The document defines marketing and its key concepts. It discusses how marketing has evolved from a focus on production and selling to prioritizing customer needs and values. The document outlines traditional marketing mix elements like product, price, place and promotion as well as modern elements like people, process, programs and performance. It also discusses important marketing concepts such as segmentation, targeting, positioning, brands, and the relationship between customer benefits, costs and perceived value.

1. Defining Marketing
for 21st Century
Dr. Gopal Thapa
Tribhuvan University

2. Marketing
 Telling and selling
or
 Satisfying needs profitably
or
 Managing profitable customer relationship
or
 Creating, communicating and delivering value
5/29/2022 2
Copy right reserved

3. What is marketing?
 The systematic planning, implementation and control of a
mix of business activities intended to bring together buyers
and sellers for the mutually advantageous exchange or
transfer of products. (Dictionary of Marketing)
 Marketing is a societal process by which individuals and
groups obtain what they need and want through creating,
offering, and freely exchanging products and services of
value with others. (Kotler and Keller)
5/29/2022 Copy right reserved 3

4. What is marketing?
 Marketing is the activity, set of institutions and
processes for creating, communicating, delivering
and exchanging offerings that have value for the
customers, clients, partners and society at large.
(American Marketing Association)
5/29/2022 Copy right reserved 4

5. Marketing Management
 Marketing management is the art and science of
choosing target markets and getting, keeping, and
growing customers through creating, delivering
and communicating superior customer value.
 Philip Kotler and Kevin Lane Keller

6. Importance of Marketing
 Financial success depends on marketing
 No demand - no business
 Marketing decisions tough
 – What to design
 – What prices to offer
 – Where to sell
 – How much to spend on advertising…
5/29/2022 Copy right reserved 6

7. What is marketed?
 Physical goods
 Services
 Events
 Experiences
 Persons
 Places
 Properties
 Organizations
 Information
 Ideas
5/29/2022 7
Copy right reserved

8. Who markets?
 Marketers and Prospects
 A marketer is someone who seeks a response –
attention, a purchase, a vote, a donation – from
another party called prospect
 If two parties are seeking to sell something to each
other, we call them both marketers.
5/29/2022 Copy right reserved 8

9. Core Marketing Concepts
 Needs, wants, demand
 Target market, positioning and segmentation
 Offerings and brand
 Value and satisfaction
 Market
 Exchange
 Product
 Marketing channels
 Media
 Supply chain
 Competition
 Marketing environment
5/29/2022 9
Copy right reserved

10. Needs, wants and demand
 Needs – states of felt deprivation
 Wants – specific satisfiers of needs shaped
by culture, economic condition as well as
individual personality
 Demand – human wants that are backed by
willingness, buying power and authority to
purchase.
5/29/2022 10
Copy right reserved

11. Segmentation, Targeting &
Positioning
 Market Segmentation: Dividing a market into distinct
groups with distinct needs characteristics or behaviors who
might require separate products or marketing mixes.
 Target Marketing: The Process of evaluating each market
segment’s attractiveness and selecting one or more
segments to enter.
 Positioning: Arranging for a product to occupy a clear,
distinctive and desirable place relative to competing
products in the minds of target customers.
5/29/2022 11
Copy right reserved

12. Marketing offer and brand
 Marketing offer: Some combination of products,
services, information or experiences offered to a
market to satisfy customer.
 Brand : Any word, sign, symbol etc. for
identification and differentiation of product. It
includes brand name, brand mark and trade mark.
5/29/2022 12
Copy right reserved

13. Value and Satisfaction
 Value – relationship between benefit and cost
 Satisfaction – Comparison between customer’s
expectation and product performance
 Expectation = performance
 Expectation < performance
 Expectation > Performance
5/29/2022 13
Copy right reserved

14. Market
 Is place a market?
 A market is the set of actual and potential buyers
of a product
 Marketers are keenly interesting in markets
 Marketer’s task is managing markets to bring
about profitable exchange relationship
5/29/2022 14
Copy right reserved

15. Exchange
 Exchange is the act of obtaining a desired product
from someone by offering something in return
 Transaction is marketer’s unit of measurement
 A transaction consists of a trade of values between
two parties.
5/29/2022 15
Copy right reserved

16. Product
 Anything offered by the marketer for customer’s
satisfaction
 There are five levels of products
 Core product
 Actual product
 Augmented product
 Expected product
 Potential product
5/29/2022 16
Copy right reserved

17. Marketing Channel
 Communication channel – Radio, TV, newspaper,
magazine etc
 Distribution channel – Agent, wholesaler, retailer
etc.
 Service channel – transport co., warehouse, bank
and insurance co. etc.
5/29/2022 17
Copy right reserved

18. Supply Chain
 Supply chain is a longer channel stretching
from raw materials to components to final
products that are carried to final buyers.

5/29/2022 18
Copy right reserved

19. Competition
 Competition includes all the actual and
potential rivals offerings and substitutes a
buyer might consider.
 Competition may be:
 price competition or non-price competition
 brand competition
Monopoly, monopolistic or perfect competition
5/29/2022 19
Copy right reserved

20. Marketing Environment
 The actors and forces outside marketing that affect
marketing management’s ability to build and
maintain successful relationships with target
customers.
 It includes: Micro environment and macro
environment
5/29/2022 20
Copy right reserved

21. The New Marketing Realities
 Technology
 Globalization
 Social Responsibility
5/29/2022 Copy right reserved 21

22. New Marketing Realities
5/29/2022 Copy right reserved 22

23. Company orientation towards
the market place
 Production concept
 Product concept
 Selling concept
 New marketing concept
 Customer concept
 Societal marketing concept
 Holistic concept
5/29/2022 Copy right reserved 23

24. Holistic Marketing Concept
5/29/2022 Copy right reserved 24

25. Traditional Four Ps
 Product
 Place
 Price
 Promotion
5/29/2022 Copy right reserved 25

26. Modern Marketing Management
four Ps (The new four Ps)
 People
 Process
 Programs
 Performance
5/29/2022 Copy right reserved 26

27. Marketing Management
 Marketing management is the art and science of
choosing target markets and getting, keeping, and
growing customers through creating, delivering
and communicating superior customer value.
 Philip Kotler and Kevin Lane Keller

28. Marketing Management Task
 Developing marketing strategies and plans
 Capture marketing insights & performance
 Connect with customers
 Build strong brands
 Shape the market offering
 Deliver value
 Communicate value
 Create successful long-term growth
5/29/2022 Copy right reserved 28

29. Customer Perceived Value (CPV)
 CPV is the difference between the prospective
customer’s evaluation of all the benefits and costs
of an offering and the perceived alternatives.

31. Total Customer Benefits
 Total customer benefit is the perceived monetary
value of the bundle of economic, functional, and
psychological benefits customers expect from a
given market offering because of the product,
service, people or image.

32. Total Customer Cost
 Total customer cost is the perceived bundle of
costs customers expect to incur in evaluating,
obtaining, using, and disposing of the given
marketing offering, including monetary, time,
energy and psychological costs.

33. Any Queries?
Thank you
5/29/2022 Copy right reserved 33