SlideShare a Scribd company logo

Lecture 1 Defining Marketing and the Marketing Process

•Download as PPTX, PDF•
•
International Balkan University
International Balkan University

Defining Marketing and the Marketing Process

Marketing
1 of 27
Defining Marketing and the Marketing Process October, 2020
Write a few words that associate you with Marketing!
Words that associate with Marketing! TV Advertising Selling Promotion Sales person Web-pages Pop-ups Magazine’s ads Radio ads Display
Marketing is all around us! TV advertisements Product’s displays Newspaper & Magazines Brochures & Leaflets Direct mail offers Web sites
Marketing is about…..4P Product Promotion Price Place Marketing deals with customers!
Marketing is managing profitable customer relationships! Marketing is about satisfying customer needs! Marketers must: Understand customer needs Develop valuable products Price them Distribute them & Promote them! It’s not only selling & advertising!
Marketing is all about customers! Two goals: Keep and grow current customers Attracting new customers
Definition of Marketing AMA: Marketing is a process by which companies createvalue for customers and build strongcustomer relationships in order to capture value from customers in return! Production Producer Distribution Customer Pricing Promotion Strong relationship between them!
Who uses Marketing? Large companies Non-for-Profit organizations Museums Hospitals Colleges Churches
Who uses Marketing?
The Marketing Process (simple 5-phased model) ted A) B) C) D) E) Understandthe Marketplace & Customer needs andwants Designa Customer- driven Marketing Strategy Construct an Integrated Marketing program that delivers superior value Buildprofitable relationships and createcustomer satisfaction Capturevaluefrom customers in formof sales,profit and long-term relationship Understand customers, create value & build relationship Reap rewards of created superior value
The Marketing Process (First phase) A) Understandthe Marketplace & Customer needs andwants Needs, Wants & Demands Marketing offerings Value & Satisfaction Exchange & Relationships Markets
Needs, Wants & Demands NEEDS State of felt deprivation! Feeling thatsomethingis missing (for living!) Basic needs Social needs Individual needs
Needs, Wants & Demands NEEDS Maslow’sHierarchyof HumanNeeds
Needs, Wants & Demands Exercise: Arrange the given words on the five levels of the Maslow’s pyramid!Whichword belongs to which level? Health insurance Safe-box Vegetable House Sleep Coffee with a friend Nomination for Nobel prize Fruit Car insurance Employment Getting PhD Breathing Proclaimed as the Best student in school Finished Marketing course Award for your patent for Covid 19 vaccine
Needs, Wants & DemandsExercise solved: Physiological Health insurance Safe-box Vegetable House Sleep Coffee with a friend Nomination for Nobel prize Fruit Car insuranceEmployment Getting PhD Breathing Proclaimed as the Best student in school Finished Marketing course Award for your patent for Covid 19 vaccine Safety Love / belonging Esteem Self-Actualization
Needs, Wants & Demands WANTS Wanting things to feel & live more comfortable! You can live withoutthem! Ex: An American NEEDS food & WANTSa Big Mac, Coca Cola, French fries!
Needs, Wants & Demands DEMANDS Human wantsthat are backedby buying power! Ex: I want it, I have money & I will buy it!
Needs, Wants & Demands Companies: Try to understand customer needs, wants and demands, through: Consumer research Data analysis
Marketing Offerings PRODUCTS Physical items! SERVICES EXPERIENCES Intangible acts! + people, places, ideas, information
* Marketing Myopia PRODUCTS Focusing more on products than consumers!
Customer Value and Satisfaction How do customers chooseto buy fromso many product offerings in the market? EXPACTATIONS SATISFACTION Word – of –Mouth! Satisfiedcustomers buy again and tell others to buy! Dissatisfiedcustomers switch to competitors!
Customer Value and Satisfaction RIGHT EXPACTATIONS TOO HIGH– Disappointedcustomers! TOO LOW– Fail to attract more customers!
Exchange & Relationships EXCHANGE Act of obtaining a desired object from someone by offering something in return! Kinds of Response: A company likes consumers to buy its products/services A political candidate wants votes A church wants membership An orchestra wants an audience A social action group wants followers
Markets Market = set of actual and potential buyers of a product / service! Individual (consumer) market Business (company) market
Markets Marketers need to manage markets and create relationships with customers! They must: Search for buyers! Identify their needs and wants! Design good marketing offerings! Set prices to goods/services! Promote them! Store and deliver them! Marketing core activities: research, product development, communication, distribution, pricing & services
Homework Write down two products for each level on the Maslow’s pyramid of hierarchy of needs

