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INTRODUCTION TO PRINCIPLES OF MARKETING PPT.pptx

Introduction In life, there are universal laws that govern everything we do. These laws are so perfect that if you were to align yourself with them, you could have so much prosperity that it would be coming out of your ears. This is because God created the universe in the image and likeness of him. It is failure to follow the universal laws that causes one to fail. The laws that were created consisted of the following: · Law of Gratitude: The Law of Gratitude states that you must show gratitude for what you have. By having gratitude, you speed your growth and success faster than you normally would. This is because if you appreciate the things you have, even if they are small things, you are open to receiving more. Law of Attraction: The Law of Attraction states that if you focus your attention on something long enough you will get it. It all starts in the mind. You think of something and when you think of it, you manifest that in your life. This could be a mental picture of a check or actual cash, but you think about it with an image. Law of Karma: the Law of Karma states that if you go out and do something bad, it will come back to you with something bad. If you do well for others, good things happen to you. The principle here is to know you can create good or bad through your actions. There will always be an effect no matter what. Law of Love: the Law of Love states that love is more than emotion or feeling; it is energy. It has substance and can be felt. Love is also considered acceptance of oneself or others. This means that no matter what you do in life if you do not approach or leave the situation out of love, it won't work. Law of Allowing: The Law of Allowing states that for us to get what we want, we must be receptive to it. We can't merely say to the Universe that we want something if we don't allow ourselves to receive it. This will defeat our purpose for wanting it in the first place. Law of Vibration: the Law of Vibration states that if you wish on something and use your thoughts to visualize it, you are halfway there to get it. To complete the cycle you must use the Law of Vibration to feel part of what you want. Do this and you'll have anything you want in life. For everything to function properly there has to be structure. Without structure, our world, or universe, would be in utter chaos. Successful people understand universal laws and apply them daily. They may not acknowledge that to you, but they do follow the laws. There is a higher power and this higher power controls the universe and what we get out of it. People who know this, but wish to direct their own lives, follow the reasons. Successful people don't sit around and say "I'll try," they say yes and act on it. Chapter - 1 The Law of Attraction The law of attraction is the most powerful force in the universe. If you work against it, it can only bring you pain and misery. Successful people know this but have kept it hidden from the lower class for centuries because th

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INTRODUCTION TO
PRINCIPLES OF MARKETING
Part-1
UNDERSTANDING MARKETING AND
MARKETING PROCESS
CHAPTER-1
MARKETING – “Managing profitable
customer relationships”.
 Definition of Marketing
 Needs, Wants and Demands
 Marketing offers- Products, Services and
Experiences
Market is the set of all actual and potential
buyers of a product or service.
Originally the term Market stood for the place
where buyers and sellers gathered to exchange
their goods, such as a village square. Marketers
work to understand the needs and wants of
specific markets and to select the markets that
they can serve best. In turn they develop
products and services that create value and
satisfaction for customers in these markets. The
result is profitable long-term customer
relationships.
Define marketing?
Marketing is defined as a social and
managerial process by which individuals and
groups obtain what they need and want
through creating and exchanging products of
value with others.

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INTRODUCTION TO PRINCIPLES OF MARKETING PPT.pptx

