Marketing:

Core Concepts

Dr. Devkant Kala

Marketing:

 “Satisfying customer needs profitably.”

 “Attracting, developing & retaining profitable customers

better than the competition”.

 Problem-Solving
Core Concepts of Marketing

Need, Want & Demand

Market

Product

Exchange

Marketing Mix

Customer Satisfaction

Marketing Myopia
 Need Want Demand

Need Need
Identification Creation
 Market
A market is a place or geographical area where buyers and sellers meet
and function, products are offered for sale and transfer of title of
ownership takes place.

Marketplace Marketspace
A SIMPLE MARKETING SYSTEM
Communication

Goods & Services

Seller Buyer
Money

Information/Feedback
 Market

◼ Matching of Minds

◼ There are two types of Markets.

 Seller’s Market
 Buyer’s Market
 Product

Anything that can be offered to a market to satisfy a need.

 Goods  Property

 Service  Event

 Idea  Experience

 Person  Information

 Place  Organization
 Marketing Mix
The set of controllable variables that a firm can use to influence the
buyer’s response or to market the firm’s products within a given
marketing environment.

Product Price

Place Promotion
4Ps (Seller) and 4Cs (Buyer) View

Product
Price
Customer
Customer Cost
Solution

Place Promotion
Convenience Communication
 Customer Satisfaction

Satisfaction is the relationship between:

❑ Consumer’s Expectations
❑ Product’s Performance

Expectation = Performance (Satisfaction)

Expectation > Performance (Dissatisfaction)

 Customer Satisfaction

Satisfaction is the relationship between:

❑ Consumer’s Expectations
❑ Product’s Performance

Expectation = Performance (Satisfaction)

Expectation > Performance (Dissatisfaction)

Expectation < Performance (Delight)

 Marketing Myopia

◼ Prof. Theodore Levitt coined it in 1960

(Harvard Business Review)

◼ Marketing Myopia is the failure & narrow-minded approach in which

the organization only focuses on certain attributes of the product or
service while completely ignoring the long terms goals such
as product quality, customers need, demand and satisfaction.
Marketing Myopia

◼ Companies Assume they are in a Growth Industry

◼ Companies believe there are no Competitive Substitutes

◼ Failure to Consider the Requirements of the Consumer

◼ Focusing more on Products and not on Customers

◼ Failure to Consider Changing Consumer Lifestyle in the Digital Age

Thank You.