Recommended

Lecture 2 Process of Marketing research with notes - First step
Lecture 2 Process of Marketing research with notes - First stepLecture 2 Process of Marketing research with notes - First step
Lecture 2 Process of Marketing research with notes - First step
International Balkan University
 
Lecture 2 Defining Marketing and Marketing process 2
Lecture 2 Defining Marketing and Marketing process 2Lecture 2 Defining Marketing and Marketing process 2
Lecture 2 Defining Marketing and Marketing process 2
International Balkan University
 
21st Century Marketing
21st Century Marketing21st Century Marketing
21st Century Marketing
Ateneo Graduate School of Business
 
Fashion Marketing (Branding)
Fashion Marketing (Branding)Fashion Marketing (Branding)
Fashion Marketing (Branding)
Laith Eid, MBA, I-MEC
 
entrepreneurial marketing. New marketing, innovation in marketing, 21st centu...
entrepreneurial marketing. New marketing, innovation in marketing, 21st centu...entrepreneurial marketing. New marketing, innovation in marketing, 21st centu...
entrepreneurial marketing. New marketing, innovation in marketing, 21st centu...
Jorge Saguinsin
 
Lecture 9 Promotion of products and services
Lecture 9 Promotion of products and servicesLecture 9 Promotion of products and services
Lecture 9 Promotion of products and services
International Balkan University
 
Entrepreneurial marketing presentation by barry ardley for fill the gap marke...
Entrepreneurial marketing presentation by barry ardley for fill the gap marke...Entrepreneurial marketing presentation by barry ardley for fill the gap marke...
Entrepreneurial marketing presentation by barry ardley for fill the gap marke...
Fill the Gap Marketing Ltd
 
Entrepreneurial Marketing
Entrepreneurial Marketing Entrepreneurial Marketing
Entrepreneurial Marketing
Marieta_Mihaylova
 

Recommended

Lecture 2 Process of Marketing research with notes - First step
Lecture 2 Process of Marketing research with notes - First stepLecture 2 Process of Marketing research with notes - First step
Lecture 2 Process of Marketing research with notes - First step
International Balkan University
 
Lecture 2 Defining Marketing and Marketing process 2
Lecture 2 Defining Marketing and Marketing process 2Lecture 2 Defining Marketing and Marketing process 2
Lecture 2 Defining Marketing and Marketing process 2
International Balkan University
 
21st Century Marketing
21st Century Marketing21st Century Marketing
21st Century Marketing
Ateneo Graduate School of Business
 
Fashion Marketing (Branding)
Fashion Marketing (Branding)Fashion Marketing (Branding)
Fashion Marketing (Branding)
Laith Eid, MBA, I-MEC
 
entrepreneurial marketing. New marketing, innovation in marketing, 21st centu...
entrepreneurial marketing. New marketing, innovation in marketing, 21st centu...entrepreneurial marketing. New marketing, innovation in marketing, 21st centu...
entrepreneurial marketing. New marketing, innovation in marketing, 21st centu...
Jorge Saguinsin
 
Lecture 9 Promotion of products and services
Lecture 9 Promotion of products and servicesLecture 9 Promotion of products and services
Lecture 9 Promotion of products and services
International Balkan University
 
Entrepreneurial marketing presentation by barry ardley for fill the gap marke...
Entrepreneurial marketing presentation by barry ardley for fill the gap marke...Entrepreneurial marketing presentation by barry ardley for fill the gap marke...
Entrepreneurial marketing presentation by barry ardley for fill the gap marke...
Fill the Gap Marketing Ltd
 
Entrepreneurial Marketing
Entrepreneurial Marketing Entrepreneurial Marketing
Entrepreneurial Marketing
Marieta_Mihaylova
 
Marketing basics teacher
Marketing basics teacherMarketing basics teacher
Marketing basics teacher
maynardteacher
 
Brand Strategy Pres For Spa
Brand Strategy Pres For SpaBrand Strategy Pres For Spa
Brand Strategy Pres For Spa
shekharbadve
 
Fashion Marketing Week 2
Fashion Marketing Week 2Fashion Marketing Week 2
Fashion Marketing Week 2
janemonkey
 
Basic marketing
Basic marketingBasic marketing
Basic marketing
Romualdo Romeo Ortiz
 
30 frases sobre Marketing de Philip Kotler
30 frases sobre Marketing de Philip Kotler30 frases sobre Marketing de Philip Kotler
30 frases sobre Marketing de Philip Kotler
Associação Portuguesa dos Profissionais de Marketing
 
