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P.Sivarajadhanavel
Lecturer, School of Management
Kongu Engineering College, Perundurai
What is Marketing?
• Needs, Wants, and Demands
• Products (Goods, Services and Ideas)
» A Product is anything that can be offered to satisfy a need or
want
» It’s offering or solution to the needs of the customers
» It can be of any form – Physical, services, Ideas
• Value, Cost and Satisfaction
• Exchange and Transaction
• Relationships and Networks
Markets
Goods/services
Industry Market
(a collection (a collection
of sellers) of Buyers)
Money
Information
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What is Marketed?
– Goods
– Services
– Events
– Experience
– Persons
– Places
– Properties
– Organizations
– Information
– Ideas
Core Concepts of Marketing
Based on :
Needs, Wants, Desires / demand
Marketing Convenience
Mix
Place
Product
Customer
Solution
Price Promotion
Customer Communication
Cost
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Marketing Mix (4p’s)
Product Price
Place Promotion
Product Decisions
Benefits offered
We must remember that Marketing is fundamentally about providing the correct bundle of
benefits to the end user, hence the saying ‘Marketing is not about providing products or
services it is essentially about providing changing benefits to the changing needs and
demands of the customer’ (P.Tailor 7/00)
Marketing Mix (4p’s)
Penetration
Skimming
Product Line
Pricing is the only mix which generates a turnover
for the organisation. The remaining 3p’s are the
variable cost for the organisation. It costs to
produce and design a product, it costs to
Bundle
distribute a product and costs to promote it. Price
must support these elements of the mix. Pricing is
difficult and must reflect supply and demand Psychological
relationship.
Marketing Mix (4p’s)
Advertising
Public
Relations
Sales
Promotional Mix Promotion
Personal
Selling
Manufacturer
Manufacturer
Retailer
Consumer
Consumer
What is Marketing all about do you think?
Value Creation
Value Delivery