core concepts of marketting


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core concepts of marketting

  1. 1. Terminologies • Need, want and demand • Market • Business • Marketing • Concept
  2. 2. Need, want and demand Need: Is the state of felt deprivation. The state at which our inner self demand some thing. For example: Basic needs= Foods, Shelter, Clothes & FMCGs etc. Want: it is something that human get from different culture and personality. This can be say "Human wants is to satisfy their needs. Food is our "need. In this case, you can choose to have fast foods in western countries and hot cakes in countries like pakistan, it depends upon personalities and culture.
  3. 3. Demand Is from the human wants that are backed by the buying power. Have in mind that, "buying power" is a disposal income. Example: a person want to purchase a motor car then he will have the option of Suzuki, Toyota and Honda then he will decide according to his paying capacity.
  4. 4. Market A place where buyers and sellers are meet for the purpose of exchanging or doing transactions for their own satisfaction. The set of all actual and potential buyers of a product or service. Example: like Asian market & European market.
  5. 5. Business • Any legal activity that is done for the sake of profit at any level and at any cost. • An economic system in which goods and services are exchanged for one another or money on the basis of their perceived worth. • Example: cotton ginning miles, sugar miles.
  6. 6. Marketing • Satisfying customers with profitability. • Delivery of satisfaction to the customers. • Satisfying needs and wants through an exchange process (Philip Kotler ). • The management process responsible for identifying , anticipating and satisfying customer requirements profitably (Chartered Institute of Marketing ) . • Example: marketing of Pepsi, nestle etc.
  7. 7. Concept • It is an idea or technique that can be implemented for achievements of specific objectives and goals. • An idea of something formed by mentally combining all its characteristics or particulars. • Example: core concept of marketing.
  8. 8. Five core concepts of marketing • • • • • Production concept Product concept Selling concept Marketing concept Societal marketing concept
  9. 9. Five core concepts of marketing Core concepts Production socitiel selling product marketin g
  10. 10. Production concept The idea that consumers will favour products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
  11. 11. Example of production concept History: Honda has been the world's largest motorcycle manufacturer since 1959 as well as the world's largest manufacturer of internal combustion engines measured by volume, producing more than 14 million internal combustion engines each year . Honda usually follows the production concept to satisfy their customers & to achieve the company’s goals. (More you produce more you earn)
  12. 12. Product concept The idea that consumers will favor products offers the most quality, performance and features and that there organization should therefore devote its energy to making continues product improvements.
  13. 13. Example of product concept Nokia highly used the product concept and provides variety of cell phones having some thing new and innovative in every new coming cell phone.
  14. 14. Selling concept The idea that consumers will not buy enough of the firm’s product unless it undertakes a large scale selling and promotion effort.
  15. 15. Example of selling concept Pepsi hires the cricket stars for their promotional activates for raising their sales.
  16. 16. Marketing concept The marketing management philosophy that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions to buyers better then competitors.
  17. 17. E x a m p l e
  18. 18. The selling and marketing concepts Starting point Factory Market focus existing product costumer need means selling and promoting integrated market ends profits through sale volume profit through costumer satisfaction
  19. 19. Societal marketing concept A principle of enlightened marketing that holds a company should make good marketing decisions by considering consumers wants the company’s requirement costumer’s long term interests and society’s long run interests.
  20. 20. Example
  21. 21. Why strategies to be develped • To create goodwill. • To make maximum profit. • To make profitable relationship with costumers. • Satisfying costumers as per companies objectives. • To promote sales.
  22. 22. Question session