The document defines marketing according to definitions from the American Marketing Association from 1948 to 2004. It discusses that marketing involves identifying and meeting human needs profitably by creating, delivering, and communicating value. The marketing management process involves choosing target markets and growing customers through superior customer value. The document then discusses what can be marketed, who engages in marketing, demand states, the structure of exchange economies, marketing systems, customer markets, core concepts like needs and value, marketing environments, new marketing realities and capabilities, and the evolution of marketing concepts.

1. MARKETING

2. DEFINITION
According to American Marketing Association (1948) -
"Marketing is the performance of business activities directed
toward, and incident to, the flow of goods and services from
producer to consumer or user.“
AMA (1960) - "Marketing is the performance of business
activities that direct the flow of goods and services from producer to
consumer or user.“
According to Kotler (2000) - "A societal process by which
individuals and groups obtain what they need and want through
creating, offering, and freely exchanging products and services of
value with others.“
According to AMA (2004) - "Marketing is an organisational
function and set of processes for creating, communicating and
delivering value to customers and for managing relationships in a
way that benefits both the organisation and the stakeholder."

3. What Is Marketing?
• Marketing is about identifying and meeting human and
social needs. One of the shortest good definitions of
marketing is “meeting needs profitably.” Marketing is
the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging
offerings that have value for customers, clients,
partners, and society at large.
• Marketing management is the art and science of
choosing target markets and getting, keeping, and
growing customers through creating, delivering, and
communicating superior customer value.

4. What Is Marketed?
1. GOODS Physical goods constitute the bulk of most countries’ production
and marketing efforts.
2. SERVICES As economies advance, a growing proportion of their activities
focuses on the production of services.
3. EVENTS Marketers promote time-based events, such as major trade
shows, artistic performances, and company anniversaries.
4. EXPERIENCES By orchestrating several services and goods, a firm can
create, stage, and market experiences
5. PERSONS Artists, musicians, CEOs, physicians, high-profile lawyers and
financiers, and other professionals all get help from celebrity marketers.
6. PLACES Cities, states, regions, and whole nations compete to attract
tourists, residents, factories, and company headquarters.
7. PROPERTIES Properties are intangible rights of ownership to either real
property (real estate) or financial property (stocks and bonds). They are
bought and sold, and these exchanges require marketing.
8. ORGANIZATIONS Organizations work to build a strong, favorable, and
unique image in the minds of their target publics.
9. INFORMATION The production, packaging, and distribution of
information are major industries.
10. IDEAS Every market offering includes a basic idea.

5. Who Markets?
MARKETERS AND PROSPECTS
 A marketer is someone who seeks a
response—attention, a purchase, a vote, a
donation—from another party, called the
prospect. If two parties are seeking to sell
something to each other, we call them both
marketers.

6. DEMAND STATES
1. Negative demand—Consumers dislike the product and
may even pay to avoid it.
2. Nonexistent demand—Consumers may be unaware of or
uninterested in the product.
3. Latent demand—Consumers may share a strong need
that cannot be satisfied by an existing product.
4. Declining demand—Consumers begin to buy the product
less frequently or not at all.
5. Irregular demand—Consumer purchases vary on a
seasonal, monthly, weekly, daily, or even hourly basis.
6. Full demand—Consumers are adequately buying all
products put into the marketplace.
7. Overfull demand—More consumers would like to buy the
product than can be satisfied.
8. Unwholesome demand—Consumers may be attracted to
products that have undesirable social consequences.

7. Structure of Flows in a Modern
Exchange Economy

8. A Simple Marketing System

9. KEY CUSTOMER MARKETS
1. Consumer Markets :- Companies selling mass consumer goods and
services.
2. Business Markets :- Companies selling business goods and services
3. Global Markets:- Companies in the global marketplace must decide
which countries to enter; how to enter each; how to adapt product and
service features to each country; how to price products in different
countries; and how to design communications for different cultures.
4. Non-profit and Governmental Markets:- Companies selling to non-profit
organizations with limited purchasing power such as churches,
universities, charitable organizations, and government agencies need to
price carefully.

10. Core Marketing Concepts
• Needs, Wants, and Demands Needs are the
basic human requirements such as for air,
food, water, clothing, and shelter. Humans
also have strong needs for recreation,
education, and entertainment. These needs
become wants. Demands are wants for
specific products backed by an ability to pay

11. TYPES OF NEEDS
1. Stated needs:- The customer wants an inexpensive
car.
2. Real needs:- The customer wants a car whose
operating cost, not initial price, is low
3. Unstated needs:- The customer expects good service
from the dealer.
4. Delight needs:- The customer would like the dealer to
include an onboard GPS navigation system.
5. Secret needs:- The customer wants friends to see him
or her as a savvy consumer.