Fashionmktingwk15 Review
Fashionmktingwk15 ReviewFashionmktingwk15 Review
Fashionmktingwk15 Review
janemonkey
 
Marketing basics rev 12
Marketing basics rev 12Marketing basics rev 12
Marketing basics rev 12
maynardteacher
 
Chapter 10 - Marketing Basics
Chapter 10 - Marketing BasicsChapter 10 - Marketing Basics
Chapter 10 - Marketing Basics
wrhsbusiness
 
10 question for defining marketing for 21st century chapter 1
10 question for defining marketing for 21st century chapter 110 question for defining marketing for 21st century chapter 1
10 question for defining marketing for 21st century chapter 1
Rex Sandoval
 
Blending traditional and social media marketing
Blending traditional and social media marketingBlending traditional and social media marketing
Blending traditional and social media marketing
Kathryn Gorges Marketing
 
Marketing for the 21st Century
Marketing for the 21st CenturyMarketing for the 21st Century
Marketing for the 21st Century
AIMS Education
 
Evolution of Marketing Concept
Evolution of Marketing ConceptEvolution of Marketing Concept
Evolution of Marketing Concept
Cik Aisyahfitrah
 
Fashion Marketing Week 7
Fashion Marketing Week 7Fashion Marketing Week 7
Fashion Marketing Week 7
janemonkey
 
Entrepreneurial Marketing versus Traditional Marketing: An Overview
Entrepreneurial Marketing versus Traditional Marketing: An OverviewEntrepreneurial Marketing versus Traditional Marketing: An Overview
Entrepreneurial Marketing versus Traditional Marketing: An Overview
Ashford University
 
Marketing strategies
Marketing strategies Marketing strategies
Marketing strategies
marketpedia_k
 
Managing Marketing Communications for Francesca's
Managing Marketing Communications for Francesca'sManaging Marketing Communications for Francesca's
Managing Marketing Communications for Francesca's
Akanksha Jain
 
Managing customer service
Managing customer serviceManaging customer service
Managing customer service
Yodhia Antariksa
 
Marketing management orientation philosophies
Marketing management orientation philosophiesMarketing management orientation philosophies
Marketing management orientation philosophies
edansereau
 
Concepts of Marketing Process
Concepts of Marketing ProcessConcepts of Marketing Process
Concepts of Marketing Process
ABPHR
 
Fashion marketing
Fashion marketingFashion marketing
Fashion marketing
Aman Bagri
 
Principles Of Marketing 1
Principles Of Marketing 1Principles Of Marketing 1
Principles Of Marketing 1
ali.jibran
 
Mkt1 (1)
Mkt1 (1)Mkt1 (1)
Mkt1 (1)
Uma Rungta
 

More Related Content

What's hot

Marketing basics teacher
Marketing basics teacherMarketing basics teacher
Marketing basics teacher
maynardteacher
 
Brand Strategy Pres For Spa
Brand Strategy Pres For SpaBrand Strategy Pres For Spa
Brand Strategy Pres For Spa
shekharbadve
 
Marketing basics rev 12
Marketing basics rev 12Marketing basics rev 12
Marketing basics rev 12
maynardteacher
 
Chapter 10 - Marketing Basics
Chapter 10 - Marketing BasicsChapter 10 - Marketing Basics
Chapter 10 - Marketing Basics
wrhsbusiness
 
10 question for defining marketing for 21st century chapter 1
10 question for defining marketing for 21st century chapter 110 question for defining marketing for 21st century chapter 1
10 question for defining marketing for 21st century chapter 1
Rex Sandoval
 
Fashion marketing
Fashion marketingFashion marketing
Fashion marketing
Aman Bagri
 

What's hot (20)

Marketing basics teacher
Marketing basics teacherMarketing basics teacher
Marketing basics teacher
 
Brand Strategy Pres For Spa
Brand Strategy Pres For SpaBrand Strategy Pres For Spa
Brand Strategy Pres For Spa
 
Fashion Marketing Week 2
Fashion Marketing Week 2Fashion Marketing Week 2
Fashion Marketing Week 2
 
Basic marketing
Basic marketingBasic marketing
Basic marketing
 
30 frases sobre Marketing de Philip Kotler
30 frases sobre Marketing de Philip Kotler30 frases sobre Marketing de Philip Kotler
30 frases sobre Marketing de Philip Kotler
 
Fashionmktingwk15 Review
Fashionmktingwk15 ReviewFashionmktingwk15 Review
Fashionmktingwk15 Review
 
