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Fundamental of
Marketing
MKT243
Chapter 1
Introduction

MKT243 Fundamentals of
Marketing

1
MKT243

Fundamental of
Marketing

2
Topic Outline
• What Is Marketing?
• Understand the Marketplace and Customer
Needs
• Rules of Exchange
• Marketing Managem...
MKT243

Fundamental of
Marketing

4
What is Marketing?
• Marketing is a process by which
companies create value for customers and
build strong customer relati...
MKT243

Fundamental of
Marketing

6
MKT243

Fundamental of
Marketing

7
Understanding the Marketplace
and Customer Needs
Core Concepts

• Customer needs, wants, and
demands
• Market offerings
• ...
Understanding the Marketplace
and Customer Needs
Customer Needs, Wants, and Demands

Needs

•States of deprivation
•Physic...
Understanding the Marketplace
and Customer Needs
Markets are the set of actual
and potential buyers of a
product

MKT243

...
MKT243

Fundamental of
Marketing

11
MKT243

Fundamental of
Marketing

12
MKT243

Fundamental of
Marketing

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MKT243

Fundamental of
Marketing

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MKT243

Fundamental of
Marketing

15
MKT243

Fundamental of
Marketing

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MKT243

Fundamental of
Marketing

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MKT243

Fundamental of
Marketing

18
Rules of exchange
•

Five conditions must be satisfied for an exchange to
take place:

1. There must be at least two parti...
MKT243

Fundamental of
Marketing

20
Production Concept
• The production orientation focuses
on internal capabilities of the firm
rather than on the desires an...
MKT243

Fundamental of
Marketing

22
MKT243

Fundamental of
Marketing

23
MKT243

Fundamental of
Marketing

24
MKT243

Fundamental of
Marketing

25
MKT243

Fundamental of
Marketing

26
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Transcript of "Chapter1introduction"

  1. 1. Fundamental of Marketing MKT243 Chapter 1 Introduction MKT243 Fundamentals of Marketing 1
  2. 2. MKT243 Fundamental of Marketing 2
  3. 3. Topic Outline • What Is Marketing? • Understand the Marketplace and Customer Needs • Rules of Exchange • Marketing Management Orientation/ Philosophies • Differences between sales and market orientation MKT243 Fundamental of Marketing 3
  4. 4. MKT243 Fundamental of Marketing 4
  5. 5. What is Marketing? • Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return (Kotler. P & Armstong. G, 2008). • Marketing is an organization function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and the stakeholder. (McDaniel, Lamb, Hair, 2008) MKT243 Fundamental of Marketing 5
  6. 6. MKT243 Fundamental of Marketing 6
  7. 7. MKT243 Fundamental of Marketing 7
  8. 8. Understanding the Marketplace and Customer Needs Core Concepts • Customer needs, wants, and demands • Market offerings • Value and satisfaction • Exchanges and relationships • Markets MKT243 Fundamental of Marketing 8
  9. 9. Understanding the Marketplace and Customer Needs Customer Needs, Wants, and Demands Needs •States of deprivation •Physical—food, clothing, warmth, safety •Social—belonging and affection •Individual—knowledge and self-expression Wants •Form that needs take as they are shaped by culture and individual personality Demands •Wants backed by buying power i.e. money MKT243 Fundamental of Marketing 9
  10. 10. Understanding the Marketplace and Customer Needs Markets are the set of actual and potential buyers of a product MKT243 Fundamental of Marketing 10
  11. 11. MKT243 Fundamental of Marketing 11
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  19. 19. Rules of exchange • Five conditions must be satisfied for an exchange to take place: 1. There must be at least two parties. 2. Each party has something that might be of value to the other party. 3. Each party is capable of communication and delivery. 4. Each party is free to accept or reject the exchange offer. 5. Each party believes it is appropriate or desirable to deal with the other party. • Exchange may not take place even if all of these conditions exist, but these conditions are necessary for exchange to be possible. MKT243 Fundamental of Marketing 19
  20. 20. MKT243 Fundamental of Marketing 20
  21. 21. Production Concept • The production orientation focuses on internal capabilities of the firm rather than on the desires and needs of the marketplace. The firm is concerned with what it does best, based on its resources and experience, rather than with what consumers want. MKT243 Fundamental of Marketing 21
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