 Marketers can not create needs – they uncover the hidden or

dormant needs – along with other social factors, influences wants.

 Marketers can not create needs – they uncover the hidden or
dormant needs – Marketer along with other social factors, influences
wants.

 1. Stated needs (The customer wants an inexpensive car.)

 2. Real needs (The customer wants a car whose operating cost, not initial price, is low.)
 3. Unstated needs (The customer expects good service from the dealer.)
 4. Delight needs (The customer would like the dealer to include an on-board GPS navigation
system.)
 5. Secret needs (The customer wants friends to see him or her as a savvy consumer.)
Summary:
STP marketing model is a three step process that helps you to identify your most profitable customers and tailor
your marketing and product to satisfy their needs.
Micromax IN Phones
Budget Budget (IN 1B) Providing Benefits – Value for Money
Mid-Range Mid-Range (IN Note 1) Emotionally Connecting Customers
Premium

Segmentation Targeting Positioning

Create a distinct image of

Divide the market
in distinct group of
customers on the
basis of some
criteria
Evaluating and your product in the
selecting most minds of customers and
attractive place in the market to get
segment(s) competitive advantage
 Companies address customer needs by putting forth a value proposition, a set of benefits
that satisfy those needs. The intangible value proposition is made physical by an offering,
which can be a combination of products, services, information, and experiences.
 A brand is an offering from a known source. A brand name such as McDonald’s carries
many associations in people’s minds that make up its image: hamburgers, cleanliness,
convenience, courteous service, and golden arches.
 All companies strive to build a brand image with as many strong, favourable, and unique
brand associations as possible.
 The buyer chooses the offerings he or she perceives to deliver the most value, the sum of
the tangible and intangible benefits and costs to her. Value, a central marketing concept, is
primarily a combination of quality, service, and price (qsp), called the customer value
triad. Value perceptions increase with quality and service but decrease with price.
 We can think of marketing as the identification, creation, communication, delivery, and
monitoring of customer value. Satisfaction reflects a person’s judgment of a product’s
perceived performance in relationship to expectations. If the performance falls short of
expectations, the customer is disappointed.
 If it matches expectations, the customer is satisfied. If it exceeds them, the customer is
delighted.
 Marketing channel means those people, organizations, and activities that are necessary
to transfer the ownership of goods from the point of production to the point of
consumption.
Distribution Channels:
Service Channel
Communication Channel
to display, sell, or deliver the
to carry out transaction with
physical product or services to
Delivers and receive potential buyer
buyer.
message from target market (Bank, Insurance,
(Retailer, wholesaler,
(TV, Radio, Website) Transportation, and
distributor)
warehouses)
 Supply chain is a system of organizations, people, activities, information, and resources
involved in supplying a product or service to a consumer.

Manufacturer Agent Wholesaler Retailer Customer

 Task Environment Broad Environment

DPESTEL: Consist of six components

It includes the actors engaged in
producing, Demographic environment,
distributing, Political environment,
and promoting Economic environment,
the offering. Socio-Cultural environment,
Technological environment,
company, suppliers, distributors, dealers, Ecological (Natural) environment
and target customers. Legal environment.
marketing research agencies, advertising
agencies, banking and insurance
companies, transportation companies, and
telecommunications companies.
CORE MARKETING CONCEPTS
1. Need, Wants, and Demand
2. STP
3. Offerings and Brands
4. Value and Satisfaction
5. Marketing Channels
6. Supply Chain
7. Competition
8. Marketing Environment

1. Developing Marketing Strategies and Plans
2. Capturing Marketing Insights
3. Connecting with Customers
9. Creating brand Equity 20. Introducing New Market Offerings
10. Crafting the brand Positioning 21. Tapping into Global Markets
11. Competitive Dynamics 22. Managing a Holistic Marketing
Organization for the Long Run
12. Setting Product Strategy
13. Designing and Managing Services
14. Developing Pricing Strategies and Programs

15.Designing and Managing Integrated Marketing

4. Building Strong Brands Channels
16. Managing Retailing, Wholesaling, and Logistics

5. Shaping the Market Offerings

17.Designing and Managing Integrated
5. Creating long term loyalty relationship Marketing Communications
6. Analysing Consumer Market 18. Managing Mass Communications
7. Analysing Business Markets 19.Managing Personal Communications
8. Identifying Market Segments and Targets
6. Delivering Value

Analysing Micro-environment and Macro-environment

3. Collecting Information and Forecasting Demand 7. Communicating Value
4. Conducting Marketing Research

Potential Long run opportunities

Market Experience and Core Competencies
8. Creating Successful Long-Term Growth
2. Marketing Strategies and Plans
1. Define the Problem (Opportunity) and Research Objective

Tabulation
Statistics
Hypothesis Testing
2. Develop the Research Plan

Exploratory
3. Collect the Information Marketing Researcher
Descriptive
– Objective or problem
Causal

Biased & Dishonest 4. Analyse the Information Marketing Managers

Marketing Decision Support
System (MDDS)
Data Sources
Research Approaches: Observational, Focus
Group, Survey, Behavioural , Experimental 5. Present the Findings
Research Instruments: Questionnaire, Qualitative
Measures, Technological Measures
Sampling Plan: Sampling unit, Sample Size,
Sampling Procedure 6. Make the Decision
Contact Methods: Mail, Telephone, Personal,
Online