2Story 1Marketing in a Changing World: Creating Customer Value and Satisfaction
What is Marketing?3What is not merely?Selling & AdvertisingTelling & SellingFishing HuntingWhat is?Sensing & RespondingGardeningMeeting needs profitably
4What is Marketing?Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.Simply put: Marketing is the delivery of customer satisfaction at a profit.
Marketing Defined…Defination of Marketing (Philiph Kotler):Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging value to each other...
6Core Marketing Concepts (Fig. 1-1)Needs, wants, and demandsProductsand servicesValue, satisfaction, and qualityExchange, transactions, and relationshipsMarkets
Core Marketing ConceptsNeeds, wants, demands
8Needs - state of felt deprivation for basic items such as food and clothing and complex needs such as for belonging. i.e. I am hungry.Wants - form that a human need takes as shaped by culture and individual personality. i.e. I want a hamburger, French fries, and a soft drink.Demands - human wants backed by buying power. i.e. I have money to buy this meal.What are Consumer’s Needs, Wants and Demands?
9How Do Consumers ChooseAmong Products and Services?Total Quality ManagementInvolves Improving the Quality of Products, Services, and Marketing ProcessesProduct’s Perceived Performance in Delivering Value Relative to Buyer’s Expectations is Customer SatisfactionValue Gained From Owning a Product and Costs of Obtaining the Product is Customer Value