DMA 202 : PRINCIPLES OFMARKETINGBY DR. WINNIE NJERU
INTRODUCTION/OVERVIEW OFMARKETING•Definitions of marketing•Core concepts of marketing•Marketing Management philosophies•Importance of marketing
Definitions of marketing•Marketing is the management process that identifies,anticipates and satisfies customer requirementsprofitably’ (The Chartered Institute of Marketing)•The right product, in the right place, at the right time,and at the right price’ (Adcock et al)•Marketing is the human activity directed at satisfyinghuman needs and wants through an exchange process’(Kotler 1980)•Marketing is a social and managerial process by whichindividuals and groups obtain what they want andneed through creating, offering and exchangingproducts of value with others (Kotler 1991)
What is marketing?
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Core concepts of marketing1-5CORE MARKETING CONCEPTSNEEDSMARKETSWANTSTRANSACTIONSDEMANDSEXCHANGEPRODUCTS
A NeedAneed- state of deprivationof some basic satisfactionNot created by the marketer,but is a biological concept,for example hunger, thirst,safety, shelter, esteems.A need is what marketersseek to satisfy. Need forspecific type of food, safety,shelter etc.
A WantWants- desires forspecificsatisfiersofneedsandmaybeconsideredahigherlevel need.Wants–Wants–theformhuman needs take asthey are shaped byculture and individualpersonality.Needsbecomewantswhenthey are directed tospecificobjectsthatmight satisfy the need.
Demands•Demands -wants for specific products backedby an ability and willingness to buy them,•When supported by purchasing power, wantsbecome demands.•Effective demandcomprises people who arewillingand are ableto buy a product.•Outstanding marketing companies go to greatlengths to learn about and understand theircustomers’ needs, wants and demands.1-8
This is DemandWantsWantsBuying Power“Demand”
The market offering – products,services and experiences•Marketing offer—Somecombination of products,services, information, or experiences offered to amarket to satisfy a need or want.