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Lecture 1 Faheem Azam

What is Marketing Anyways?


A Philosophy
An Attitude
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A Set of Activities, including:


Products Pricing

A Perspective
A Management Orientation

Promotion
Distribution

And a lot more

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The Backdrop- phase I


Product Orientation
Trade Era Produced for consumption excess on sale -till industrial revolution
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Product Orientation goods are in short supply and customers are many but with no choice A Sellers market

The Backdrop- Phase II


Sales Orientation Competition emerges demand=supply push strategies required to make sales.
Sellers market [product orientation] Increased Output Demand=supply [sales orientation]

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The backdrop- Phase III


Customer Orientation Supply expands further till it exceeds demand Global /local competition Customer needs become important than own resources
Increased Output Increased Output

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Sellers market [product orientation]

Demand=supply [sales orientation]

Buyers market [customer orientation]

The Backdrop-Phase IV
Societal Orientation Concerns about the environment Wider needs of society Global interests Aware customers and power of media

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Definition
Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return.
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American Marketing Association Definition

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.

1)Understanding the Marketplace and Customer Needs


Customer Needs, Wants, and Demands Needs are states of deprivation Physicalfood, clothing,
warmth, safety

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Socialbelonging and
affection

Individualknowledge
and self-expression

1)Understanding the Marketplace and Customer Needs


Customer Needs, Wants, and Demands (cont) Wants are the form that needs take as they are shaped by culture and individual personality Demands are wants backed by buying power and choices

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Market Offerings Products, Services, and E xperiences


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2) Responding to Customer needs

Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want

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Start Observing

THE END

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Any more Questions?