Marketing
Unit - I
What is Marketing?
Marketing is 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 is meeting customers’ needs
profitably
What is Marketing Management?
Marketing Management is the
art and science
of choosing target markets
and getting, keeping, and growing
customers through
creating, delivering, and communicating
superior customer value.
For an exchange to occur…..
• There are at least two parties.
• Each party has something that might be of
value to the other party.
• Each party is capable of communication and
delivery.
• Each party is free to reject the exchange offer.
• Each party believes it is appropriate or
desirable to deal with the other party.
What is Marketed?
Goods
Services
Events & Experiences
Persons
Places & Properties
Organizations
Information
Ideas
Structure of Flows in a Modern Exchange
Economy
A Simple Marketing System
Key Customer Markets
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Consumer markets
Business markets
Global markets
Nonprofit/Government markets.
Company Orientations
(“Concepts”)
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Production
Product
Selling
Marketing.
Societal marketing.
Core Marketing Concepts
• Needs, wants, and
demands
• Target markets,
positioning,
segmentation
• Offerings and brands
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Value and satisfaction
Marketing channels
Supply chain
Competition
Marketing
environment.
I want it, I need it…
Five Types of Needs
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Stated needs
Real needs
Unstated needs
Delight needs
Secret needs.
Company Orientations
Production
Product
Selling
Marketing
Holistic Marketing Dimensions
The Four P’s
Marketing Mix and the
Customer
Four Ps
• Product
• Price
• Place
• Promotion
• Physical Evidence
• People
• Process
• Packaging
Four Cs
• Customer solution
• Customer cost
• Convenience
• Communication.
Marketing Management Tasks
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Develop market strategies and plans
Capture marketing insights
Connect with customers
Build strong brands
Shape market offerings
Deliver value
Communicate value
Create long-term growth
Who is the Focus?
• Customers
The purchasers of
organizations’
products; the focal
point of all marketing
activities.
– The Target Market
• Hard Rock focuses on its
target market to meet
their needs
© Used By Permission.
It’s All About Satisfaction
• The ultimate goal is customer satisfaction,
which leads to long-term profitability and
success.
• Whenever things of value are being exchanged,
marketing principles apply: consider exactly
what is being exchanged (it’s “give” and “get”)
• Marketing today is applied to virtually all
aspects of a company’s operation that has the
potential to influence satisfaction
• Marketing principles apply in all organizations
The Give and Get of Marketing
…and Creating Value
• Successful marketing involves meeting or
exceeding customer expectations
• When expectations are exceeded, customer
satisfaction or delight results
• Marketing is very much about adding value
through a broadly-defined value proposition
• The value proposition comprises everything
the company offers its customers – must be
defined very broadly
• Value may be created by marketers in many
different ways: value is not only about price
Creating Customer Value
Positive
Perceived
benefits
Product benefits
Service benefits
Relational benefits
Image benefits
Customer
value
Negative
Perceived
sacrifice
Monetary costs
Time costs
Energy costs
Psychological costs
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