Marketing basics rev 12
Marketing basics rev 12Marketing basics rev 12
Marketing basics rev 12
 
Chapter 10 - Marketing Basics
Chapter 10 - Marketing BasicsChapter 10 - Marketing Basics
Chapter 10 - Marketing Basics
 
10 question for defining marketing for 21st century chapter 1
10 question for defining marketing for 21st century chapter 110 question for defining marketing for 21st century chapter 1
10 question for defining marketing for 21st century chapter 1
 
Blending traditional and social media marketing
Blending traditional and social media marketingBlending traditional and social media marketing
Blending traditional and social media marketing
 
Marketing for the 21st Century
Marketing for the 21st CenturyMarketing for the 21st Century
Marketing for the 21st Century
 
Evolution of Marketing Concept
Evolution of Marketing ConceptEvolution of Marketing Concept
Evolution of Marketing Concept
 
Fashion Marketing Week 7
Fashion Marketing Week 7Fashion Marketing Week 7
Fashion Marketing Week 7
 
Entrepreneurial Marketing versus Traditional Marketing: An Overview
Entrepreneurial Marketing versus Traditional Marketing: An OverviewEntrepreneurial Marketing versus Traditional Marketing: An Overview
Entrepreneurial Marketing versus Traditional Marketing: An Overview
 
Marketing strategies
Marketing strategies Marketing strategies
Marketing strategies
 
Managing Marketing Communications for Francesca's
Managing Marketing Communications for Francesca'sManaging Marketing Communications for Francesca's
Managing Marketing Communications for Francesca's
 
Managing customer service
Managing customer serviceManaging customer service
Managing customer service
 
Marketing management orientation philosophies
Marketing management orientation philosophiesMarketing management orientation philosophies
Marketing management orientation philosophies
 
Concepts of Marketing Process
Concepts of Marketing ProcessConcepts of Marketing Process
Concepts of Marketing Process
 
Fashion marketing
Fashion marketingFashion marketing
Fashion marketing
 

Similar to Lecture 1 Defining Marketing and the Marketing Process

Chapter 1 Creating And Capturing Customer Value
Chapter 1 Creating And Capturing Customer ValueChapter 1 Creating And Capturing Customer Value
Chapter 1 Creating And Capturing Customer Value
KathyBright
 
Marketing Management Session 1 & 2
Marketing Management Session 1 & 2 Marketing Management Session 1 & 2
Marketing Management Session 1 & 2
Harish Lunani
 
Sme022208 soriano
Sme022208 sorianoSme022208 soriano
Sme022208 soriano
aaaroben
 
Fundamental Of Marketing For Orientation
Fundamental Of Marketing For OrientationFundamental Of Marketing For Orientation
Fundamental Of Marketing For Orientation
Holostik India Ltd.
 
Master C R M 01 M K T Basics C R M
Master C R M 01 M K T Basics C R MMaster C R M 01 M K T Basics C R M
Master C R M 01 M K T Basics C R M
guestf468424
 
Fundamentals Of Marketing & Customer Service
Fundamentals Of Marketing & Customer ServiceFundamentals Of Marketing & Customer Service
Fundamentals Of Marketing & Customer Service
Ashraf Ayoub
 
Fundamentalsofmarketingcustomerservice 090411044202 Phpapp01
Fundamentalsofmarketingcustomerservice 090411044202 Phpapp01Fundamentalsofmarketingcustomerservice 090411044202 Phpapp01
Fundamentalsofmarketingcustomerservice 090411044202 Phpapp01
GOEL'S WORLD
 

Similar to Lecture 1 Defining Marketing and the Marketing Process (20)

Principles Of Marketing 1
Principles Of Marketing 1Principles Of Marketing 1
Principles Of Marketing 1
 
Mkt1 (1)
Mkt1 (1)Mkt1 (1)
Mkt1 (1)
 
Marketing Strategies in 2020
Marketing Strategies in 2020Marketing Strategies in 2020
Marketing Strategies in 2020
 
Chesterville sept 2018
Chesterville sept 2018Chesterville sept 2018
Chesterville sept 2018
 
Marketing for the 21st Century
Marketing for the 21st CenturyMarketing for the 21st Century
Marketing for the 21st Century
 
Chapter 1 Creating And Capturing Customer Value
Chapter 1 Creating And Capturing Customer ValueChapter 1 Creating And Capturing Customer Value
Chapter 1 Creating And Capturing Customer Value
 
