Introduction To Marketing and Basic Terms
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This document provides an overview of key marketing concepts. It discusses what marketing is, why it is important, and some fundamental concepts. Marketing is defined as an organizational function for creating and delivering value to customers. It involves understanding customer needs and wants in order to create superior value through products and services. Key terms are also defined, including exchange, transactions, needs, wants, demands, value, satisfaction, offerings, and branding. Different types of markets are discussed as well as different demand states that marketers must understand in order to effectively stimulate demand. The document emphasizes that marketing is both an art and a science involving understanding customers and choosing the right target markets.
Introduction To Marketing and Basic Terms
- 1. Prof Prashant Kumar Gupta Lecturer: Jain College Of MBA and MCA
- 2. What will we be learning..??? What is marketing? Why is marketing important? What is the scope of marketing? Some fundamental marketing concepts. Marketing : Micro and Macro concept
- 4. Marketing Management Marketing is an organisational function And a set of processes For creating, communicating, and delivering Value to customers And for managing customer relationships In ways that benefit the organisation and the stakeholders
- 5. Marketing Management The social side of it A societal process Individuals or groups obtain their needs and wants Create, offer and freely exchange Products and services of value
- 6. Understanding Marketing It is an art as well as science. Choosing target markets. Get, keep and grow customers. Create, deliver and communicate superior customer value
- 8. What is MARKETED…??? Goods Experience Events Place Services Properties Organisations People Ideas
- 9. Basic Terms: Exchange & Transaction
- 10. Exchange & Transaction The act of obtaining a desired object from someone by offering something in return 5 Conditions for an exchange to happen:• Existence of two parties • Each party must have something of value to the other • Each party is capable of communication & delivery • Each party is free to accept or reject the offer • Each party believes that it is appropriate to deal with the other party
- 11. Exchange & Transaction Two parties are in the process of exchange when they negotiate When they mutually agree on the terms and conditions it becomes a transaction, an event
- 12. Basic Terms: Needs, Wants & Demands Need:• Basic human requirements like food, clothing and shelter • Can also include needs like education and recreation • Find out types of needs Want:• Need directed to specified object • Is shaped by culture and individual • Might satisfy the need Demand:• Wants backed by purchasing power
- 13. Basic Terms: Value & Satisfaction Value:• Reflects perceived tangible & intangible benefits & costs • Usually combination of quality, service and price Satisfaction:• Customer’s comparative judgment of expectation and perceived performance Customer Expectation=Performance =>Satisfaction Customer Expectation>Performance => Dissatisfaction Customer Expectation<Performance => High Satisfaction
- 14. Basic Terms: Offering & Branding Offering:• Needs are addressed by value proposition • Set of benefits offered to satisfy needs • Value proposition is made physical by an offering Branding:• An offering from a known source • All companies strive to build a strong, favourable and unique image
- 15. Basic Terms: Market Physical place Buyers and Sellers meet Transaction happens Key customer markets:1. 2. 3. Consumer Market Business Market Global Market
- 16. Who Markets…??? A Marketer is someone who seeks a Response from a party , referred as Prospect.
- 17. Marketer Skilled in stimulating demand. Responsible for demand management, i.e., identify the demand state and determine plan for it. There are eight Demand States of a consumer which need to be identified.
- 18. Demand States Negative Demand: Customers dislike the product and may even pay a price to avoid it. Non-existent Demand: Customers may be unaware or uninterested in the product. Latent Demand: Consumers may have a strong need that cannot be satisfied by an existing product. Declining Demand: Consumers buy the product less frequently or not at all. Irregular Demand: Purchases vary on a seasonal, monthly, weekly or even daily. Full Demand: Customers buy in adequate amount products available in market. Overfull Demand: Many consumers would like to buy the product that can be satisfied. Unwholesome Demand: Consumers may be attracted towards products having undesirable social consequences.
- 19. Thank You…! That’s It For Today