2. The core concept
of Marketing
Marketing is a social & managerial process
by which individuals & groups obtained
what they need & want through creating,
offering & exchanging products of value
with others.
4. Human Needs.
It is a state of felt deprivation of some basic satisfaction.
Wants.
These are desires for specific satisfiers of these deeper
needs.
Demands.
These are wants for specific products that are backed by
an ability & willingness to buy them.
Products.
These are anything that can be offered to satisfy a need or
a want.
The importance of physical product lies
not so much in owing them as in
obtaining the services they render.
5. Vehicle of services –
1. Person.
2. Place.
3. Activity.
4. Organization.
5. Ideas.
Value, Cost & Satisfaction –
1. Product value 1. Monitory cost
2. Service value 2. Time cost
3. Energy cost
4. Image value
6. Five conditions of exchange
1. At least two parties.
2. Each party has something that might be of value to the
other party.
3. Each party is capable of communication & delivery.
4. Each party is free to accept or reject the offer.
5. Each party believes it is appropriate or desirable to
deal with the other party.
7. Market.
It consists of all potential consumers sharing a
particular need or want who might be willing
& able to engage in exchange to satisfy that
need or want.
8. Marketing.
It means Working with markets to actualize
potential exchanges for the purpose of
satisfying human needs & wants
9. .
Marketer.
It means someone seeking a resource from
someone else & willing to offer something of
value in exchange.
10. There are FIVE competing concepts under which
organizations conduct their marketing activities:
The Production Concept
The Product Concept
The Selling Concept
The Marketing Concept
The Societal Marketing Concept
