This document discusses fundamentals of marketing. It describes how marketing is defined in multiple ways, such as an exchange, function, process and philosophy. The document emphasizes that marketing aims to meet customer needs and generate customer satisfaction at a profit. It outlines different concepts of marketing, including the exchange, production, product, sales and marketing concepts. A new philosophy of marketing, called the value philosophy, is proposed to provide practical direction and explicitly focus on delivering value to customers.

1. 1
Fundamentals of
Marketing Revisited

2. This chapter will help you understand:
 Marketing is described in different ways, using different routes
 We can understand marketing by checking “what does it do?”
 The six concepts of marketing in vogue
 The difference between selling and marketing
 Ethics in marketing
 The need for ‘a new philosophy of marketing’ for learning
marketing the right way
 ‘Value philosophy of marketing’ can guide marketing better
2
Fundamentals of Marketing Revisited

3. Understanding Marketing Management
Fundamentals of Marketing Revisited
3
 Marketing—An Omnipresent Entity
 Does Marketing Mean Selling?
 Does Marketing Mean Advertising?
 Does Marketing Mean Distribution?
 Marketing is Described in Different ways

4. Understanding Marketing Management
Fundamentals of Marketing Revisited
4
Marketing
 an Art
 a Science
 an Exchange
 a Function (of business)
 a Practice
 a Process
 a Philosophy
 a Relationship
 and many things more…
contd…

5. Select Definitions of Marketing
Fundamentals of Marketing Revisited
5

6. Fundamentals of Marketing Revisited
6
 What does Marketing do?
 Marketing Meets Customer Needs
 Marketing Builds Empathy Towards Customers
 Marketing Generates Customer Satisfaction
 Marketing is About Generating Customer Satisfaction at
a Profit
 Measuring the Satisfaction Too is a Part of Marketing
Understanding Marketing Management
contd…

7. Fundamentals of Marketing Revisited
7
 Marketing Means Building Relationships with Customers
 Can We Then Assume Marketing = Customers? Yes; Almost
 Marketing Means Engaging People
 Meeting Competition— a Part of Marketing
 Marketing— Multi-dimensional, Complex, Dynamic
o It cannot be confined within any single definition
Understanding Marketing Management
contd…

8. Different Concepts of Marketing in Vogue
Fundamentals of Marketing Revisited
8
 Exchange Concept
 Production Concept
 Product Concept
 Marketing Myopia
 Mini Case 2.1 How Marketing Myopia Killed Kodak
 Table 2.1 Defining Business with Product Focus and Need Focus
 Sales Concept
 Marketing Concept
 Exhibit 2.1 Levitt and Drucker- How Marketing Differs From Selling
 Table 2.2 Difference between Selling and Marketing
 Societal Marketing Concept

9. How Does Marketing Concept Conceive Marketing ?
Fundamentals of Marketing Revisited
9
 Key Attributes of Marketing Concept
 Unflinching Consumer Orientation
 Integrated Management Action with Marketing as Fulcrum
 Emphasis on Generating Consumer Satisfaction

10. Broadening of Marketing
Fundamentals of Marketing Revisited
10
 Broadening will Solve the Criticisms Against Marketing
 The Ideas Associated with Broadening of Marketing
 Societal Marketing Concept
 Ethics in Marketing
 Corporate Social Responsibility
 Green Marketing

11. Broadening of Marketing
Fundamentals of Marketing Revisited
11
 Societal Marketing Concept
 Arguments and Counter Arguments
 The Concept is Vague
 Why one more Concept in Addition to Marketing Concept?
 Ethics in Marketing
o Arguments and Counter Arguments
 Should Business Ethics Meet Same Standards of Personal Ethics?
 Customer Data—An Area with Potential for Unethical
Behaviour
 Exhibit 2.2 Lowering Ethical Standards- Google
contd…

12. Broadening of Marketing
Fundamentals of Marketing Revisited
12
 Corporate Social Responsibility (CSR)
o CSR implies the larger concern of the firm for the society
 Ethics, Societal Marketing, and CSR are Independent
Ideas, Though Related
 Ethics, Societal Marketing, and CSR—All Mean
Enlightened Self Interest of the firm
contd…

13. Fundamentals of Marketing Revisited
13
 Green Marketing
More concerned with environmental aspects
 It is “Difference in Orientation” That
Separates One Concept from the Other
Broadening of Marketing
contd…

14. The Need for a New Philosophy of Marketing
Fundamentals of Marketing Revisited
14
 Why Go for a New Philosophy of Marketing?
 Existing Concepts Do Not Provide Practical
Direction
 Existing Concepts Do Not Explicitly Project Value
 ‘Customer Orientation’ is Not the Same as Value
Delivery

15. The Value-philosophy of Marketing
Fundamentals of Marketing Revisited
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16. The Value-philosophy of Marketing
Fundamentals of Marketing Revisited
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 Marketing Defined as Per the Value
Philosophy
 The Distinction of Value Philosophy
 Provides practical direction for ‘generating consumer
satisfaction’.
 Explicitly projects value-delivery to the consumer as
the central idea.
 AMA also Defines Marketing in a Value-Centered Way
contd…