and value withothers.
And Marketing Management deals with…Choosing target markets and getting, keeping and growingcustomers through creating, delivering and communicatingsuperior customer value.
Marketing ProcessUnderstandi Preparing Designing a Building ng the an Customer- CapturingMarketplace Integrated Customer and Driven Value from Marketing Relationsh Customer Marketing Customers Plan and ips Needs Strategy Program
Core Marketing Concepts –Understanding MarketplaceNeeds:is a state of felt deprivation. They are basic human needs.Wants:The form taken by a human need as shaped by culture andindividual personality. Objects that will satisfy ones needs.Given a want and depending on resources, people demandproducts with benefits that add up to the most value andsatisfaction.
When Wants Become Needs…Needs are what you must have. Needs are essential. Wantsare what you would like to have.Wants are nice to have. But sometimes wants can becomeneeds.
I need avehicle totravel around
How Wants Become Needs?Wants can become needs. Two ways this can happen are: • Through commercials or ads, and • Convincing yourself a want is a need. “Needs are not created by marketers; they are a basic part of the human makeup.” Marketing is a “value creating” and “value delivering” process.
More on how to understand the marketplace• Customer Value and Satisfaction• Exchanges and Relationships• Markets
Designing a Customer-DrivenMarketing Strategy• Selecting customers to serve• Choosing a value proposition• Marketing Management Orientations • The Production Concept • The Product Concept • The Selling Concept • The Marketing Concept – Sense and respond • The Societal Marketing Concept
Relationship MarketingRelationship Marketing is the practice of building long termsatisfying relations with the key parties –suppliers, distributors, customers.Smart marketers always build up a “win-win” situation.The ultimate outcome of RM is marketing network.
Marketing Changes and Challengesin the New Millennium The Digital Rapid Age Globalization Ethics and Growth of social not-for-profit responsibility marketing