01[1]. the Core Concept of Marketingi

8/9/2019 01[1]. the Core Concept of Marketingi

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The core concept of MarketingThe 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.


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Need, Wants,

DemandsProducts

Value, Cost,

Satisfaction

Exchange,

Transaction,

RelationshipMarket

Marketing &

Marketers

Core Concept Of Marketing


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Human Needs.

It is a state of felt deprivation of some basic satisfaction.

Wants.These are desires for specific objects that might satisfy the needs.

Demands.

These are wants for specific products backed by an ability to pay &

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 owingthem as in obtaining the services they render.


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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. Personnel value 3. Energy cost

4. Image value 4. Psychic cost


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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.


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Transactions These are basic unit of exchange.A transaction consists of a trade of values betweentwo parties.

Dimensions of transactions.1. At least two things of value.

2. Agreed upon conditions.

3. A time of agreement.4. A place of agreement.

Transaction v/s Transfer

The process of trying to arrive at mutually agreeableterms is called Negotiation.

Transaction marketing, Relationship marketing,Marketing network.


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Markets.

It consists of all potential consumers sharing aparticular need or want who might be willing & able to

engage in exchange to satisfy that need or want.

Marketing.It means Working with markets to actualize potential

exchanges for the purpose of satisfying human needs

& wants.

Marketer.

It means someone seeking a resource from someone

else & willing to offer something of value in exchange.


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1. The Production Concept.1. The Production Concept.

The production concepts holds that customers will

favor those products that are widely available & low

in cost. Managers of production orientedorganizations concentrate on achieving high

production efficiency & wide distribution coverage.


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2. The Product Concept.2. The Product Concept.

The product concept holds that consumers will favor

those products that offer the most quality,

performance or innovative features. Managers inthese product oriented organizations focus their

energy on making superior products & improving

them over time.


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3. The Selling Concept.3. The Selling Concept.

The selling concept holds that consumers, in left

alone, will ordinarily not buy enough of the

organizations products. The organization musttherefore undertake an aggressive selling &

promotion effort.


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4. The Marketing Concept.4. The Marketing Concept.

The marketing concept holds that the key to

achieving organizational goals consists in

determining the needs & wants of target markets &delivering the desired satisfaction more effectively &

efficiently than competitors.


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5. The Societal Marketing Concept.5. The Societal Marketing Concept.

The societal marketing concept holds that the

organizations task is to determine the needs, wants

& interests of target markets & to deliver the desiredsatisfaction more effectively & efficiently than

competitors in a way that preserves or enhances the

consumers & societys well being.

Documents

01[1]. the Core Concept of Marketingi