PRINCIPLES OF MARKETING

Marketing in a Changing World: Creating Customer Value and Satisfaction

MINAL SINGH

 .What is Marketing?  “Marketing consists of all the activities designed to generate and facilitate any exchange intended to satisfy human needs or wants” Marketing is the delivery of customer satisfaction at a profit.

Core Marketing Concepts Needs. satisfaction. transactions. wants. and demands Products and Services Core Marketing Concepts Markets Value. and relationships . and quality Exchange.

i.human wants backed by buying power.  Demands . I have money to buy a Coca-Cola.e.state of felt deprivation for basic items such as food and clothing and complex needs such as for belonging. I am thirsty  Wants . i. i.form that a human need takes as shaped by culture and individual personality.e. . I want a Coca- Cola.e.What Motivates a Consumer to Take Action?  Needs .

haircuts.  Examples: banking. activities. airlines. acquisition. benefits offered for sale that are essentially intangible and don’t result in the ownership of anything.activities or can be offered to a market for attention.anything that  Services . . organizations.What Will Satisfy Consumer’s Needs and Wants?  Products . places. and ideas. use or consumption and that might satisfy a need or want.  Examples: persons. and hotels.

.depends on the product’s perceived performance in delivering value relative to a buyer’s expectations.How Do Consumers Choose Among Products and Services?  Customer Value .  Customer Satisfaction .benefit that the customer gains from owning and using a product compared to the cost of obtaining the product. Linked to Quality and Total Quality Management (TQM).

building long-term relationships with consumers.  Transactions . and suppliers. .  Relationships .How do Consumers Obtain Products and Services?  Exchanges . Usually involves money and a response. dealers.trade of values between parties. distributors.act of obtaining a desired object from someone by offering something in return.

buyers who share a particular need or want that can be satisfied by a company’s products or services. Potential Buyers .Who Purchases Products and Services? Actual Buyers Market .

Modern Marketing System Suppliers Competitors Environment Company (Marketer) Environment Marketing Intermediaries End User Market .

and innovative features •Consumers will buy products only if the company promotes/ sells these product •Focuses on needs/ wants of target markets & delivering satisfaction better than competitors Selling Concept Marketing Concept Societal Marketing Concept •Focuses on needs/ wants of target markets & delivering superior value •Society’s well-being .Marketing Management Philosophies • Consumers favor products that are Production Concept available and highly affordable •Improve production and distribution Product Concept •Consumers favor products that offer the most quality. performance.

Marketing & Sales Concepts Contrasted Starting Point Factory Focus Existing Products Means Selling and Promoting Ends Profits through Volume The Selling Concept Market Customer Needs Integrated Marketing Profits through Satisfaction The Marketing Concept .

Integrated Marketing  Marketing Mix Product price promotion Place .

4 Ps concept contd…… Product Product variety Quality Design Features Brand Name Packaging Sizes Services Warranties Returns Price List Price Discounts Allowances Payment Period Credit terms Promotion Sales Promotion Advertising Sales Force Public Relations Direct Marketing Place Channels Coverage Assortments Locations Inventory Transport .

4Ps N 4Cs concept……. Four Ps (seller’s view) Product Price Place Promotion Four Cs (buyer’s view) Customer solution Customer cost Convenience Communication .

New Marketing Challenges New Marketing Landscape & Information Technology Nonprofit Marketing Ethical Concerns Emerging Challenges Changing World Economy Globalization .

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