  • 3. CHAPTER-1 MARKETING – “Managing profitable customer relationships”.  Definition of Marketing  Needs, Wants and Demands  Marketing offers- Products, Services and Experiences
  • 4. Market is the set of all actual and potential buyers of a product or service.
  • 5. Originally the term Market stood for the place where buyers and sellers gathered to exchange their goods, such as a village square. Marketers work to understand the needs and wants of specific markets and to select the markets that they can serve best. In turn they develop products and services that create value and satisfaction for customers in these markets. The result is profitable long-term customer relationships.
  • 6. Define marketing? Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products of value with others.
  • 7. Many people think of Marketing only as selling and advertising. And no wonder- every day we are bombarded with television commercials, newspaper ads, direct mail offers, sales calls etc. However, selling and advertising is only the tip of the marketing iceberg. Although they are important, they are only two of many marketing functions.
  • 8. Today, Marketing must be understood not in the old sense of making a sale- but in the new sense of Satisfying customer needs.
  • 9. To explain the above definition we will examine the following important core marketing concepts. NEEDS: The most basic concept underlying marketing is that of human need. ‘Human needs are states of felt deprivation’. They include basic physical needs for food, clothing, warmth and safety.
  • 10. WANTS: Are the form human needs take as they are shaped by culture and individual personality. Example: If an American needs food wants big Mac Donald, French fries etc. if a person in Mauritius needs food wants a mango, rice, lentils and beans etc. ‘Wants are shaped by one’s society and are described in terms of objects that will satisfy needs’.
  • 11. DEMANDS: Given there wants and resources, people demand products with benefits that add up to the most value and satisfaction. ‘When back by buying power wants become demand’.
  • 12. What are marketing offers? MARKETING OFFERS- ‘Products, Services and Experiences’
  • 13. Marketing offers are some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Marketing offers are not limited to physical products. In addition to tangible products, marketing offers include services, activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything. Examples include banking, airline, hotel, tax preparation, and home repair services.
  • 14. ‘Marketing occurs when people decide to satisfy needs and wants through exchange’. Exchange is the act of obtaining a desired object by offering something in return. Transaction consists of a trade of value between two parties.
  • 15. CUSTOMER VALUE AND SATISFACTION Consumers usually face a broad range of products and services offered to them that might satisfy a given need. How do they make their choice among the given Marketing offers? Consumers make choices based on their perception of the value and satisfaction that various products and services deliver.
  • 16. Customer Value is the difference between the values the customer gains from owning and using a product and the costs of obtaining the product. Customer Satisfaction with a purchase depends on how well the product’s performance lives up to the customer’s expectations. Customer satisfaction is a key influence on future buying behavior.
  • 17. Satisfied customers buy again and tell others about their good experiences. Dissatisfied customers often switch to competitors and discourage the products to others.
  • 18. CUSTOMER RELATIONSHIP MANAGEMENT Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
  • 19. Thus, today’s companies are going beyond designing strategies to attract new customers and create transactions with them. They are using customer relationship management to retain current customers and build profitable, long term relationships with them. The new view is that ‘Marketing is the science and art of finding, retaining and growing profitable customers’.
  • 20. MARKETING MANAGEMENT ‘The Art and Science of choosing target markets and building profitable relationships with them’. This involves getting, keeping and growing customers through creating, delivering and communicating superior customer value. Thus, marketing management involves managing demand, which in turn involves managing customer relationships.
  • 22. Marketing environment The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers.
  • 23. The Marketing environment is made up of (1) Microenvironment and (2) Macro environment
  • 24. MICROENVIRONMENT The actors close to the company that effect its ability to serve its customers- the company, suppliers, marketing intermediaries, customers, competitors.
  • 26. THE COMPANY In designing marketing plans, Marketing Management takes other company groups into account. Groups such as top management, finance, research & development, purchasing department etc. All this interrelated groups form the internal environment.
  • 27. THE SUPPLIERS Suppliers form an important link in the company’s overall customer value delivery system. They provide the resources needed by the company to produce its goods and services.
  • 28. MARKETING INTERMEDIARIES Marketing intermediaries help the company to promote, sell, and distribute its goods to final buyers.
  • 29. CUSTOMERS The company needs to study all the types of customer markets. Consumer markets consists of individuals and households that buy goods and services for personal consumption. Business markets buy for further processing or in production process. Reseller markets buy to resell at profit.
  • 30. COMPETITORS The Marketing concept states that to be successful, a company must provide greater customer value and satisfaction than its competitors.
  • 31. MACROENVIRONMENT The macro environment of marketing pose opportunities and threats to the company that effect its ability to serve its customers- The Major forces in the company’s macro environment are Demographic environment, Natural environment, Technological environment, political environment, cultural environment and economic environment.
  • 33. DEMOGRAPHIC ENVIRONMENT The demographic environment is of major interest to marketers because it involves people, and people make up markets. Demography is the study of human populations in terms of size, density, location, age, gender, race, occupation and other statistics.
  • 34. Natural environment The natural environment involves the natural resources that are needed as inputs by marketers. Marketers should be aware of several trends in the natural environment. It involves growing shortages of raw materials and increased pollution.
  • 35. Technological environment The technological environment is perhaps the most dramatic force now shaping our destiny. Forces that create new technologies, creating new products and marketing opportunities. The technological environment is changing rapidly.
  • 36. POLITICAL ENVIRONMENT Political environment consists of laws, government agencies and pressure groups that influence and limit various organizations and individuals in a given society.
  • 37. CULTURAL ENVIRONMENT The cultural environment is made up of forces that affect a society’s basic values, perceptions, preferences and behaviors. People grow up in a particular society that shapes their basic beliefs and values.
  • 38. ECONOMIC ENVIRONMENT The economic environment consists of factors that affect consumer purchasing power and spending patterns. Nations vary greatly in their levels and distribution of incomes. Marketers must pay close attention to major trends and consumer spending patterns both across and within their world markets.