Fundamental of Marketing


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Fundamental of Marketing

  2. 2. Introduction <ul><li>‘ Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably’ ( The Chartered Institute of Marketing) </li></ul><ul><li>‘ Marketing is a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others’ (Kotler,1991) </li></ul>
  3. 3. Marketing Process <ul><li>Under the marketing concept, the firm must find a way to discover unfulfilled customer needs and bring to market products that satisfy those needs. </li></ul><ul><li>The process of doing so can be modeled in a sequence of steps: </li></ul>
  4. 4. Con’t Medium of Marketing <ul><li>Mass Media </li></ul><ul><ul><li>Electronic ( Internet, Social Media etc.) </li></ul></ul><ul><ul><li>Printed (News paper, Magazine, Billboard etc.) </li></ul></ul>
  5. 5. Con’t Marketing Mix <ul><li>Product (Nature of product) </li></ul><ul><li>Price (Value for the product) </li></ul><ul><li>Promotion (Advertising) </li></ul><ul><li>Place (Distribution) </li></ul>
  6. 6. Market Segmentation <ul><li>Geographic Segmentation (nations, states, regions, cities) </li></ul><ul><li>Demographic Segmentation (gender, income, age, occupation) </li></ul><ul><li>Psychographic Segmentation (social class, lifestyle, personal characteristic) </li></ul><ul><li>Behavior Segmentation (knowledge, use, respond) </li></ul><ul><li>(Kotler, Bowen, and Makens, 2006) </li></ul>
  7. 7. Developing New Product and Services <ul><li>Product </li></ul>Product Item Product Line Product Mix A specific version of an organization’s products. A group of closely-related product items. All products that an organization sells.
  8. 8. Con’t <ul><li>Characteristic of Service </li></ul>Intangibility Inseparability Heterogeneity Perishability cannot be touched, seen, tasted, heard, or felt in the same manner as goods. A characteristic of services that allows them to be produced and consumed simultaneously. A characteristic of services that makes them less standardized and uniform than goods. A characteristics of services that prevents them from being stored, warehoused, or inventoried.
  9. 9. Con’t Stages in New Product Development