Introduction to Marketing

What does the class think?

Demand Creation
Selling 3% Exchange
10% 3% Need Fulfilment
Relationship Build- 6% Persuasion
ing 3%
6%
Positioning
4%

Product
10%

Promotion
54%

Demand Creation Exchange Need Fulfilment Persuasion Positioning

Product Promotion Relationship Building Selling
 What is Marketing?
● At the core is an EXCHANGE
● Satisfying human needs and wants
“Profitably”
Marketing is the activity, set of institutions, and
processes for creating, communicating,
delivering, and exchanging offerings that have
value for customers, clients, partners, and
society at large.
(American Marketing Association, 2013)
 Core Aspects

Satisfaction

Creating
Value Exchange

Marketing

Various 4 Ps
Stakeholders

Industries
 Markets
● Economists define a market as a
Collection of large number of buyers and sellers
● Marketers define a market as various groups of
buyers

Industry Market
 Evolution of Marketing

Production Selling Marketing Value Based

1920s 1950s 1990s

 Needs
● Need is the desired state
● A state of felt deprivation
● The difference between “what is” and “what
should be”
● Need Categories
Stated Needs
Real Needs
Unstated Needs
Delight Needs
Secret Needs
● Not always articulated well by the consumers
Hierarchy of Needs
 Wants
● Often used interchangeably with needs
● Defined in terms of objects which could satisfy
needs
● Often shaped by the society
● Consumers want products to satisfy their
needs
● Defined by culture
● Want + ability to pay=Demand
 Various Demand States
● Negative Demand
● Non-existent Demand
● Latent Demand
● Declining Demand
● Irregular Demand
● Full Demand
● Overfull Demand
● Unwholesome