Ch01
Ch01Ch01
Ch01
 
Marketing Management Session 1 & 2
Marketing Management Session 1 & 2 Marketing Management Session 1 & 2
Marketing Management Session 1 & 2
 
Principles of Marketing Chapter 2
Principles of Marketing Chapter 2Principles of Marketing Chapter 2
Principles of Marketing Chapter 2
 
Week 5- Overview of Marketing
Week 5- Overview of MarketingWeek 5- Overview of Marketing
Week 5- Overview of Marketing
 
Sme022208 soriano
Sme022208 sorianoSme022208 soriano
Sme022208 soriano
 
Fundamental Of Marketing For Orientation
Fundamental Of Marketing For OrientationFundamental Of Marketing For Orientation
Fundamental Of Marketing For Orientation
 
Marketing strategies for small businesses by Charles Odii
Marketing strategies for small businesses by Charles OdiiMarketing strategies for small businesses by Charles Odii
Marketing strategies for small businesses by Charles Odii
 
Chapter 1 Creating and capturing customer value by Philip Kotler
Chapter 1 Creating and capturing customer value by Philip KotlerChapter 1 Creating and capturing customer value by Philip Kotler
Chapter 1 Creating and capturing customer value by Philip Kotler
 
Marketing Basics
Marketing BasicsMarketing Basics
Marketing Basics
 
Master C R M 01 M K T Basics C R M
Master C R M 01 M K T Basics C R MMaster C R M 01 M K T Basics C R M
Master C R M 01 M K T Basics C R M
 
Fundamentals Of Marketing & Customer Service
Fundamentals Of Marketing & Customer ServiceFundamentals Of Marketing & Customer Service
Fundamentals Of Marketing & Customer Service
 
Fundamentals Of Marketing & Customer Service
Fundamentals Of Marketing & Customer ServiceFundamentals Of Marketing & Customer Service
Fundamentals Of Marketing & Customer Service
 
Fundamentalsofmarketingcustomerservice 090411044202 Phpapp01
Fundamentalsofmarketingcustomerservice 090411044202 Phpapp01Fundamentalsofmarketingcustomerservice 090411044202 Phpapp01
Fundamentalsofmarketingcustomerservice 090411044202 Phpapp01
 
Social Media Vs Tradional Marketing
Social Media Vs Tradional MarketingSocial Media Vs Tradional Marketing
Social Media Vs Tradional Marketing
 

More from International Balkan University

More from International Balkan University (20)

New Marketing Strategies
New Marketing StrategiesNew Marketing Strategies
New Marketing Strategies
 
Lecture 6 Exchange rate
Lecture 6 Exchange rateLecture 6 Exchange rate
Lecture 6 Exchange rate
 
Lecture 6 Scales and Measurements
Lecture 6 Scales and MeasurementsLecture 6 Scales and Measurements
Lecture 6 Scales and Measurements
 
Lecture 7 New Product Development and Product Life Cycle strategies
Lecture 7 New Product Development and Product Life Cycle strategiesLecture 7 New Product Development and Product Life Cycle strategies
Lecture 7 New Product Development and Product Life Cycle strategies
 
Lecture 5 Marketing research -Questionnaire
Lecture 5 Marketing research -QuestionnaireLecture 5 Marketing research -Questionnaire
Lecture 5 Marketing research -Questionnaire
 
Lecture 6 Product, Product lines and Product mix
Lecture 6 Product, Product lines and Product mixLecture 6 Product, Product lines and Product mix
Lecture 6 Product, Product lines and Product mix
 
Lecture 4 Marketing research -cont
Lecture 4 Marketing research -contLecture 4 Marketing research -cont
Lecture 4 Marketing research -cont
 
Lecture 5 Transnational corporations
Lecture 5 Transnational corporationsLecture 5 Transnational corporations
Lecture 5 Transnational corporations
 
Lecture 5 Product as the first element of the Marketing mix
Lecture 5 Product as the first element of the Marketing mixLecture 5 Product as the first element of the Marketing mix
Lecture 5 Product as the first element of the Marketing mix
 
Lecture 4 Trade blocs
Lecture 4 Trade blocsLecture 4 Trade blocs
Lecture 4 Trade blocs
 
Lecture 4 Segmentation, Targeting and Positioning
Lecture 4 Segmentation, Targeting and PositioningLecture 4 Segmentation, Targeting and Positioning
Lecture 4 Segmentation, Targeting and Positioning
 
