In this series of lectures, I will teach you basics of Marketing. It generally will cover the topics of marketing which are taught in higher education institutes or universities of Pakistan in BBA, BS or MBA programs. You can reach me via the following platforms: https://twitter.com/saddamonline http://www.facebook.com/saddamonline http://www.linkedin.com/pub/saddam-siddiqui/13/97a/22a http://www.youtube.com/saddamonline http://saddamonline.blogspot.com/ Try to be peaceful and environmentally friendly | امن پسند اور ماحول دوست بننے کی کوشش کیجئے

1. Quarantine Lectures
Crash Course: Marketing
By
Saddam Siddiqui
Quarantine Crash Course: Marketing By: Saddam Siddiqui

2. Lecture # 2: Basic Concepts of
Marketing
Quarantine Crash Course: Marketing
By: Saddam Siddiqui
Quarantine Crash Course: Marketing By: Saddam Siddiqui

3. Agenda
• Recap of Previous Lecture
• Introduction of Basic Concept of Marketing (BCM)
• Needs, Wants, and Demand
• Offerings
• Value and Satisfaction
• Exchange, Transactions and Relationships
• Market
Quarantine Crash Course: Marketing By: Saddam Siddiqui

4. Definition of Marketing
• Marketing is an organizational function and a set of processes for
creating, communicating and delivering values to the
customer and managing customer relationship in ways that benefits
the organizations and its stakeholders.
~ American Marketing Association
Quarantine Crash Course: Marketing
By: Saddam Siddiqui

5. Needs
• Something necessary in one’s
life.
• Two types of need: Physiological
and Psychological
• It creates tension if not fulfilled.
• It turns in to motive when build-
up.
• Some people are not aware or
able to express their needs.
Therefore, marketer must probe.
Self
Actualization
Esteem
Social
Safety
Physiological
Quarantine Crash Course: Marketing By: Saddam Siddiqui

6. Wants
• Want is expression of need.
• Needs that are moulded by demographical, culture and individual
personality. E.g. Warm clothes for Eskimos, Halal food for Muslims, College
students using sling-bags to carry books and stationary.
Quarantine Crash Course: Marketing By: Saddam Siddiqui

7. Demands
• A demand is only created when buying power supports a person
want. E.g. You may love to own a car but demand will remain want if
you can’t afford it.
• Marketer can use certain technique to convert want into demand.
E.g. Car Financing.
Quarantine Crash Course: Marketing By: Saddam Siddiqui

8. Offering
• Offering are the benefits from the value given by marketer to fulfil the
need of the customer. It is a mix of goods, services and experience.
E.g. If a Muslim customer buys a car, the value he/she gets from the
good is physical product i.e. Car, the Sharia compliant financing,
installation of CNG Kit and after sale services received from seller, and
lastly the experience of comfortable journey from home to office, as
compared to public transport.
Quarantine Crash Course: Marketing By: Saddam Siddiqui

9. Values
• Value is the difference between the benefit one gains from a
product/service and the costs of incurred in obtaining the product.
E.g. Value of a washing machine can be added at a retail store when
the retailer staff explains and illustrates the usage and benefits to
potential buyers
Quarantine Crash Course: Marketing By: Saddam Siddiqui

10. Satisfaction
• Satisfaction is the difference between a product’s perceived
performance value (p) to a buyer’s expectation (e) before a product is
purchase.
1. p < e = dissatisfied buyer
2. p = e = satisfied buyer
3. p > e = delighted buyer
Quarantine Crash Course: Marketing By: Saddam Siddiqui

11. Exchange
Customer
pays
Money
To
Retailer
Get Book
• An act of returning something of
value to someone who has given
a desired object.
• Conditions of Exchange
• Minimum two parties
• Both have valuable offering
• Ability to deliver
• Freedom of choice
• Both are interested in deal
Quarantine Crash Course: Marketing By: Saddam Siddiqui

12. Transactions
• Wherever an agreement is reached during exchange, a transaction
occurs.
• A transaction may involve money (any type of money) or goods
exchange. E.g. Late 80s famous Pepsi exchange of Russian Vodka.
Quarantine Crash Course: Marketing By: Saddam Siddiqui

13. Relationship
• Relationship is a result of frequent transactions.
• It is a tie between customer and a product or a marketer. Loyalty
Discount, Less Brokerage Fee etc. for repeated customer
• It increases gains from:
• Increase in Customer Loyalty
• Increase in Customer Lifetime Value
• Increase in share of customer
Quarantine Crash Course: Marketing By: Saddam Siddiqui

14. Market
• A market is the set of actual and potential buyers of a product.
• It can be physical or virtual
• Generally, a market includes the following customers:
• Consumer aka B to C Market
• Business aka B to B Market
• Government aka B to G Market
Quarantine Crash Course: Marketing By: Saddam Siddiqui