Introduction To Marketing and Basic Terms
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Transcript of Introduction To Marketing and Basic Terms
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Prof Prashant Kumar GuptaLecturer: Jain College Of MBA and MCA
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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
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Marketing…????
MeetingNeeds
Profitably
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Marketing Management
Marketing is an organisational functionAnd a set of processesFor creating, communicating, and deliveringValue to customersAnd for managing customer relationshipsIn ways that benefit the organisation and the
stakeholders
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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
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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
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Communicating Superior Value
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What is MARKETED…???
Experience
Events
Goods
People
Services
Place
Properties
OrganisationsIdeas
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Basic Terms: Exchange & Transaction
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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
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Exchange & Transaction
Two parties are in the process of exchange when they negotiate
When they mutually agree on the terms and conditionsit becomes a transaction, an event
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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
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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
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Basic Terms: Offering & Branding
• Needs are addressed by value proposition• Set of benefits offered to satisfy needs• Value proposition is made physical by an
offering
• An offering from a known source• All companies strive to build a strong,
favourable and unique image
Offering:-
Branding:-
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Basic Terms: Market
Physical placeBuyers and Sellers meetTransaction happens
Key customer markets:-1. Consumer Market2. Business Market3. Global Market
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Who Markets…???
A Marketer is someone who seeks a
Response from a party ,
referred as Prospect.
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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.
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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.
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Thank You…!
That’s It For Today