Lecture 3 Defining marketing and Marketing process 3
Lecture 3 Defining marketing and Marketing process 3Lecture 3 Defining marketing and Marketing process 3
Lecture 3 Defining marketing and Marketing process 3
 
Lecture 3 Trade liberalization
Lecture 3 Trade liberalizationLecture 3 Trade liberalization
Lecture 3 Trade liberalization
 
Lecture 3 Marketing research process -Research Design
Lecture 3 Marketing research process -Research DesignLecture 3 Marketing research process -Research Design
Lecture 3 Marketing research process -Research Design
 
Lecture 2 Restrictions on International Trade
Lecture 2 Restrictions on International TradeLecture 2 Restrictions on International Trade
Lecture 2 Restrictions on International Trade
 
Lecture 1 International Economics defined
Lecture 1 International Economics definedLecture 1 International Economics defined
Lecture 1 International Economics defined
 
Lecture 1 Intrudoction to Marketing research
Lecture 1 Intrudoction to Marketing researchLecture 1 Intrudoction to Marketing research
Lecture 1 Intrudoction to Marketing research
 
Women in advertising
Women in advertisingWomen in advertising
Women in advertising
 
Direct Marketing
Direct MarketingDirect Marketing
Direct Marketing
 
Publicity and Public Relations
Publicity and Public RelationsPublicity and Public Relations
Publicity and Public Relations
 

Recently uploaded

Blue and Yellow Illustrative Digital Education Presentation (1).pptx
Blue and Yellow Illustrative Digital Education Presentation (1).pptxBlue and Yellow Illustrative Digital Education Presentation (1).pptx
Blue and Yellow Illustrative Digital Education Presentation (1).pptx
ayush20231
 
Relatório da OMS / Unicef / IBFAN sobre a situação do Código Internacional de...
Relatório da OMS / Unicef / IBFAN sobre a situação do Código Internacional de...Relatório da OMS / Unicef / IBFAN sobre a situação do Código Internacional de...
Relatório da OMS / Unicef / IBFAN sobre a situação do Código Internacional de...
Prof. Marcus Renato de Carvalho
 
Media Wall Street | Best Branding And Marketing Agency In Chandigarh
Media Wall Street | Best Branding And Marketing Agency In ChandigarhMedia Wall Street | Best Branding And Marketing Agency In Chandigarh
Media Wall Street | Best Branding And Marketing Agency In Chandigarh
Media Wall Street Best Branding and Marketing Agency in Chandigarh
 
Link Building in 2024: What Works, What Doesn't, and What's Next
Link Building in 2024: What Works, What Doesn't, and What's NextLink Building in 2024: What Works, What Doesn't, and What's Next
Link Building in 2024: What Works, What Doesn't, and What's Next
Search Engine Journal
 
NexGen Alignment: ABM’s Role in Uniting Marketing and Sales
NexGen Alignment: ABM’s Role in Uniting Marketing and SalesNexGen Alignment: ABM’s Role in Uniting Marketing and Sales
NexGen Alignment: ABM’s Role in Uniting Marketing and Sales
Demandbase
 
TikTok: The Cultural Revolution in 10 minutes!
TikTok: The Cultural Revolution in 10 minutes! TikTok: The Cultural Revolution in 10 minutes!
TikTok: The Cultural Revolution in 10 minutes!
Tasos Veliadis
 
Report-on-Tech-Marketing-in-B2B-fintech-industry-2024-1.pdf
Report-on-Tech-Marketing-in-B2B-fintech-industry-2024-1.pdfReport-on-Tech-Marketing-in-B2B-fintech-industry-2024-1.pdf
Report-on-Tech-Marketing-in-B2B-fintech-industry-2024-1.pdf
hello268406
 

Recently uploaded (20)

How to Start and Grow a Digital Marketing Agency
How to Start and Grow a Digital Marketing AgencyHow to Start and Grow a Digital Marketing Agency
How to Start and Grow a Digital Marketing Agency
 
Blue and Yellow Illustrative Digital Education Presentation (1).pptx
Blue and Yellow Illustrative Digital Education Presentation (1).pptxBlue and Yellow Illustrative Digital Education Presentation (1).pptx
Blue and Yellow Illustrative Digital Education Presentation (1).pptx
 
A chronological journey of jobs and responsibilities.
A chronological journey of jobs and responsibilities.A chronological journey of jobs and responsibilities.
A chronological journey of jobs and responsibilities.
 
The Impact of Technological Advancements on Elastic Webbing Production in Chi...
The Impact of Technological Advancements on Elastic Webbing Production in Chi...The Impact of Technological Advancements on Elastic Webbing Production in Chi...
The Impact of Technological Advancements on Elastic Webbing Production in Chi...
 
