Chapter 1 Introduction to Marketing
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The document discusses the key concepts and process of marketing. It defines marketing and outlines four common marketing philosophies: production, selling, marketing, and societal concepts. It also explains the differences between sales and market orientation. Finally, it outlines the five steps in the marketing process: analyzing opportunities, selecting target markets, developing marketing strategies and mix, and managing marketing efforts.
Chapter 1 Introduction to Marketing
- 1. Chapter 1 1 INTRODUCTION TO MARKETING MKT243 - Fundamentals of Marketing
- 2. What is Marketing 2 Definition of marketing Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. For business to consumer marketing, it is "the process by which companies create value for customers and build strong customer relationships, in order to capture value from customers in return" MKT243 - Fundamentals of Marketing
- 3. Marketing Management Philosophies 3 Marketing Philosophies Orientation Societal Production Marketing Selling concept marketing concept concept concept MKT243 - Fundamentals of Marketing
- 4. Marketing Management Philosophy 4 Production concept The firm’s focused on production only, this means, the emphasis of this concept is to produce goods that are greatly demand. Selling concept The firm’s focused on selling, simply means that marketing need to aggressively promote their product by either advertising, doing sales promotion and personal selling in order to get more people to buy their product. MKT243 - Fundamentals of Marketing
- 5. Marketing Management Philosophies 5 Marketing concept In order to be successful in marketing, marketing managers must work hard to determine and fulfill customer needs and wants. Societal concept Determine the needs, wants and interest of target market and to deliver the desired satisfaction more effectively and efficiently than competitors in a way that preserves or enhances the customer’s and society’s well-being. MKT243 - Fundamentals of Marketing
- 6. Differences between Market and Sales Orientation 6 Sales Orientation Market Orientation Inward – fulfill organizations Outward – fulfill wants and needs preferences of customer Selling goods and services Satisfying customers needs and wants and delivering superior value Everybody Specific groups of people Achieve profit through Achieve profit through maximum sales volume customers satisfaction Through intensive promotion Through coordinated marketing and inter-functional activities MKT243 - Fundamentals of Marketing
- 7. Marketing Process 7 Analyzing marketing opportunities Selecting target market Developing the marketing strategy by developing marketing mix Managing the marketing effort MKT243 - Fundamentals of Marketing
- 8. Marketing Process 8 Analyzing marketing opportunities Marketers need to measure demand of their product and do forecasting. Marketers need to consider the previous sales and consider the current environmental factors that may have impact on current demand. Selecting target market It requires marketing managers to do market segmentation, market targeting and market positioning. MKT243 - Fundamentals of Marketing
- 9. Marketing Process 9 Developing the market strategy by developing market mix Product - include all goods and services an organization offers Price - the amount of money buyers have to pay to obtain goods Place – place that customers easy to get products and services Promotion –communication that organization use to influence customers to use and buy their products. MKT243 - Fundamentals of Marketing
- 10. Marketing Process 10 Managing the marketing effort this require marketing managers to do important function which is analysis, planning, implementation, and control This can be done by analyzing the company’s market and marketing environment to determine the strengths/weaknesses and opportunity available MKT243 - Fundamentals of Marketing