This document provides an introduction and overview of marketing. It defines marketing as a process of profitably translating customer needs into revenue. The key aspects covered include understanding customer needs and wants, designing customer-driven marketing strategies, relationship marketing, and current changes and challenges in marketing. The marketing mix and its components are also introduced as topics to be covered in the next lecture.

1. Chapter | 1
Introduction to Marketing
Lecture 1 – February 15, 2012 A process by which a firm
Rajeev Shrestha
profitably translates customer
needs into revenue.
It is called…
MARKETING

2. OVERVIEW
•Concept and importance of marketing
•Approaches to the study of marketing
•Marketing mix and its components
Marketing comes in a wide variety
of flavors based on audience, media
platform and business in today’s
evolving and dynamic marketplace.

3. What is Marketing?
•Create value and get value in return
•Products can be copied but not the feelings towards them
•Relationship management rather than just selling
•Selling and advertising just tips of an iceberg
•Applicable for all – Profit seeking companies, non-profit
seeking companies
•Managing profitable customer relationships

4. What is Marketing?
Marketing deals with identifying and meeting human and
social needs. It is seen as the task of creating, promoting
and delivering goods and services to consumers and
businesses.
Marketing is a social and managerial process whereby
individuals and groups obtain what they need and want
through creating and exchanging products and value with
others.

5. And Marketing Management deals with…
Choosing target markets and getting, keeping and growing
customers through creating, delivering and communicating
superior customer value.

6. Marketing Process
Understandi Preparing
Designing a Building
ng the an
Customer- Capturing
Marketplace Integrated Customer
and
Driven Value from
Marketing Relationsh
Customer Marketing Customers
Plan and ips
Needs Strategy
Program

7. Core Marketing Concepts –
Understanding Marketplace
Needs:
is a state of felt deprivation. They are basic human needs.
Wants:
The form taken by a human need as shaped by culture and
individual personality. Objects that will satisfy ones needs.
Given a want and depending on resources, people demand
products with benefits that add up to the most value and
satisfaction.

8. When Wants Become Needs…
Needs are what you must have. Needs are essential. Wants
are what you would like to have.
Wants are nice to have. But sometimes wants can become
needs.

9. I need a
vehicle to
travel around

10. How Wants Become Needs?
Wants can become needs. Two ways this can happen are:
• Through commercials or ads, and
• Convincing yourself a want is a need.
“Needs are not created by marketers; they are a
basic part of the human makeup.”
Marketing is a “value creating” and “value delivering”
process.

11. Market Offerings
• Products, Services, Experiences
• Marketing Myopia

12. More on how to understand the marketplace
• Customer Value and Satisfaction
• Exchanges and Relationships
• Markets

13. Designing a Customer-Driven
Marketing Strategy
• Selecting customers to serve
• Choosing a value proposition
• Marketing Management Orientations
• The Production Concept
• The Product Concept
• The Selling Concept
• The Marketing Concept – Sense and respond
• The Societal Marketing Concept

14. Relationship Marketing
Relationship Marketing is the practice of building long term
satisfying relations with the key parties – suppliers,
distributors, customers.
Smart marketers always build up a “win-win” situation.
The ultimate outcome of RM is marketing network.

15. Marketing Changes and Challenges
in the New Millennium
The Digital Rapid
Age Globalization
Ethics and Growth of
social not-for-profit
responsibility marketing

17. Next Lecture
• Marketing Mix