How Your Platform Can Achieve a 90% Demo-to-Customer CVR
How Your Platform Can Achieve a 90% Demo-to-Customer CVRHow Your Platform Can Achieve a 90% Demo-to-Customer CVR
How Your Platform Can Achieve a 90% Demo-to-Customer CVR
 
How to Scale Your Digital Marketing Services in 2024
How to Scale Your Digital Marketing Services in 2024How to Scale Your Digital Marketing Services in 2024
How to Scale Your Digital Marketing Services in 2024
 
Relatório da OMS / Unicef / IBFAN sobre a situação do Código Internacional de...
Relatório da OMS / Unicef / IBFAN sobre a situação do Código Internacional de...Relatório da OMS / Unicef / IBFAN sobre a situação do Código Internacional de...
Relatório da OMS / Unicef / IBFAN sobre a situação do Código Internacional de...
 
Media Wall Street | Best Branding And Marketing Agency In Chandigarh
Media Wall Street | Best Branding And Marketing Agency In ChandigarhMedia Wall Street | Best Branding And Marketing Agency In Chandigarh
Media Wall Street | Best Branding And Marketing Agency In Chandigarh
 
Metropolis of Dreams metaverse virtual city
Metropolis of Dreams metaverse virtual cityMetropolis of Dreams metaverse virtual city
Metropolis of Dreams metaverse virtual city
 
Beyond the Basics: Enhanced Strategies for Next-Level Advertising
Beyond the Basics: Enhanced Strategies for Next-Level AdvertisingBeyond the Basics: Enhanced Strategies for Next-Level Advertising
Beyond the Basics: Enhanced Strategies for Next-Level Advertising
 
Link Building in 2024: What Works, What Doesn't, and What's Next
Link Building in 2024: What Works, What Doesn't, and What's NextLink Building in 2024: What Works, What Doesn't, and What's Next
Link Building in 2024: What Works, What Doesn't, and What's Next
 
Jesse Saez: A Journey of Dedication and Success in the Automotive Industry
Jesse Saez: A Journey of Dedication and Success in the Automotive IndustryJesse Saez: A Journey of Dedication and Success in the Automotive Industry
Jesse Saez: A Journey of Dedication and Success in the Automotive Industry
 
SES London 2009 Beyond Linkbait Greg Jarboe.ppt
SES London 2009 Beyond Linkbait Greg Jarboe.pptSES London 2009 Beyond Linkbait Greg Jarboe.ppt
SES London 2009 Beyond Linkbait Greg Jarboe.ppt
 
Bioremediation Technology and Services Market Analysis 2024-32
Bioremediation Technology and Services Market Analysis 2024-32Bioremediation Technology and Services Market Analysis 2024-32
Bioremediation Technology and Services Market Analysis 2024-32
 
NexGen Alignment: ABM’s Role in Uniting Marketing and Sales
NexGen Alignment: ABM’s Role in Uniting Marketing and SalesNexGen Alignment: ABM’s Role in Uniting Marketing and Sales
NexGen Alignment: ABM’s Role in Uniting Marketing and Sales
 
TikTok: The Cultural Revolution in 10 minutes!
TikTok: The Cultural Revolution in 10 minutes! TikTok: The Cultural Revolution in 10 minutes!
TikTok: The Cultural Revolution in 10 minutes!
 
Being a PMM with a multi-product portfolio - Product Marketing Summit
Being a PMM with a multi-product portfolio - Product Marketing SummitBeing a PMM with a multi-product portfolio - Product Marketing Summit
Being a PMM with a multi-product portfolio - Product Marketing Summit
 
A quick journey across brands, industries and people.
A quick journey across brands, industries and people.A quick journey across brands, industries and people.
A quick journey across brands, industries and people.
 
