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Marketing Management: Basic Concepts

This document provides an overview of basic marketing concepts. It defines marketing as the economic process of exchanging goods and services between producers and consumers. Needs, wants, and demands are distinguished, with needs being basic human requirements, wants being needs directed at specific objects, and demands incorporating an ability and willingness to buy. Products, markets, and the marketing mix are also introduced. The marketing mix refers to the four Ps - product, price, place, and promotion. Different marketing concepts are outlined, including the production, product, selling, marketing, and societal marketing concepts.

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Rak Varma Varma
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44 views36 pages

Marketing Management: Basic Concepts

This document provides an overview of basic marketing concepts. It defines marketing as the economic process of exchanging goods and services between producers and consumers. Needs, wants, and demands are distinguished, with needs being basic human requirements, wants being needs directed at specific objects, and demands incorporating an ability and willingness to buy. Products, markets, and the marketing mix are also introduced. The marketing mix refers to the four Ps - product, price, place, and promotion. Different marketing concepts are outlined, including the production, product, selling, marketing, and societal marketing concepts.

Uploaded by

Rak Varma Varma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPT, PDF, TXT or read online on Scribd
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MARKETING

MANAGEMENT
BASIC CONCEPTS

WHAT IS MARKETING ?

Marketing is a economic process by which


goods and services are exchanged between the
producers and consumers and their values is
determined in terms of money prices.

Needs ,wants and demands


Needs are basic human requirements people
need food ,air,water clothing and shelter.
Marketing do not create the needs.
Infact they influence the demand by making
the product appropriate ,attractive,affordable.

This is a Need
Needs - state of felt
deprivation including
physical, social, and
individual needs

Wants
Needs become wants they are directed to
specific objects that might satisfy their needs.

This is a Want
Wants Needs become
wants when they are
directed to specific
objects that might
satisfy the need.

Demands
Demands are wants for products that are
bagged by an ability and willingness to buy
them.

This is Demand
Wants

Buying Power

Demand

Products
A product is anything that can be offered to
satisfy a need or want

Product as an idea
Products do not have to
be physical objects.
Here the product is an
ideaprotecting
animals.

Markets
Consists of all the potential customers sharing
a particular need or want who might be
willing and able to engage in exchange to
satisfy the need or want.

Marketplace, Marketspace
The Marketplace is physical, as when one goes for
shopping in a store.
Marketspace is digital, as when one goes
shopping on the internet.

Available Market (who have interest, income and


access to a particular offer)
Target Market or Served Market (a co. can go for
serving whole available market or can
concentrate on certain segments)

Penetrated Market (set of buyers who are buying


the co.s product)

Marketing
Marketing is a economic process by which
goods and services are exchanged between the
producers and consumers and their values is
determined in terms of money prices.
Marketing is managing profitable customer
relationship

What is Marketing
Simple Definition: Marketing is managing
profitable customer relationships.
Goals:
Attract new customers by promising superior
value.
Keep and grow current customers by
delivering satisfaction.

Relationship Marketing
The practice of building long-term satisfying
relations with key parties-such as customers,
suppliers , distributors- in order to retain their
long term preference and business

Imp Note
If you are in marketing field then you have to
see from the point of view of final result. i.e,
from the point of view of customer.

Selling vs. Marketing


Selling focuses on the needs of the seller,
marketing on the needs of the buyer.
Selling is nothing but converting product
into cash.
Marketing includes creating , delivering &
finally consuming it.
Selling is push, Marketing is pull.

FIVE CONCEPTS
The Production Concept
Product Concept
The Selling Concept
The Marketing Concept
The Societal Marketing Concept

Production Concept
Consumers will favour those products that
are widely available and low in cost.
Therefore increase production and cut
down costs.

Product Concept
Consumers will favour those products that offer
the most quality, performance, or innovative
features.
Therefore, improve quality, performance and
features.
This would lead to increased sales and profits.

The Selling Concept


Consumers , if left alone , will not buy
enough of companys products.
Therefore, promote sales aggressively.
And,build profit through quick turnover.

The Marketing Concept


The key to achieving organizational goals
consist in determining the needs and wants of
target markets and delivering the desired
satisfactions more effectively and efficiently
than competitors.
And build profit through customer satisfaction
and loyalty.

4 PILLARS
The marketing concept rests on 4 pillars,
namely
1. Target Market
2. Customer Needs
3. Integrated marketing
4. Profitability

Marketing and Sales Concepts Contrasted

The Societal Marketing Concept


The societal marketing concept holds that the
organizations task is to determine the needs, wants, and
interests of target markets and to deliver the desired
satisfactions more effectively and efficiently than
competitors in a way that preserves or enhances the
consumers and the societys well being.
Societal Marketing =

Consumer Satisfaction + Company s Profits + Societys well


being.

MARKETING MIX
It is defined as the set of marketing tools that the
firm uses to pursue its marketing objectives in the
target market.
Which includes
Product
Price
Promotion
Place
All these are also known as 4 ps of marketing.

PRODUCT

Variety
Quality
Design
Features
Brand name
Packaging
Sizes
Warranties

PRICE
List price
Discounts
Allowances
Payment period
Credit terms

PROMOTION
Sales promotion
Advertersing

PLACE
Channels
Coverage
Locations
Invertory
transport

4 Cs
We also have 4cs they are
Customer needs/wants
Cost to customer
Convenience
communication

4 Ps vs. 4 Cs
Product Customer needs/wants
Price Cost to customer
Place Convenience
Promotion communication.

THE END

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