Introduction to Marketing - Introduction to Marketing Refer...

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Introduction to Marketing Refer to Page - 5 onwards, Marketing Management (Philip Kotler & Kevin Keller)
Ø Meaning, Definition & Scope of Marketing Ø Basic Concepts of Marketing & its Evolution Ø Core concepts of marketing Ø Corporate orientation towards the market place Ø Elements of marketing mix Ø the 4p’s and their sub elements Ø Marketing systems & its environment Ø Major components of the company’s micro and macro environment
Marketing deals with identifying and meeting human and social needs. In other words, it is ‘meeting needs profitably’.
marketing activities are associated with…
Examples § Eating out… Mc Donald's, KFC, Pizza Hut § Commercial Coffee Zones… Star Bucks, Costa, Café Coffee day § Video Games… Microsoft, Sony § Aerated Beverages… Coke, Pepsi
Definition
What is Marketing
Definition of Marketing Management Ø 'Marketing management is the art & science of choosing target markets Ø getting, keeping and growing customers Ø through creating, delivering & communicating superior customer value.'
Scope… u Exchange, Transactions, Transfer u Entities marketed - Goods - Places - Services - Properties - Events - Organizations - Experiences - Information - Persons - Ideas u Marketers & Prospects u Various types of Markets
Exchange / Transactions/ Transfer Ø Exchange is the process of obtaining a desired product from someone by offering something in return § 2 parties involved (marketer & customer) § Has something that might be of value to the other § Communication & Delivery § Freedom to accept or reject the exchange offer § Trust – appropriate / desirable to deal with each other It is a value-creating process as it leaves both parties better off…
Ø Transactions refers to two parties engaged in exchange while negotiating (trying to arrive at mutually agreeable terms) § Hence, a transaction takes place when an agreement is reached § It is the Trade value between two parties Ø Transfer – Gifts, subsidies, charitable contributions Ø Transferor expects to receive a good gesture in return – gratitude, change in the behavior of the recipient
Who are marketers… § Seek response from a prospect (feedback/ Research) § Create demand for a company’s product § Manage Demand § Influence the level, timing and composition of demand § Thereby meeting the objectives of the organizations
What are markets… § Physical place for the buying & selling of goods § Where there is transaction over a particular product category § Resource Markets, Consumer Markets, Government Markets, Intermediary markets, Manufacturer Markets
Key Customer Markets § Consumer Markets Companies selling consumer goods & services. Eg - Aerated Beverages, cosmetics, Travel, sports shoes, Furniture, etc.
Business Markets Companies selling business goods & services (B2B) §

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