How to Track, Measure & Communicate SEO Results
How to Track, Measure & Communicate SEO ResultsHow to Track, Measure & Communicate SEO Results
How to Track, Measure & Communicate SEO Results
 
Report-on-Tech-Marketing-in-B2B-fintech-industry-2024-1.pdf
Report-on-Tech-Marketing-in-B2B-fintech-industry-2024-1.pdfReport-on-Tech-Marketing-in-B2B-fintech-industry-2024-1.pdf
Report-on-Tech-Marketing-in-B2B-fintech-industry-2024-1.pdf
 

Lecture 1 Defining Marketing and the Marketing Process

  • 1. Defining Marketing and the Marketing Process October, 2020
  • 2. Write a few words that associate you with Marketing!
  • 3. Words that associate with Marketing! TV Advertising Selling Promotion Sales person Web-pages Pop-ups Magazine’s ads Radio ads Display
  • 4. Marketing is all around us! TV advertisements Product’s displays Newspaper & Magazines Brochures & Leaflets Direct mail offers Web sites
  • 6. Marketing is managing profitable customer relationships! Marketing is about satisfying customer needs! Marketers must: Understand customer needs Develop valuable products Price them Distribute them & Promote them! It’s not only selling & advertising!
  • 7. Marketing is all about customers! Two goals: Keep and grow current customers Attracting new customers
  • 8. Definition of Marketing AMA: Marketing is a process by which companies createvalue for customers and build strongcustomer relationships in order to capture value from customers in return! Production Producer Distribution Customer Pricing Promotion Strong relationship between them!
  • 9. Who uses Marketing? Large companies Non-for-Profit organizations Museums Hospitals Colleges Churches
  • 11. The Marketing Process (simple 5-phased model) ted A) B) C) D) E) Understandthe Marketplace & Customer needs andwants Designa Customer- driven Marketing Strategy Construct an Integrated Marketing program that delivers superior value Buildprofitable relationships and createcustomer satisfaction Capturevaluefrom customers in formof sales,profit and long-term relationship Understand customers, create value & build relationship Reap rewards of created superior value
  • 12. The Marketing Process (First phase) A) Understandthe Marketplace & Customer needs andwants Needs, Wants & Demands Marketing offerings Value & Satisfaction Exchange & Relationships Markets
  • 13. Needs, Wants & Demands NEEDS State of felt deprivation! Feeling thatsomethingis missing (for living!) Basic needs Social needs Individual needs
  • 14. Needs, Wants & Demands NEEDS Maslow’sHierarchyof HumanNeeds
  • 15. Needs, Wants & Demands Exercise: Arrange the given words on the five levels of the Maslow’s pyramid!Whichword belongs to which level? Health insurance Safe-box Vegetable House Sleep Coffee with a friend Nomination for Nobel prize Fruit Car insurance Employment Getting PhD Breathing Proclaimed as the Best student in school Finished Marketing course Award for your patent for Covid 19 vaccine
  • 16. Needs, Wants & DemandsExercise solved: Physiological Health insurance Safe-box Vegetable House Sleep Coffee with a friend Nomination for Nobel prize Fruit Car insuranceEmployment Getting PhD Breathing Proclaimed as the Best student in school Finished Marketing course Award for your patent for Covid 19 vaccine Safety Love / belonging Esteem Self-Actualization
  • 17. Needs, Wants & Demands WANTS Wanting things to feel & live more comfortable! You can live withoutthem! Ex: An American NEEDS food & WANTSa Big Mac, Coca Cola, French fries!
  • 18. Needs, Wants & Demands DEMANDS Human wantsthat are backedby buying power! Ex: I want it, I have money & I will buy it!
  • 19. Needs, Wants & Demands Companies: Try to understand customer needs, wants and demands, through: Consumer research Data analysis
  • 20. Marketing Offerings PRODUCTS Physical items! SERVICES EXPERIENCES Intangible acts! + people, places, ideas, information
  • 21. * Marketing Myopia PRODUCTS Focusing more on products than consumers!
  • 22. Customer Value and Satisfaction How do customers chooseto buy fromso many product offerings in the market? EXPACTATIONS SATISFACTION Word – of –Mouth! Satisfiedcustomers buy again and tell others to buy! Dissatisfiedcustomers switch to competitors!
  • 23. Customer Value and Satisfaction RIGHT EXPACTATIONS TOO HIGH– Disappointedcustomers! TOO LOW– Fail to attract more customers!
  • 24. Exchange & Relationships EXCHANGE Act of obtaining a desired object from someone by offering something in return! Kinds of Response: A company likes consumers to buy its products/services A political candidate wants votes A church wants membership An orchestra wants an audience A social action group wants followers
  • 25. Markets Market = set of actual and potential buyers of a product / service! Individual (consumer) market Business (company) market
  • 26. Markets Marketers need to manage markets and create relationships with customers! They must: Search for buyers! Identify their needs and wants! Design good marketing offerings! Set prices to goods/services! Promote them! Store and deliver them! Marketing core activities: research, product development, communication, distribution, pricing & services
  • 27. Homework Write down two products for each level on the Maslow’s pyramid of hierarchy of needs