Marketing an introduxtion

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Principles of Marketing

1


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Introduction-an overview of marketing Road map

Topic 1


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Introduction of Marketing


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Music to a Marketers Ears Theyre the best. I always eat there. I only fly with that airline. I buy my electronics at that store. I will prefer to go in that school.


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What is

Marketing,anyway?


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Definition Marketing: The process of creatingconsumer value in the form ofgoods, services, or ideas that can

improve the consumers life.


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What is marketing ? More than selling and advertising Identifying and satisfying customers needs Range of activities (marketing mix - 4Ps)


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What is Marketing?Learning to make what you can sell vs. selling what youcan make.

Identifying and satisfying customer needs and wants.


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Peter Drucker Goal of all organizations is togain and retain customers Innovation and marketing are the only two ways to achieve

the goal The rest only adds cost


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The AMA managerial definition: Marketing is the process of planning and executing theconception, pricing, promotion, and distribution of ideas,goods, and services to create exchanges that satisfyindividual and organizational objectives.


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Marketing Involves having the Right Product available in theRight Place at the Right Time and making sure that thecustomer is Aware of the Product.


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Marketing


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Product Price

Place Promotion

Customers


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Simple Marketing System

Producer/Seller Consumer

Communication

Product/Service

Money

Feedback


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Marketings 4 Ps Product Price Place Promotion


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Marketings 4 Ps (+2) People Product Price Place Promotion Profits


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Marketing It assumes that it will proceed in accordance with ethicalpractices. Identifies the 4 marketing variables - product, price,promotion, and distribution.


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States that the public, the customer, and the clientdetermine the marketing program. Emphasizes creating and maintaining relationships. Finally applies for both non-profit organizations and profit-oriented businesses.


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Marketing Includes... Personal selling Advertising Making products available in stores Maintaining inventories etc


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What Can Be Marketed? Goods Services Experiences Events Persons

Places Properties Organizations Information Ideas


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How Does an Organization Create aCustomer?


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Identifying customer needs Designing goods and services that meet those needs Communicating information about those goods and services toprospective buyers


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Making the goods or services available at times and placesthat meet customers needs Pricing goods and services to reflect costs, competition, andcustomers ability to buy Providing for the necessary service and follow-up to ensure

customer satisfaction after the purchase


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How is Marketing Done?


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Marketers Develop and Implement aMarketing Plan Based on the FollowingInformation:

Organizations Strengths

and Weaknesses

Organizations Overall Objectives

Opportunities and Threats to the

Organization in the Marketplace


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Peter F. Drucker Said: If we want to know what a business is, we have to start withits purpose. And its purpose must lie outside the businessitself. In fact, it must lie in society since a business

enterprise is an organ of society. There is one validdefinition of business purpose: to create a customer.


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Reasons for Studying Marketing


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CostsAbout 50% of total productcosts are marketing costs

Contributions toIndividual OrganizationsCritical to the success

of a firm

CareersAbout 25 to 33% of the workforce hold

marketing positions.

Contributions to SocietyMarketing decisions affectthe lives of individualconsumers and society as

a whole

Why Study

Marketing ?


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Why Study Marketing? Plays an important role in society Vital to business Offers outstanding career opportunities Affects your life every day


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Marketing is Everywhere in Your Life


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What do Marketers Think About?


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Ex: Open a Book shop On Campus Is there a need? Who is my target market? What is my product? How can I produce and deliver a product better than mycompetitors? How will I promote my product? How can I insure customer loyalty?


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Marketing is....getting the right products to the right people at the right price andat the right place and time with the right promotion


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Marketing is a social and managerial process by whichindividuals and groups obtain what they need and want throughcreating, offering and exchanging products of value with others.

Kotler 1994


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Process by which individuals and groups obtain what theyneed and want through creating and exchanging products andvalue with others.


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More simply:Marketing is the delivery of customersatisfaction at a profit.


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Simple Questions, Hard Answers

Who are our customers?

What important & unique benefits do we provide?

Are these benefits sustainable?


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COURSE STRUCTURE Readings Lectures Assignments Project Exam


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Recommended Books Principles of Marketing by Philip Kotler and GaryArmstrong Fundamentals of Marketing by Stanton, Etzel and Walker Marketing by Joel R. Evans and Barry Berman


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Summary


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Simple Marketing System

Producer/Seller Consumer

Communication

Product/Service

Money

Feedback


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Next. Understanding Marketing and Marketing

Process

Core Marketing Concepts


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Principles of Marketing

Lecture-1

Documents

Marketing an introduxtion