Introduction to marketing do you know

INTRODUCTION TO MARKETING

Do you know??

What is a market?

• “A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want” (Philip Kotler).
• For instance…..

The Overall Themes of Marketing The Traditional Marketing Mix

• Product
• Price
• Promotion
• Place

Marketing Defined

• Marketing is a process… that is…

• Managerial
• Social
• Individual
• Wants, Desires
• Demands – Products and/or Services

As far as Customers are concerned there are three elements to address

• Customer value: Difference between the values that the customer gains from owning and using a product versus the costs of obtaining the product.

• Customer satisfaction: The extent to which a product’s perceived performance in delivering value matches a buyer’s expectations.
• Quality: the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.

Marketing Management Philosophies Agree or Disagree?

• Production: consumers will favor products that are available and highly affordable
• Product: consumers favor products that offer the most in quality, performance, and innovative features
• Selling: consumers will not buy unless an organization undertakes a large-scale selling and promotional effort
• Marketing: determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently then the competitors
• Societal marketing: generating customer satisfaction and long-run societal well-being are the keys to both achieving the company’s goals and fulfilling its responsibilities

Relationships

• Relationship marketing: the process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.

Marketing Management Practice Essentially Two Types

• Entrepreneurial marketing:
• Businesses started by individuals
• Creativity, drive, and perseverance are keys to success

• Formulated marketing:
• Professional, disciplined approach
• Achieving a market orientation

Orientations towards marketing

• Production concept (before 1930):
• demand > supply
• Selling concept (1930-1950):
• supply > demand
• Marketing concept (post-1960s):
• analyze consumer needs before producing and selling, market orientation, competition…

Marketing Concept versus Selling Concept

• Starting Point

• Focus

• Means

• Ends

• Factory

• Product

• Sell and
• Promote it

• Profits through
• sales volume

• The Selling Concept

• Market

• Customer
• needs

• Integrated
• marketing

• Profits from
• satisfied customers

• The Marketing Concept

• Figure 1.3

Marketing Management

• What is marketing management?
• « Marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals » (Philip Kotler)
• Marketing management has the task of influencing the level, timing, and composition of demand in a way that will help the organization achieve its objectives.

Course Outline

• Marketing Research
• Marketing Strategy

Common marketing problems

• How can we identify and choose profitable market segments?
• How can differentiate our offer from our competition?
• How should we react to competitors?
• How can we satisfy our customers and build brand loyalty?
• How can we measure the effectiveness of an add campaign, of Public Relations, of a promotion, etc…?