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MKT243 Fundamentals of Marketing 1 Fundamental of Marketing MKT243 Chapter 1 Introduction
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MKT243 Fundamentals of Marketing
1
Fundamental of Marketing MKT243
Chapter 1
Introduction
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Topic Outline • What Is Marketing?
• Understand the Marketplace and Customer Needs
• Rules of Exchange
• Marketing Management Orientation/ Philosophies
• Differences between sales and market orientation
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What is Marketing? • Marketing is a process by which
companies create value for customers and build strong customer relationships to capture value from customers in return (Kotler. P & Armstong. G, 2008).
• Marketing is an organization function and
a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and the stakeholder. (McDaniel, Lamb, Hair, 2008)
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Understanding the Marketplace and Customer Needs
• Customer needs, wants, and demands
• Market offerings
• Value and satisfaction
• Exchanges and relationships
• Markets
Core Concepts
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Understanding the Marketplace and Customer Needs
•States of deprivation
•Physical—food, clothing, warmth, safety
•Social—belonging and affection
•Individual—knowledge and self-expression
Needs
•Form that needs take as they are shaped by culture and individual personality Wants
•Wants backed by buying power i.e. money Demands
Customer Needs, Wants, and Demands
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Understanding the Marketplace and Customer Needs
Markets are the set of actual and potential buyers of a product
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Rules of exchange
• Five conditions must be satisfied for an exchange to take place:
1. There must be at least two parties. 2. Each party has something that might be of value to the
other party. 3. Each party is capable of communication and delivery. 4. Each party is free to accept or reject the exchange
offer. 5. Each party believes it is appropriate or desirable to
deal with the other party. • Exchange may not take place even if all of these
conditions exist, but these conditions are necessary for exchange to be possible.
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Production Concept
• The production orientation focuses on internal capabilities of the firm rather than on the desires and needs of the marketplace. The firm is concerned with what it does best, based on its resources and experience, rather than with what consumers want.
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