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What is Marketing?
Transcript of What is Marketing?
Needs, Wants and Demands
Needs - state of felt deprivation including physical, social, and individual needs.
Marketing Management Task
Developing Marketing Strategies
assessing market opportunities and customer value
Sustaining Growth and Value
What comes to your mind when you hear the term Marketing?
Is it Selling?
Is It Advertising?
Is it satisfying customers?
is it building relationships?
Is it Branding?
Is it research?
Is it identifying customers needs?
Wants - form that a human need takes, as shaped by culture and individual personality.
This Is Demand..
What is Marketed?
Marketing is about identifying and meeting human and social needs
"Meeting needs profitably"
A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
Types of Needs
Value and Satisfaction
Value = Benefits/Costs
Benefits = Functional Benefits + Emotional benefits
Costs = Monetary costs + Time + Energy + Psychic costs
Very rarely does a product cater to the entire market. Most products are designed to cater to a group of customers who specifically want such a product. This group of customers is the target market which is a slice of the total market. We say it is the market segment
If performance is lower than expectations, satisfaction is low.
If performance is higher than expectations, satisfaction is high.
Concepts under which firms conduct marketing activities
Societal marketing Concept
Holistic marketing concept
The New Marketing Realities
Network Information Technology
consumer buying power
Types of Marketing