Session 2
Faculty: Dr. Shruti Gill
When was the last time you stepped out in the market….
What is a Market?
Market
• A market is a group of sellers and buyers who are willing
to exchange goods and services for something of value.
E.J. McCarthy
What is Marketing?
What is Marketing?
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“What does marketing mean to you?”
Each one of us must have some idea of what marketing is
all about. So, tell us what do you think of marketing?
Mention any three words in the below fields that come to
your mind when you think about marketing.
What is Marketing?
Definition “Marketing”
• Marketing is the social process by which individuals and
groups obtain what they need and want through
creating and exchanging products and value with
others.
-Kotler.
Definition “Marketing”
• Marketing is the management process that identifies,
anticipates and satisfies customer requirements
profitably.
-The Chartered Institute of Marketing (CIM).
Thus, “Marketing”
• Marketing is further defined by the AMA as "an organizational
function and a set of processes for creating, communicating, and
delivering value to customers and for managing customer
relationships in ways that benefit the organization and its
stakeholders."
Marketing
“ Without this nothing”
Perceptions of Marketing..
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• Which of the above statements do you agree with?
• Which ones are you not sure about?
• Are your perceptions of marketing similar to your fellow students?
• As perceptions of marketing sometimes differ in the business world,
what implications would this have for the profession of marketing?
(Please write a note and share with the class)
Nature, Scope & Importance of Marketing
• Is consumer-oriented process
• Starts and ends with the customer
• Guiding element of business
• Ongoing or dynamic process
• Goal oriented process
• Process of exchange
Selling
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What do you understand by the word " Selling"
Difference Between Sales and Marketing
BASIS FOR COMPARISON
SALES
MARKETING
Meaning
The act of transfer of ownership of a product from the manufacturer to the Marketing is understanding the requirements of the customers in such a way
ultimate customer in exchange of money or any other consideration is known that whenever any new product is introduced, it sells itself.
as Sales.
Orientation
Product-oriented
Customer-oriented
Approach
Fragmented approach
Integrated approach
Focus
Company needs
Market needs
Scope
Related to flow of goods to customers
Related to all the activities which facilitates flow of goods to customers.
Duration
Short term
Long Term
Objective
To instigate shoppers in such a way that they turn out as buyers.
To identify the needs of customers and create products to satisfy those needs
Relationship
One To One
One to Many
Target
Individual or small group
General Public
Scope
One product is created to satisfy the requirement of a customer.
Advertisement, Sales, Research, Customer satisfaction, After sales services
etc.
Activity related to
Persons
Media
Process
Involves exchange of goods for adequate consideration
Entails identifying and satisfying customer's needs
Rule
Caveat Emptor
Caveat vendor
Difference Between Sales and Marketing
• https://www.youtube.com/watch?v=iiAlUWAN2G0&list=PLvD
dvz8B_JZs2YKctTrqTbrJlv7yv9Gvh
Marketing is more than selling or advertising
Analyze Needs
Predict Wants
Estimate Demand
Predict When
Determine Where
Estimate Price
Decide Promotion
Estimate Competition
Provide Service
Difference between “need” & “want”
Difference between “need” & “want”
• Need- something you have to have, is a basic living essential.
• Want -'Want' is something that you feel you need, or you really desire.
• Demand- Market demand is the total amount of goods and services that all
consumers are willing and able to purchase at a specific price in a
marketplace. It is the willingness and ability to buy a need or a want.
Hierarchy Of Needs – Maslow’s Theory