Scribd
Upload
41 views

Principles of Marketing: Sadaf Mushtaq August 18,2015

This document provides an overview of key principles of marketing. It defines marketing as a management process that identifies, anticipates, and satisfies customer needs profitably through the exchange of goods and services. The document outlines the 7 core functions of marketing: marketing information management, product/service management, pricing, distribution, selling, financing, and promotion. It also describes different marketing philosophies including the production concept, product concept, selling concept, marketing concept, and societal marketing concept.

Uploaded by

Osama Nauman
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
41 views

Principles of Marketing: Sadaf Mushtaq August 18,2015

This document provides an overview of key principles of marketing. It defines marketing as a management process that identifies, anticipates, and satisfies customer needs profitably through the exchange of goods and services. The document outlines the 7 core functions of marketing: marketing information management, product/service management, pricing, distribution, selling, financing, and promotion. It also describes different marketing philosophies including the production concept, product concept, selling concept, marketing concept, and societal marketing concept.

Uploaded by

Osama Nauman
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
You are on page 1/ 25

Principles Of Marketing

Sadaf Mushtaq
August 18,2015
Market

Group of potential
customers having
purchasing power with
unsatisfied needs and
wants is called a market.
What is Marketing
The Chartered Institute of Marketing (CIM) defines marketing
as: “The management process which identifies, anticipates,
and supplies customer requirements efficiently and
profitably”. 
The American Marketing Association (AMA), defines marketing
as: “The process of planning and executing the conception,
pricing, promotion and distribution of ideas, goods and
services to create exchange and satisfy individual and
organisational objectives”.
Definitions of Marketing
Marketing is the management process for identifying, anticipating and
satisfying customer requirements profitably.

The process by which companies create value for customers


and build strong customer relationships in order to capture
value from customers in return.

Kotler, Armstrong, Saunders and Wong, (2001:5), define


marketing as: “A social and managerial process by which
individuals and groups obtain what they need and want.
• Marketing definitions and its concept extracts four things which are as
follows:

• a management process;
• it is about the exchange of goods and services;
• it anticipates and meets consumers needs;
• it creates profits.
• creating and exchanging products and value with each other.”
Core Concept Of Marketing
The 7 functions of
Marketing!
Functions of Marketing
continued
Seven functions of marketing:
 Marketing-information management
 Product/service management
 Pricing
 Place (Distribution)
 Selling
 Financing
 Promotion
 Risk Management

10
Marketing-information
management
• Obtaining, managing, and using
information about products and
services, customers, and competitors
to improve business decision-making
and the performance of marketing
activities.

11
Product/service
management
• Designing, developing, maintaining,
improving, and obtaining products
and services in order to meet the
needs of customers.
• May involve several businesses

12
Pricing
• Determining and communicating the
value of products and services.

13
Place (Distribution)
• Using the best ways for customers to
locate, obtain, and use the products
and services of a business.

14
Selling
• Communicating directly with
potential customers.
• Helps determine wants and needs

15
Financing
• Budgeting for marketing, operations,
and providing financial assistance to
customers.

16
Promotion
• Involves communicating information
such as features and prices about
products and services to potential
customers.

17
Marketing Philosophies
• The production concept
• The product concept
• The selling concept
• The marketing concept
• The societal marketing concept
Company Orientations
Towards the Marketplace

Consumers prefer products that are


Production
Production Concept
Concept widely available and inexpensive

Consumers favor products that


Product
Product Concept
Concept offer the most quality, performance,
or innovative features

Consumers will buy products only if


Selling
Selling Concept
Concept the company aggressively
promotes/sells these products

Focuses on needs/ wants of target


Marketing
Marketing Concept
Concept markets & delivering value
better than competitors
The production
concept

the production concept


holds that consumers
will prefers products
that are widely available
and inexpensive.
The product
concept

The product concept holds that


consumers will favor those
products that offer the most
quality,performance,or
innovative features.
The selling concept

The selling concept holds that


consumers and businesses, if left
alone, will ordinarily not buy
enough of the organization’s
products. The organization must,
therefore, undertake an
aggressive selling and promotion
effort
The marketing
concept
The marketing concept holds that the
key to achieving its organizational
goals consists of the company being
more effective than competitors in
creating,delivering,and communicating
customer value to its chosen target
markets
The societal marketing
concept

The societal marketing concept holds


that the organization’s task is to
determine the needs, wants,and
interests of target markets and to
deliver the desired satisfaction more
effectively and efficiently than
competitors in a way that preserves
or enhances the consumer’s and the
society’s well-being.
Questions?

You might also like