12. Customer value triad
1. Quality
2. Service
3. Price
Value perceptions increase with quality and
service but decrease with price

13. Marketing Channels
1. Communication channels deliver and receive
messages from target buyers.
2. Distribution channels is used to display, sell,
or deliver the physical product or service(s)
to the buyer or user.
3. Service channels that include warehouses,
transportation companies, banks, and
insurance companies

14. Marketing Environment
• The Task environment includes the actors
engaged in producing, distributing, and
promoting the offering. These are the company,
suppliers, distributors, dealers, and target
customers.
• The broad environment consists of six
components: demographic environment,
economic environment, social-cultural
environment, natural environment, technological
environment, and political-legal environment.

15. The New Marketing Realities
• Network information technology
• Globalization
• Deregulation
• Privatization
• Heightened competition
• Industry convergence
• Retail transformation
• Disintermediation
• Consumer buying power
• Consumer information
• Consumer participation
• Consumer resistance

16. New Company Capabilities
• Marketers can use the Internet as a powerful information and sales
channel.
• Marketers can collect fuller and richer information about markets,
customers, prospects, and competitors
• Marketers can tap into social media to amplify their brand message
• Marketers can facilitate and speed external communication among
customers
• Marketers can send ads, coupons, samples, and information to
customers who have requested them or given the company
permission to send them.
• Marketers can reach consumers on the move with mobile marketing.
• Companies can make and sell individually differentiated goods.
• Companies can improve purchasing, recruiting, training, and internal
and external communications.
• Companies can facilitate and speed up internal communication
among their employees by using the Internet as a private intranet.
• Companies can improve their cost efficiency by skilful use of the
Internet

17. Evolution of earlier marketing ideas
1. The Production Concept:- The production concept is one of the
oldest concepts in business. It holds that consumers prefer
products that are widely available and inexpensive.
2. The Product Concept:- The product concept proposes that
consumers favour products offering the most quality,
performance, or innovative features.
3. The Selling Concept :- The selling concept holds that consumers
and businesses, if left alone, won’t buy enough of the
organization’s products.
4. The Marketing Concept:- The marketing concept holds that the
key to achieving organizational goals is being more effective than
competitors in creating, delivering, and communicating superior
customer value to your target markets.
5. The Holistic Marketing Concept:- The holistic marketing concept is
based on the development, design, and implementation of
marketing programs, processes, and activities that recognize their
breadth and interdependencies.

18. Holistic Marketing Dimensions

19. Marketing-mix
• Product
• Price
• Place
• Promotion
• People
• Process
• Physical Evidence

21. The Marketing Process

22. Core customer and Marketplace Concepts
(1) Needs, wants, and demands;
(2) Market offerings (products, services, and
experiences);
(3) Value and satisfaction;
(4) Exchanges and relationships;
(5) Markets.

23. A Modern Marketing System

24. Selling and Marketing Concepts
Contrasted

25. Three Considerations Underlying the
Societal Marketing Concept

26. Customer relationship management
The overall process of building and
maintaining profitable customer relationships by
delivering superior customer value and
satisfaction.
 Customer-perceived value:-The customer’s
evaluation of the difference between all the
benefits and all the costs of a marketing offer
relative to those of competing offers.
 Customer satisfaction:- The extent to which a
product’s perceived performance matches a
buyer’s expectations

27. An Expanded Model of the Marketing Process

28. Classification of Marketing
1. Macro marketing Versus Micromarketing
2. Service Marketing Versus Goods Marketing
3. For-profit Marketing Versus Nonprofit Marketing
4. Mass Marketing, Direct Marketing, and Internet
Marketing
5. Local, Regional, National, International, and
Global Marketers
6. Consumer Goods Marketing and Business-to-
Business (Industrial) Marketing

29. KEYS TO MARKETING SUCCESS
1. To realize that establishing customer satisfaction
should be the company's number-one priority.
2. to establish a company image that clearly reflects the
values and aspirations of the company to employees,
customers, intermediaries, and the general public.
3. Marketing is the aspect of the business that
customers see.
4. The business should develop a unique strategy that is
consistent with the circumstances that it faces.
5. Technological progress dictates how marketing will be
performed in the future.

30. THE MARKET
A group of potential buyers with needs
and wants and the purchasing power to satisfy
them.
The Market Is People
The Market Is a Place
The Market Is an Economic Entity

31. TYPES OF MARKETS
(1) Consumer markets.
(2) Industrial markets.
(3) Institutional markets.
(4) Reseller markets.
For a product provider, the person(s) or
organization(s) selected as potential customers are
referred to as the target market.