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7/23/2019 Principles of Marketing (Chapter 1_Part 1)
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Principles of MarketingFall 2015-16
Faculty: Shama Islam
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Marketing:Managing Profitale !ustomer "elationships
Chapter #1
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SO…WHAT IS MARKETING…?
Marketing is the process by which companies create value for customers and
build strong customer relationships to capture value from customers in return.
Marketing is a social and managerial process by which individuals and groups
obtain what they need and want, through creating, offering and exchanging
products (goods and services) of value with others.
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SO…WHAT IS MARKETING…?
To define Marketing, Peter Drucker said,
‘The aim of marketing is to make selling unnecessary.’
n fact, selling and advertising are only part of larger !"arketing "ix# (a set of marketing tools that work together to satisfy customer needs and build customer
relationships).
Today, marketing must be understood in the new sense of satisfying customer needs but not in the old sense of making a sale (telling and selling).
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1. Understand the market!a"e and "#st$mer %ants and
needs
&. 'esign a "#st$mer(dri)en marketing strateg*
+. ,$nstr#"t an integrated marketing r$gram that de!i)ers
s#eri$r )a!#e
-. #i!d r$/ita0!e re!ati$nshis and "reate "#st$mer
satis/a"ti$n
. ,at#re )a!#e /r$m "#st$mers t$ "reate r$/it and
"#st$mer e2#it*
#$% M&"'%#I() P"*!%SS
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Source: Adapted from Kotler et al. (2008:7)
A Simple Model of the Marketing
Proce
#$% M&"'%#I() P"*!%SS
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Needs, Wants &Demands
Market Offerings(Products, Services
& Experiences)
a!ue & Satisfaction
Markets
Exc"ange, #ransactions &$e!ations"ips
UN'ERSTAN'ING THE MARKET34A,E 5
,USTOMER NEE'S
Core Marketing Concepts
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Customer Needs, Wants, and Demands
(ee+s are t"e states of fe!t deprivation in t"e mind of consumers%
(#"e asic "uman re'uirements) P"sica! need*food, c!ot"ing, +armt", safet Socia! need*e!onging and affection ndividua! need*kno+!edge and se!f-expression, recognition
,ants are t"e form t"at needs take, s"aped cu!ture andindividua! persona!it% Wants are descried in terms of o.ects t"at +i!! satisf needs% W"en +e can define or understand t"e p"sica!o.ect t"at can make so!ution to our needs, it is considered a +ant%
UN'ERSTAN'ING THE MARKET34A,E 5
,USTOMER NEE'S
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Customer Needs, Wants, and Demands
'emands are wants backed by buying power , where theaffordability and willingness to pay of the customers is important.
UN'ERSTAN'ING THE MARKET34A,E 5
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UN'ERSTAN'ING THE MARKET34A,E 5
,USTOMER NEE'S
Customer Needs, Wants, and DemandsNeed6 need $ood% &lothes.
Wants6 's a angladeshi, want rice and fish as food, ungi and $otua as clothes, whereas an 'merican wants sandwich or burger as food and *eans, t+shirt as clothes.
'emands6"r. mil is a business tycoon and his demand is having rice and fish from -adisson hotel and clothes from a designer house. n the contrary, "r. -eehan is a student and his demand is having rice and fish from '/ canteen or 0tar 1ebab and clothes from 2ew market.
I/ Mr. Reehan demand 7$$d /r$m Radiss$n and ,!$thes /r$m designer h$#se
that %i!! 0e "$nsidered as his %ant as he d$es n$t ha)e the a0i!it* $/
0#*ing it8 #n!ess 0a"ked 0* s$me$ne.
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Market Offerings - roducts,
!er"ices, and #$%eriences
Market $//erings are some
combination of physical goods and
services offered to a market to satisfy
a need or want of the customer.
0o the 3uestion is, what are the
different fferings that can be
marketed as Product4
UN'ERSTAN'ING THE MARKET34A,E 5
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WHAT CAN BE MARKETED?
%periences%periences PersonsPersons PlacesPlaces
*rgani.ations*rgani.ations I+easI+easInformationInformation
Physical GoodsPhysical Goods Ser/icesSer/ices %/ents%/ents
PropertiesProperties
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WHAT CAN BE MARKETED?
Goods Services
Events Experiences
Persons
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WHAT CAN BE MARKETED?
PlacesOrganizations
Information
Ideas
Properties
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#$changes, Transaction and &elationshi%s
E9"hange is the act of obtaining a
desired ob*ect from someone by
offering something in return.
Transa"ti$n is a trade of values
between two or more parties. This is actually
exchange of something in between two or more
parties by setting the monetary value of their ob*ect.
UN'ERSTAN'ING THE MARKET34A,E 5
,USTOMER NEE'S
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#$changes, Transaction and &elationshi%s
UN'ERSTAN'ING THE MARKET34A,E 5
,USTOMER NEE'S
Re!ati$nshis consist of actions to build and maintain desirable relationships
by delivering superior value to the customers.
$or an exchange to occur +
! There are at least two parties.
! ach party has something that might be of value to the other party.! ach party is capable of communication and delivery.
! ach party is free to re*ect the exchange offer.
! ach party thinks it is appropriate or desirable to deal with the other party.
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Markets ' the Marketing !ystem
UN'ERSTAN'ING THE MARKET34A,E 5
,USTOMER NEE'S
Markets are the set of actual and potential buyers of a product.
These buyers share a particular need or want that
can be satisfied through exchange relationships.
Marketing S*stem consists of all of the
actors (suppliers, company, competitors,
intermediaries, and end users) in the system
who are affected by ma*or environmental forces
(demographic, economic, geographic, technological, political+legal, socio+cultural).
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Source: Adapted from Kotler et al. (2008:"#)
$lement of A Modern Marketing S%tem
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Designing a Customer-Driven Marketing Strateg
Marketing Management
Marketing Management is the art and science of choosing target
markets and building profitable relationships with them.
$or managing customers properly we need think about5
- 6hat customers will we serve4
- 7ow can we best serve these customers4
- 7ow can we increase our profitability through satisfying ourtarget customers4
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