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    The document discusses key concepts in marketing including definitions of marketing, the importance of marketing from a societal and individual perspective, and the scope of marketing. It provides definitions for key terms like consumer, customer, and market. It also outlines the marketing management process and discusses how marketing creates value for customers and societies.

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    L1

    Uploaded by

    sagar
    31 views24 pages
    The document discusses key concepts in marketing including definitions of marketing, the importance of marketing from a societal and individual perspective, and the scope of marketing. It provides definitions for key terms like consumer, customer, and market. It also outlines the marketing management process and discusses how marketing creates value for customers and societies.

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    The document discusses key concepts in marketing including definitions of marketing, the importance of marketing from a societal and individual perspective, and the scope of marketing. It provides definitions for key terms like consumer, customer, and market. It also outlines the marketing management process and discusses how marketing creates value for customers and societies.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    31 views24 pages

    L1

    Uploaded by

    sagar
    The document discusses key concepts in marketing including definitions of marketing, the importance of marketing from a societal and individual perspective, and the scope of marketing. It provides definitions for key terms like consumer, customer, and market. It also outlines the marketing management process and discusses how marketing creates value for customers and societies.

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    © All Rights Reserved
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    Learning Outcome - Students will be Programme Outcome

    able to understand:
    Define the term marketing PO1 : Apply knowledge of Management
    Theories
    Describe the importance of marketing PO1 : Apply knowledge of Management
    from societal and individual Theories
    perspective
    Discuss the scope of the marketing PO1 : Apply knowledge of Management
    Theories
    • A shopper is someone who is looking for
    products to buy, any products. This is essentially
    anyone who has spending power and willingness
    to buy.
    • A consumer as someone who is buying or using
    a particular type of product. Consumer is
    someone who is using a specific product but not
    from a specific brand.
    • A customer who I understand to be someone
    who bought a product from a particular brand.
    All potential customers who share
    common needs and wants, and
    who have the ability and
    willingness to buy the product,
    are considered a market.
    Market
    = Population+ Purchasing
    Power + Purchasing Need
    Good marketing is no
    accident but a result of
    careful planning and
    execution using state-
    of-art tools and
    techniques.
    Marketing is an organizational
    function and a set of processes for
    creating, communicating, and
    delivering value to customers and for
    managing customer relationships in
    ways that benefit the organization
    and its stakeholders.

    Marketing management is the art and


    science of choosing target markets
    and getting, keeping, and growing
    customers through creating,
    delivering, and communicating
    superior customer value.
    “There will always be a need for
    some selling. But the aim of marketing
    is to make selling superfluous. The aim
    of marketing is to know and understand
    the customer so well that the product or
    service fits him and sells itself. Ideally,
    marketing should result in a customer
    who is ready to buy. All that should be
    needed is to make the product or
    service available.”
    Peter Drucker

    1-8
    Sales Marketing

    Emphasis is on the product Emphasis on consumer needs wants

    Company Manufactures the product first Company first determines customers needs
    and wants and then decides out how
    to deliver a product to satisfy these wants
    Management is sales volume oriented Management is profit oriented

    Stresses needs of seller Stresses needs and wants of buyers

    Views business as a good producing Views business as consumer producing


    process process satisfying process
    Cost determines Price Consumer determine price, price
    determines cost
    Selling views customer as a last link in Marketing views the customer last link in
    business business as the very purpose of the
    business
    Goods

    Services

    Events & Experiences

    Persons

    Places & Properties

    Organizations

    Information

    Ideas
    1-11
    Negative Nonexistent Latent

    Declining Irregular

    Full Overfull Unwholesome

    1-14
    1-15
    1-16
    Consumer Markets Global Markets

    Business Markets Nonprofit/ Government Markets

    1-17
    To Society

    • Standard of Living & Quality of Life


    • Satisfaction of Human Wants
    • Increases Employment Opportunities
    • Increase National Income
    • Maintain Economic Stability and Economic Development
    • Link between Consumer and Producer
    • Creation of Utilities
    • Removes imbalance of Supply
    To Individual/Business Firms

    • Generates Revenue to Firms


    • Acts as basis for Making Decisions
    • Helps the top management to manage innovations and
    changes
    • Marketing is an organizational function and a set of
    processes for creating, communicating, and delivering
    value to customers
    • Marketers are skilled at managing demand: They seek to
    influence its level, timing, and composition for goods,
    services, events, experiences, persons, places, properties,
    organizations, information and ideas
    • We further discussed the importance of marketing as it
    entails new consumer and company capabilities.
    • New opportunities and challenges have been created
    because of technology, globalization, and social
    responsibility and changed the marketing management.
    The most formal definition of marketing
    is

    • An organizational function and a set of process for


    creating, communicating and delivering, value to
    customers and that benefit the organization.
    • Improving the quality of life for consumers
    • Meeting needs profitability
    • Marketing is an organizational function includes the 4Ps
    It’s a combination of quality, service &
    price

    • Marketing Triad
    • Customer Value Triad
    • Customer Satisfaction Triad
    • Service Quality Triad
    Marketing management is ________.

    • developing marketing strategies to move the company


    forward
    • managing the marketing process
    • monitoring the profitability of the company’s products
    and services
    • the art and science of choosing target markets and
    getting, keeping, and growing customers through
    creating, delivering, and communicating superior
    customer value

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