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Marketing Fundamentals and Concepts

1) Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. It involves concepts like needs, wants, products, customer value, satisfaction, and relationships. 2) There are four marketing management philosophies: the production concept focuses on efficiency, the product concept on product improvements, the selling concept on promoting products, and the marketing concept matches customer needs and wants to achieve organizational goals. 3) The societal marketing concept holds that organizations should satisfy customer needs and wants in a way that improves customer and societal well-being, balancing human welfare, want satisfaction, and company profits.

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Pavithran Chandar
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16 views18 pages

Marketing Fundamentals and Concepts

1) Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. It involves concepts like needs, wants, products, customer value, satisfaction, and relationships. 2) There are four marketing management philosophies: the production concept focuses on efficiency, the product concept on product improvements, the selling concept on promoting products, and the marketing concept matches customer needs and wants to achieve organizational goals. 3) The societal marketing concept holds that organizations should satisfy customer needs and wants in a way that improves customer and societal well-being, balancing human welfare, want satisfaction, and company profits.

Uploaded by

Pavithran Chandar
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd

Chapter 1

MARKETING IN A CHANGING WORLD

Marketing Defined
Marketing
A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

Core Marketing concepts


Need, wants, and demands Products and services Value, Satisfaction, and Quality Exchanges, Transactions and relationships Markets

NEEDS
A state of felt deprivation.

WANTS
The form taken by as shaped by culture and individual personality.

DEMANDS
Human wants that are backed by buying powers.

PRODUCT
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. It includes physical objects, services, persons, places, organization, and ideas.

SERVICES
Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.

Customer value
The difference between the valued the customer gains from owning and using a product and the costs of obtaining the product.

Satisfaction
The extent to which a products perceived performance matches a buyers expectations.

Total quality management


Programs designed to constantly improve the quality of products, services, and marketing processes.

Exchange
The act of obtaining a desired object from someone by offering something in return.

Transaction
A trade between two parties that involves, at least two things of value, agreed upon conditions, a time of agreement and a place of agreement.

Relationship
The process of creating, maintaining, and enhancing strong, value-laden relationship with customers and other stakeholders.

Market
The set of all actual and potential buyers and of a product or services.

Main actors and forces in a modern marketing system


Company (Marketer)

Suppliers
Competitors

Marketing intermediaries

End-user market

Environment

Marketing Management
The analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives.

De marketing
Marketing to reduce demand temporarily or permanentlythe aim is not to destroy demand but only to reduce or shift it.

Marketing Management Philosophies


The Production Concept The Product Concept The Selling Concept The Marketing Concept

The production concept


The philosophy that consumer will favor products that are available and highly affordable and that management should therefore focus on improving production and distribution efficiency.

The product concept


The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements.

The Selling concept


The idea that consumers will not buy enough of the organizations products unless the organization undertakes a large-scale selling and promotion effort.

Starting Point

Focus Means

Ends

Factory

Existing Products

Selling and Promoting

Profits through Sales Volume

The Marketing concepts


The marketing management philosophy that holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do.

Starting Point Market

Focus

Means

Ends

Customer Integrated Needs Marketing

Profits through Customer Satisfaction

The societal marketing concept


The ides that the organization should determine the needs, wants, and interests of target markets and deliver the desired satisfaction more effectively and efficiently than do competitors in a way that maintains or improves the consumers and societys well-being.

Three considerations underlying the societal marketing concept


Society (Human welfare)

Societal Marketing concept


Consumers (Want
satisfaction)

Company (Profits)

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