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Introduction to Marketing Management

The document provides an introduction and overview of marketing, defining it as the process of promoting products and services to customers. It discusses the importance of marketing in integrating all business functions to create value for customers. The marketing concept is introduced as a philosophy that companies should satisfy customer needs through products and services delivered via a coordinated set of activities.

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19 views12 pages

Introduction to Marketing Management

The document provides an introduction and overview of marketing, defining it as the process of promoting products and services to customers. It discusses the importance of marketing in integrating all business functions to create value for customers. The marketing concept is introduced as a philosophy that companies should satisfy customer needs through products and services delivered via a coordinated set of activities.

Uploaded by

Pe1L1ng
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Principles of Marketing

Week 1
Introduction and overview of
Marketing
Learning objectives
• Define marketing and its process.
• Explain the importance of marketing to any
business set-up.
• Identify the key elements of a customer-driven
marketing strategy and discuss the marketing
management orientations that guide
marketing strategy.
Key definitions of Marketing
•Marketing encompasses a diverse set of decisions and
activities performed by individuals and by both business and
non-business organisations.
•Marketing always begins and ends with the customer.
•Marketing integrates all the functions of a business and speaks
directly to the customer through advertising, salespeople and
other marketing activities.
•The American Marketing Association defines marketing as:
‘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.’
Definitions of Marketing
• Marketing is the process of getting consumers
interested in your company’s product or
service.
• Marketing is what you say and how you say it
when you want to explain how awesome your
product is and why people should buy it
Definitions of Marketing
• The action or business of promoting and selling
products or services, including market research
and advertising.
• 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
• The reality, is that marketing sits at the intersection
of the business and the customer – the great
arbiter of the self interests of the business and the
needs of the buyer.
Definitions of Marketing
• Marketing – it is the process by which a
business decides what it will sell, to whom,
when and how.
• It integrates all the functions of a business .
• It also involves how a company positions itself,
through market research,
• Through new business/product development,
• Advertising and promotion, PR (public/press
relations), and all of the sales functions as
well.
The Marketing concept
• The marketing concept is a business
philosophy that a firm should provide goods
and services that satisfy customers’ needs
through a coordinated set of activities that
allows the firm to achieve its objectives.
• Then the firm must develop a good or
service to satisfy those needs.
• The firm must continue to seek ways to
provide customer satisfaction.
Implementing the Marketing concept
• (1) provide a product that will satisfy your
customers,
• (2) price the product at a level that is
acceptable to buyers and that will yield an
acceptable profit,
• (3) promote the product so that potential
customers will be aware of its existence and its
ability to satisfy their needs, and
• (4) ensure that the product is distributed so
that it is available to customers where and
when needed.
Customer needs, wants and demands
• Human needs are states of felt deprivation.
• Wants are the form human needs take as they
are shaped by as they are shaped by culture
and individual personality.
• When backed by buying power, wants become
demands.
Managing the Marketing Effort
• Managing the marketing process requires
marketing management.
• This involves analysis, planning,
implementation, organisation and control.
• The company first develops company-wide
strategic plans and then translates them into
marketing and other plans.
Marketing strategy process
• Marketing plans undergo many changes until
all the parts are internally consistent and
mutually supportive of the objectives.
• It is very easy to get one part right but an
internally consistent and mutually supportive
marketing plan is consistent.
Tutorial
• Why is marketing so important in any business
set-up?

Common questions

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Effective distribution requires ensuring that products are available at the right locations and times to meet customer needs. This involves logistical planning, identifying optimal distribution channels, and maintaining relationships with distribution partners to streamline availability and accessibility, fulfilling the marketing concept of customer satisfaction .

Marketing acts as the interface between a business and its customers by integrating business functions to communicate with the customer through advertising, sales, and other marketing activities. Key activities include market research, product development, advertising, promotion, public relations, and sales functions .

Businesses can balance their interests with customer needs by developing marketing strategies that align business objectives with customer satisfaction. This involves understanding and anticipating customer expectations through market research and creating products that fulfill those needs, thereby achieving profitability and customer loyalty concurrently .

The 'marketing concept' is a business philosophy where firms provide goods and services that satisfy customers' needs through coordinated activities. This influences the development of products by ensuring they are designed to meet customer needs, priced appropriately for value exchange, promoted effectively to create awareness, and distributed to be accessible where and when needed .

Managing the marketing effort involves planning, analysis, implementation, organization, and control of marketing activities to align with strategic business objectives. This is important as it ensures that all marketing initiatives are coherent, supportive of business goals, and responsive to the market environment, fostering sustainable growth .

Marketing is crucial in any business because it integrates all business functions to directly address customer needs, facilitating the sale of products and services. It balances the company's interests with customer needs, acting as an arbiter and ensuring business sustainability through customer satisfaction and strategic business growth .

Product pricing contributes by setting a value level acceptable to buyers while ensuring the business earns an acceptable profit. This balance is crucial as it directly affects customer satisfaction and retention, aligning with the marketing concept philosophy of meeting customer needs while achieving business objectives .

A marketing strategy can be internally consistent and supportive by developing comprehensive company-wide strategic plans and translating them into cohesive marketing plans. This involves careful analysis, planning, implementation, organization, and control, ensuring each element aligns with and supports the overall business objectives .

Advertising, promotion, and public relations are pivotal in customer-driven marketing strategies as they enhance awareness of the product, communicate value, and shape public perception. Together, they serve to attract and retain customers by effectively conveying how a product meets consumer needs and aligns with their cultural and personal preferences .

Human needs, which are states of felt deprivation, transform into market demands through intermediate stages. Initially, needs form into 'wants', influenced by culture and personality. When these wants are backed by purchasing power, they evolve into 'demands' .

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