Marketing Concepts

and Tools

10/11/09 MCA
 Learning Objectives
To understand the commonly used
terminologies in marketing
To understand ‘value’ and its
derivatives

10/11/09 MCA
 Marketing Concepts
and Tools
– Marketers and Prospects:-
one who seeks a response Vs
one who responds

10/11/09 MCA
 Marketing Concepts
and Tools
Needs, Wants, and Demands

Needs- basic human requirements

Wants- needs directed to specific
objects
Demand- desire (wants) backed by
ability and willingness to pay

10/11/09 MCA
 Marketing Concepts
and Tools
– Product, Offering, and Brand
Product- Solutions offered in order to satisfy
want.
Offerings- Intangible value proposition offered ,
which can be a combination of products,
Service, information, and experiences.
Brands- Offerings from a known source

10/11/09 MCA
 Value and Satisfaction
• Customer value triad- quality, service, and price (qsp)
• Value- reflects the perceived tangible and intangible benefits and costs to the customer
Value = Benefits / Costs =
(Functional benefits + Emotional benefits) /
(Monetary costs + Time costs + Energy costs + Psychic costs)
Note;- Satisfaction is the comparative judgments resulting from a
product's perceived performance in relation to expectations
( Dissatisfaction, Satisfaction, Delight and Excellence)

10/11/09 MCA