INTRODUCTION TO MARKETING. Marketing Defined. Kotler’s social definition: “Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.”. Marketing Defined.
INTRODUCTION TO MARKETING
“Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.”
“Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”
Is a state of deprivation of some basic satisfaction.
People require food, clothing, shelter, safety, belongingness and esteem.
Not created by society or marketers.
Exists in the very texture of human biology and the human condition.
Desire for specific satisfiers of needs, An Indian eats Parathas, Bread, Chapatis, Idli, Dosa, Puri.
An American eats hamburgers and coke
Needs are few, wants are many.
Human wants are continually shaped and reshaped by social forces and instructions.
Satisfy needs and wants by offering solutions.
Offers you goods, services and ideas eg: Fastfood Joint is supplying goods (hamburgers), services (purchasing,) and ideas (saves me time)
Value, Cost and Satisfaction
How to choose between different products that satisfy a given need
Value is the consumer’s estimate of the product’s overall capacity to satisfy his or her needs.
Cost will influence his purchase decision.
A consumer chooses the product that produces the most value per rupee.
Value is the function of total perceived benefits and costs.
Value = Benefits / Costs =
(Functional benefits + Emotional benefits) /
(Monetary costs + Time costs + Energy costs + Psychic costs)
Marketing emerges when people decide to satisfy needs and wants through exchange. The parties tend to reach an agreement. When an agreement reaches, we say a transaction takes place.
It may not necessarily be monetary but could be even barter.
HCL Want list
Good price for computers
Ontime / immediate payment
Good word of mouth
HCL (Manufacturere of PC’s.
Customer Want list
Payment facility on installments
After sales service
Good quality durable
Company has marketing network consisting of employees, suppliers, distributors, retailers, advertising agencies. Profitable relationship is important between the various stakeholders.
Conflicts of interests amongst stakeholders
A company with a better network is the winner.
Is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.
If you to have to get a job you are aspiring for, the general saying is “You have to Market yourself for the job”
4. Stage of competition
Mass production and distribution by the industrial revolution led the stage of competition.
Focus on how to make the products as customer’s first preferred choice.
5. Emergence of Marketing
In 50’s and 60’s, rapid industrialisation.
More manufacturers leading to competition.
Right type of product, availability, attending to customers complaint.
Achieving organisational goals including profits. For non- profit, attracting funds for survival is a must.
Profit making companies
Hindustan Lever, Nestle, Colgate, infosys.
Non-profit making organization
CRY, Helpage India, Unicef
They are proactive rather reactive.