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Act of obtaining a desired object from someone by offering something in return.
A trade of values between two parties.
One party gives X to another party and gets Y in return. Can include cash, credit, check, or barter.
Difference b/w marketing & selling Market Integrated marketing Profits through customer satisfaction Customer needs (b) The marketing concept Factory Existing products Selling and promotion Profits through sales volume Starting point Focus Means Ends (a) The selling concept
Marketing orientations Maximize profits through increased consumer satisfaction & hence raise market share. “ what can we do that will make product better than competitors in the customer mind” Sellings orientations Maximize profits through sales maximization “ we must somehow hook the customer”
The set of actual and potential buyers of a product.
These people share a need or want that can be satisfied through exchange relationships.
Products Anything that can be Offered to a Market to Satisfy a Need or Want Persons Places Organizations Ideas Information What Satisfies Consumers’ Needs and Wants? Services Activity or Benefit Offered for Sale That is Essentially Intangible and Does Not Result in the Ownership of Anything
goods Events & experiences Services Ideas information properties What is Marketed
Simple Marketing System Goods/services Money Industry (a collection of sellers) Market (a collection of Buyers) Communication Information
Company Orientations Towards the Marketplace Production Concept Consumers prefer products that are widely available and inexpensive High production efficiency, low cost, mass distribution Product Concept
Consumers favor products that
offer the most quality, performance,
or innovative features
Selling Concept Consumers will buy products only if the company aggressively promotes/sells these products Unsought goods-insurance, encyclopedias Marketing Concept Focuses on needs/ wants of target markets & delivering value better than competitors
Holistic Marketing orientation- Development , design & implementation of marketing programs , processes & activities that recognizes their breadth & interdependence
The Four Ps Marketing Mix The Four Cs Customer Solution Customer Cost Communication Convenience Integrated marketing Product Price Promotion Place
Needs and Wants Fulfilled through a Marketing Offer :
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
Value and Satisfaction If performance is lower than expectations, satisfaction is low. If performance is higher than expectations, satisfaction is high. Expectation Performance 8 10 Expectation Performance 10 8
Segmentation and Target Marketing #1 #2 Market Segmentation: Divide the market into segments of customers Target Marketing: Select the segment to cultivate