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    This document provides an introduction to marketing topics including definitions of key terms. It discusses that marketing involves discovering customer needs and satisfying them. The goal of marketing is to optimize value for both the company and society. It defines markets as groups of potential buyers and industries as groups of sellers offering similar products. Marketing programs target specific customer segments within a market. The document outlines factors that influence marketing such as customer needs, wants, demands, value, and the external environment.

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    This document provides an introduction to marketing topics including definitions of key terms. It discusses that marketing involves discovering customer needs and satisfying them. The goal of marketing is to optimize value for both the company and society. It defines markets as groups of potential buyers and industries as groups of sellers offering similar products. Marketing programs target specific customer segments within a market. The document outlines factors that influence marketing such as customer needs, wants, demands, value, and the external environment.

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    3 views22 pages

    Lesson 1

    Uploaded by

    Ilqar Səlimov
    This document provides an introduction to marketing topics including definitions of key terms. It discusses that marketing involves discovering customer needs and satisfying them. The goal of marketing is to optimize value for both the company and society. It defines markets as groups of potential buyers and industries as groups of sellers offering similar products. Marketing programs target specific customer segments within a market. The document outlines factors that influence marketing such as customer needs, wants, demands, value, and the external environment.

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    of 22

    MRKT 2400

    TOPIC 1

    Introduction to Marketing
    Introduction to the Course

    1. Name lists

    2. Ground rules

    3. Self presentation

    4. Syllabus

    5. Grading

    6. Project
    What is Marketing?
    AMA: American Marketing Association
    Optimizing value for market participants

    Optimal value proposition


    Company
    Value
    Society as a whole

    Customer Partners’
    Value value
    So…

    If the goal to create the Value, then Marketers seek to:

    1. Discover needs and wants of prospective customers

    2. Satisfy these needs and wants


    Marketing takes place if:

    • There are 2 or more parties with unsatisfied need

    • Desire and ability to satisfy these needs

    • A way for the parties to interact

    • Have this something to exchange


    Key Customer Markets
    Customer Needs, Wants & Demands

    NEEDS WANTS DEMANDS


    Customer Needs, Wants & Demands

    NEEDS WANTS DEMANDS


    A state of felt The form human needs When backed by buying
    deprivation take as they are shaped power, want becomes a
    by culture and individual demand
    personality

    I NEED TO RELAX, I WANT A MASSAGE, I WILL GO TO GET A THAI


    MASSAGE AT PORT BAKU CLUB
    What is Value
    Value = Benefits - Cost

    Customer benefits:

    • Product features and quality


    • Convenience
    • On-time delivery
    • Service quality
    Choose one of the 3 Value strategies

    BEST PRICE BEST PRODUCT BEST SERVICE

    • Zappos
    • Spirit Airlines
    • 6PM
    • Rolls-Royce
    • Chick-fil-A
    • Rolex
    What is the Market?
    What is the Market?

    Economists define the MARKET as


    the place where Sellers and
    Buyers get together to transact

    BUT…
    What is the Market?

    In Marketing,

    MARKET – is a group of people with


    both the desire and the ability to
    buy a certain product

    Market = Group of Potential Buyers


    What is the Industry then?

    INDUSTRY –

    is a group of of SELLERS who offer


    similar products or close substitutes
    for one another
    Exchange product: What can be marketed?

    Goods Services Experiences

    Ideas Persons Information


    Shall we aim to grab the whole market?

    Since company rarely has resources


    to satisfy the needs of all
    consumers (in heterogeneous
    market), they choose:

    Target Market – is a subset of the


    whole Market which company aims
    to satisfy
    Target market (s)
    Target market = relatively homogeneous
    groups of prospective buyers that

    (1) have common needs and


    (2) will respond similarly to a marketing
    action

    Could be one or many target markets

    (=target segments=segments of the target


    market)
    Marketing Action = Marketing Program

    A company creates a marketing program


    to satisfy the needs of its target market

    - The Controllable factors


    External Environment

    - The Uncontrollable factors


    Evolution of a Marketing thought

    The The The


    The Product The Selling
    Production Marketing Relationship
    concept concept
    concept concept concept

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