MGT301
Principles of Marketing
Lecture-2
Summary
of
Lecture-1
Marketing Involves having the Right Product available in the
Right Place at the Right Time and making sure that the
customer is Aware of the Product.
Marketing
Price
Product
Customers
Place
Promotion
Simple Marketing System
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Producer/Seller
Communicatio
n
Product/Servi
ce
 Money
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Feedba
ck
Consumer
Today’s Topics
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Road map
Understanding Marketing and Marketing Process
Core Marketing Concepts
Road Map
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Introduction-an overview of marketing.
Understanding Marketing and Marketing Process
Marketing Functions and Customer Relationship
Management
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Marketing in Historical perspective and Evolution of Marketing
Marketing Challenges in the 21st century
Marketing Management Process
Marketing Management Process (cont….)
Strategic Planning and Marketing Process
The Marketing process
The Marketing process (cont…)
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Marketing Environment (Micro)
Marketing Environment (Macro)
Analyzing Marketing opportunities and developing strategiesMIS
Marketing Research
Consumer Market-understanding the consumer
Consumer Markets and consumer buying behavior
Consumer Markets and consumer buying behavior (cont…)
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Buying Behaviors for New Products and services
Business Buying Behavior
Business Buying Behavior (cont..)
Market segmentation
Market segmentation (cont..)
Developing the Marketing Mix--- 4 P’s
Product Planning
Product Planning (cont..)
Product Planning (cont..)
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Service Strategy
Pricing
Pricing Strategies
Price Adjustment and Price Changes
Distribution Channels
Distribution Channels (cont..)
Logistics Management
Retailing and wholesaling
Promotion Planning
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Advertising
Public Relations
Personal Selling
Sales Promotion
Sales Force Management
Integrating and analyzing the marketing plan
Global Marketing
Technological developments and Marketing
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Web base Marketing
Social Marketing
Social, Ethical and Consumer issues
Review
Marketing in a Glance
Actors and Forces in a
Modern Marketing System
Environment
Company
(marketer)
Marketing
intermediaries
Suppliers
Competitors
End-user
market
Simple Marketing System
Communication
Product/Service
Producer/Seller
Money
Feedback
Consumer
Simple Questions, Hard Answers
Who are our customers?
What important & unique benefits do we provide?
Are these benefits sustainable?
Process by which individuals and groups obtain what they need
and want through creating and exchanging products and value
with others.
More simply:
Marketing is the delivery of customer satisfaction at a profit.
Price
Product
Customers
Place
Promotion
Marketing is a social and managerial process by which individuals
and groups obtain what they need and want through creating,
offering and exchanging products of value with others.
Kotler 1994
Core Marketing Concepts
Exchange,
transactions,
and relationships
Value,
satisfaction,
and quality
Core
Marketing
Concepts
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Needs
‘...a state of felt deprivation’
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Wants
needs ‘...shaped by culture and individual personality’
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Demands
wants ‘...backed by purchasing power’
Exchange,
transactions,
and relationships
Value,
satisfaction,
and quality
Core
Marketing
Concepts
A Product is....
‘...anything that can be offered to a market for attention,
acquisition, use or consumption and that may satisfy a need
or want’
includes:
– physical goods, services, people, places, organizations,
activities, ideas etc
Exchange,
transactions,
and relationships
Value,
satisfaction,
and quality
Core
Marketing
Concepts
Exchange is...
‘...the act of obtaining a desired object from someone by
offering something in return’
Five conditions
1. Two parties
2. Something of value to offer each other
3. Willing to deal
4. Free to accept or reject offer
5. Able to communicate and deliver
A transaction is...
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‘...a trade between two parties that involves:
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at least two things of value;
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agreed upon conditions;
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a time of agreement; and
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a place of agreement’
may be monetary or barter
Exchange,
transactions,
and relationships
Value,
satisfaction,
and quality
Core
Marketing
Concepts
A market is...
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‘...a set of actual and potential buyers of a product’
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A place
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Marketing satisfies the needs of markets by facilitating the
exchange process
Exchange,
transactions,
and relationships
Value,
satisfaction,
and quality
Core
Marketing
Concepts
Goals of the Marketing System
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Stimulate maximum consumption
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Maximize consumer satisfaction
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Maximize variety and choice
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Maximize quality of life
Marketing Process Activities
Understand the organization’s mission
Set marketing objectives
Gather, analyze, interpret “SWOT” information
Develop a marketing strategy
Implement the marketing strategy
Design performance measures
Evaluate marketing efforts--change if needed
Summary
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Road Map
Understanding Marketing and Marketing Process
Core Marketing Concepts
Core Marketing Concepts
Exchange,
transactions,
and relationships
Value,
satisfaction,
and quality
Core
Marketing
Concepts
Next….
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Marketing Functions
Customer Relationship Management
MGT301
Principles of Marketing
Lecture-2