Marketing builds strong brands and loyal customer base.

Marketing is about identifying and meeting human and social needs. “Meeting needs profitability”

Marketing Management – art and science of choosing target markets.

Selling is not the most important part of marketing. To make selling superfluous. The aim of
marketing is to know the customer so well that the product or service firm fits him or sells itself.

What is Marketed?

Goods

Services

Experiences

Ideas

Information

Properties

Who Markets?

A marketer is someone who seeks response from a prospect.

Demands:

Negative Demand – dislike

Non-existent Demand – unaware, uninterested

Latent – unsatisfied

Declining – less frequently

Irregular – seasonal, occasional

Full - adequately

Overfull- more than satisfied

Unwholesome – like Tobacco

Market – A collection of buyers and sellers who transact over a particular product.

Consumer Markets

Business Markets

Global Markets

Non-profit/ Governmental Markets

Needs, wants and demands

Needs are the basic human requirements such as air, food, water, shelter. Humans also have needs
for recreation, education and entertainment.

These needs become wants when directed to specific objects which satisfy the need.

Demands are wants of specific products backed by an ability to pay.

Marketers get people to buy things that they don’t want.

Needs – Stated, Real, Unstated, Delight, Secret

Offerings and Brands

The intangible value propositions (a set of benefits that satisfy customer needs) is made physical by
offerings.

A brand is an offering from a known source.

Value, a central marketing concept, is primarily a combination of quality (up), service (up) and price
(down) (qsp), called the customer value triad.

Satisfaction reflects a person’s judgement to his/her expectations

New marketing realities, because of three transformative forces: technology, globalization and social
responsibility.

Marketing 3.0

Increased customer satisfaction

Globalization

Rise of creative society

Internal Marketing – Task of hiring, training and motivating able employees who want to serve
customers well.

Performance marketing – understanding of financial and non-financial returns to business and

society from marketing activities and programs. Go beyond sales revenue.

Modern marketing management 4Ps

People

Processes

Programs

Performance

Ch-2

SWOT analysis

Strength

Weakness

Opportunity

Threat