Buyer and SellerSeller BuyerGoods & ServicesMoney
• Buyers depend on sellers to provide the goods andservices they want at a price they can afford.• Sellers depend on buyers to purchase their productsso that they can cover their costs and make a profit.
What is a market?• The market for a product consists of all the buyersof, or customers for, that product.Consumer Market Commercial Market
Consumer markets• Consumer markets are markets forthe goods and services bought byindividual customers andconsumers.
Commercial markets• Commercial markets are marketsfor the goods and services usedby businesses to operate andproduce the goods and servicesthey supply.
Which comes first?• Product orientationProduct Market• Market orientation
Promotion, Advertising , Public Relation,Publicity and Sales
Promotion, Advertising , Public Relation ,Publicity and Sales• PromotionGenerally, promotion is communicatingwith the public in an attempt toinfluence them toward buying yourproducts and/or services.
• AdvertisingAdvertising is bringing a product(or service) to the attention of potentialand current customers.Promotion, Advertising , Public Relation ,Publicity and Sales
• Public relationPublic relations includes ongoingactivities to ensure the overallcompany has a strong public image.Public relations activities includehelping the public to understand thecompany and its products. Often,public relations are conductedthrough the media, that is,newspapers, television, magazines,etc.Promotion, Advertising , Public Relation ,Publicity and Sales
• PublicityPublicity is mention in the media.Organizations usually have little controlover the message in the media, at least,not as they do in advertising. Regardingpublicity, reporters and writers decidewhat will be said.Promotion, Advertising , Public Relation ,Publicity and Sales
• Salesconveying the features, advantages and benefits ofa product or service to the lead; and closing the sale(or coming to agreement on pricing and services). Asales plan for one product might be very differentthan that for another product.Promotion, Advertising , Public Relation ,Publicity and Sales
Needs, wants, and demands• Needs: are the basic human requirements– Food, air, water, clothing, shelter, education andentertainment.
• Wants: when needs are directed to specific object.They are shaped by society.– An Egyptian needs food and wants KosharyKoshary .Needs, wants, and demands
• Demands: are wants for specific product backed byan ability to pay.– An Egyptian needs food and wants Koshary and maydemand Abo Tarek .Needs, wants, and demands
What is Marketing?• Marketing is the interface between customers andsuppliers, enabling suppliers to find out about thepresent and future needs of their customers, andtelling the customers about the suppliers and theirproducts.• Meeting customers needs profitably.
Other Definitions for marketing‘ Marketing is the management process that identifies,anticipates and satisfies customer requirementsprofitably’ The Chartered Institute of Marketing‘The right product, in the right place, at the righttime, and at the right price’
• ‘Marketing is the human activitydirected at satisfying human needsand wants through an exchangeprocess’ 1980• ‘Marketing is a social andmanagerial process by whichindividuals and groups obtain whatthey want and need throughcreating, offering and exchangingproducts of value with others’ 1991Other Definitions for marketing
Marketing Purpose• To identify, anticipate, influence andsatisfy consumer needs• Responding to changes in the market• Improving market share• Entering new markets• Increasing awareness of the product orservice• Achieving organizational goals
Segmentation & Targeting• A marketer can rarely satisfy everyone in amarket.• They start by dividing up the market intosegments.• They are divided according to demographic,,and behavioral differences.• The population of each segments hascommon needs .• The marketer then decides which segmentspresents the greatest opportunities and targetthem.
Positioning• For each target market, the firm develops a marketoffering.• The offering is positioned in the mind of the targetbuyers as delivering central benefit(s).– Volvo: safe car– Molto: healthy snack• Companies do best when they choose their targetmarket(s) carefully and prepare tailored marketingprogram.
Marketing management process• Analysis/Audit - where are we now?• Objectives - where do we want to be?• Strategies - which way is best?• Tactics - how do we get there?• (Implementation - Getting there!)• Control - Ensuring arrival