By the end of this lesson the learner should be
1.Explain meaning of terms
2.Explain the marketing concepts
3.Discuss the nature of marketing services
Meaning of marketing
There are many definitions of marketing. The
better definitions are focused upon customer
orientation and satisfaction of customer needs.
is the social process by which
individuals and groups obtain what they need
and want through creating and exchanging
products and value with others
is the management process
that identifies, anticipates and satisfies
customer requirements profitably
is the process of understanding
and influencing markets.
Meaning of sales
branch of marketing that deals with the
exchange of goods and/or service for an
amount of money or its equivalent
The marketing concept is a philosophy. It
makes the customer, and the satisfaction of
his or her needs, the focal point of all
business activities. It is driven by senior
managers, passionate about delighting their
customers. It includes:
a)choosing and targeting appropriate
b)positioning your offering
interacting with those customers
controlling the marketing effort
continuity of performance
Core marketing concept
The core marketing concepts help to
understand the basic principles of marketing.
The core concepts include:
Needs, wants, demands
Products and services
Customer value, satisfaction and quality
Exchange, transactions and relationships
The Nature of Marketing
Marketing is misunderstood by many - it is not
simply advertising. Advertising is only one small
element of marketing. A firm's Marketing Policy
is part of its strategic business plan and is
essentially a process whereby the firm's ability to
supply services is brought into balance with
expected demand for its services from present
and future clients. This mechanism ensures that
the firm maintains growth and profitability. In an
era where in most sectors of work cut-throat
competition prevails; no firm can afford to be
without knowledge, however basic, of marketing
The nature of services
Marketing services is accepted as more
difficult than marketing products. Services
have several qualitative differences and
are:Heterogeneous - in other words they
cannot be standardized.
Inseparable - Unlike producing for instance
baked beans, the production,
Marketing and delivery of services is very
often the same process.
and cannot be stored. This means
that supply and demand must be matched or
production will be lost.
Intangible - they cannot be seen and very
seldom can they be objectively measured.
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