The document discusses core concepts of marketing including needs, wants, demands, products, services, value, satisfaction, exchange and transactions. It defines these concepts and gives examples. It also discusses key marketing functions like marketing research, product development, buying/assembling, selling, transportation, storage, standardization, branding, packaging, pricing, promotion, and customer service. Finally, it outlines the importance of marketing for firms, consumers, and society by facilitating business planning, distribution, profits, communication, choice, knowledge, quality products, income, and employment.
Hybridoma Technology ( Production , Purification , and Application )
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Marketing Concepts Explained
1. Made by : Bhupinder
Kaur
S.D.COLLEGE, AMBALA
CANTT
2. CORE CONCEPTS OF MARKETING
Needs, wants,
and demands
Products
and services
Value and
satisfaction
Exchange, and
transactions,
Markets and marketers
3. CORE CONCEPTS OF MARKETING
īĸ Need
ī Basic human requirements
īĸExample: Need food
īĸ Wants
ī Needs directed to specific objects
ī The form of needs as shaped by culture
and the individual
īĸExample: Want a Burger
īĸ Demands
ī Wants which are backed by buying
power
4. Products
Anything that can be Offered to a Market to Satisfy a Need or Want
Persons Places
Organizations IdeasInformation
PRODUCTS
Services
Activities or Benefits Offered for Sale That Are Essentially
Intangible and Donât Result in the Ownership of Anything
7. HOW DO CONSUMERS CHOOSE AMONG
PRODUCTS & SERVICES?
Value - the value or benefits the customers gain from
using the product versus the cost of obtaining the
product.
Satisfaction - Based on a comparison of performance
and expectations.
ī Performance > Expectations => Satisfaction
ī Performance < Expectations => Dissatisfaction
7
8. EXCHANGE
īĸ Get something (product /service) by offering
something in return.
Eg. kind (barter) or money (value )
īĸ Exchange is a value creating process because it
leaves both parties better off
(win â win situation)
9. CORE CONCEPTS OF MARKETING
īĸ Market
īSet of actual and potential
buyers of a product
īMarketers seek buyers that
are profitable
11. DEFINITIONS OF MARKETING MANAGEMENT
īĸ Traditional
īĸ Narrow
īĸ Whatever is produced
by the manufacturer
will be acceptable to
the consumer.
īĸ Modern
īĸ Boarder
īĸ Emphasis on
satisfaction of the
consumers
Product oriented Customer oriented
12. FUNCTIONS OF MARKETING
âĸ Marketing research
âĸ Product development
Research
functions
âĸ Buying and assembling
âĸ selling
Exchange
functions
âĸ Transportation
âĸ Storage and warehousing
âĸ Standardisation and grading
Physical
functions
âĸ Branding ,Packaging ,Pricing
âĸ Financing, Promotion ,Risk
bearing ,Customer services
Facilitatiting
functions
14. FUNCTIONS OF MARKETING
īĸ Gathering and Analysing Market Information
īĸ Standardisation and Grading
īĸ Packaging and Labelling
īĸ Branding
īĸ Customer Support Service
īĸ Pricing of Products
īĸ Promotion
īĸ Physical Distribution
īĸ Storage or Warehousing
15. BUYING AND ASSEMBLING
īĸ It involves what to buy,
īĸ of what quality,
īĸ how much from whom,
īĸ when and at what
price.
16. STANDARDISATION AND GRADING
īĸ Standardisation refers to determining of standard
regarding:
īą size,
īą quality,
īą design,
īą weight,
īą colour,
īą raw material
to be used, etc., in respect of a particular product.
17. CUSTOMER SUPPORT SERVICE
īĸ (i) After-sales-services
īĸ (ii) Handling customersâ complaints
īĸ (iii) Technical services
īĸ (iv) Credit facilities
īĸ (v) Maintenance services
īĸ
18. PRICING OF PRODUCTS
īĸ The price of a product is affected by its
īĸ cost,
īĸ rate of profit,
īĸ price of competing product,
īĸ policy of the government, etc
20. PHYSICAL DISTRIBUTION
īĸ (i) Transportation,
īĸ (ii) Inventory,
īĸ (iii) Warehousing and
īĸ (iv) Order Processing.
21. IMPORTANCE OF MARKETING
A. Importance of marketing for
the firms
īĸ Helpful in business planning and
decision making
īĸ Helpful in distribution
īĸ Helpful in increasing profits
īĸ Helpful in communication between
firm and society
22. IMPORTANCE OF MARKETING FOR THE
CONSUMERS
īĸIncrease in customer satisfaction
īĸFacilitates choice
īĸIncrease in knowledge
īĸProviding good quality products
īĸPrice stabilization
īĸIncrease in standard of living
23. IMPORTANCE OF MARKETING FOR THE
SOCIETY
īĸProvides employment
īĸIncrease in national income
īĸReduction in distribution cost
īĸProtection from depression
24. IMPORTANCE OF MARKETING AS A BUSINESS
ACTIVITY
īĸBasis for business function
īĸBasis for economic activity
īĸCreation of utility
īĸProduction of socially useful
products