revised.Fundamentals of Marketing.class.pptx - Fundamentals...

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Fundamentals of Marketing Dr. Md Abdul Momen
2 Story 1 Marketing in a Changing World: Creating Customer Value and Satisfaction
What is Marketing? 3 What is not merely? Selling & Advertising Telling & Selling Fishing Hunting What is? Sensing & Responding Gardening Meeting needs profitably
4 What 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...
6 Core Marketing Concepts (Fig. 1-1) Needs, wants, and demands Products and services Value, satisfaction, and quality Exchange, transactions, and relationships Markets
Core Marketing Concepts Needs, wants, demands
8 Needs - 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?
9 How Do Consumers Choose Among Products and Services? Total Quality Management Involves Improving the Quality of Products, Services, and Marketing Processes Product’s Perceived Performance in Delivering Value Relative to Buyer’s Expectations is Customer Satisfaction Value Gained From Owning a Product and Costs of Obtaining the Product is Customer Value
What can be marketed?

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