Marketing Introduction by Philip Kotler
MARKETING
It defines marketing management as the process of planning & executing the conception of pricing, promotion, distribution of goods, services, ideas to create exchanges that satisfy individual and organizational goals.
AMA- AMERICAN MARKETING ASSOCIATION.
CORE CONCEPTS OF MARKETING
Figure No.: Marketing Management is a social and managerial process by which individuals or firms obtain what they need or want through creating, offering, exchanging products of value with each other. 1. NEED/ WANT/ DEMAND:
Need: It is state of deprivation of some basic satisfaction.
Eg. - Food, clothing, safety, shelter.
Want: Desire for specific satisfier of need.
Eg. - Indians needs food – wants paneer tikka/ tandoori chicken. Americans needs food- wants hamburger/ French fries.
Demand: Want for a specific product backed up by ability and willingness to buy. Eg. - Need – transportation.
Want – Car (say, Mercedes)……but able to buy only Maruti. Therefore, demand is for Maruti.
Marketers cannot create needs. Needs preexists. Marketers can influence wants. This is done in combination with societal influencers.
Demand influenced by making product: * APPROPRIATE * ATTRACTIVE * APPROACHABLE/ AFFORDABLE * AVAILABLE EASILY
To target consumers (4 P’s) – Product/ Promotion/ Price/ Place 2. PRODUCTS- GOODS/ SERVICES/ PLACE.
Product is anything that can satisfy need/ want.
Product component: * Physical Good. * Service. * Idea.
Eg. Fast food- burger/ pizza.
Physical Good – material eaten.
Service – purchase of raw material/ cooking
Idea – speed of computer/ processing power.
Importance of product lies in * Owning them (minor) * Obtaining them (major).
Hence, products are really a via- media for services.
Hence, in marketing, focus is on providing/ satisfying service rather than providing products.
Marketing Myopia: Focus on products rather than on customer needs. 3. VALUE/ COST/ SATISFACTION: *
It defines marketing management as the process of planning & executing the conception of pricing, promotion, distribution of goods, services, ideas to create exchanges that satisfy individual and organizational goals.
AMA- AMERICAN MARKETING ASSOCIATION.
CORE CONCEPTS OF MARKETING
Figure No.: Marketing Management is a social and managerial process by which individuals or firms obtain what they need or want through creating, offering, exchanging products of value with each other. 1. NEED/ WANT/ DEMAND:
Need: It is state of deprivation of some basic satisfaction.
Eg. - Food, clothing, safety, shelter.
Want: Desire for specific satisfier of need.
Eg. - Indians needs food – wants paneer tikka/ tandoori chicken. Americans needs food- wants hamburger/ French fries.
Demand: Want for a specific product backed up by ability and willingness to buy. Eg. - Need – transportation.
Want – Car (say, Mercedes)……but able to buy only Maruti. Therefore, demand is for Maruti.
Marketers cannot create needs. Needs preexists. Marketers can influence wants. This is done in combination with societal influencers.
Demand influenced by making product: * APPROPRIATE * ATTRACTIVE * APPROACHABLE/ AFFORDABLE * AVAILABLE EASILY
To target consumers (4 P’s) – Product/ Promotion/ Price/ Place 2. PRODUCTS- GOODS/ SERVICES/ PLACE.
Product is anything that can satisfy need/ want.
Product component: * Physical Good. * Service. * Idea.
Eg. Fast food- burger/ pizza.
Physical Good – material eaten.
Service – purchase of raw material/ cooking
Idea – speed of computer/ processing power.
Importance of product lies in * Owning them (minor) * Obtaining them (major).
Hence, products are really a via- media for services.
Hence, in marketing, focus is on providing/ satisfying service rather than providing products.
Marketing Myopia: Focus on products rather than on customer needs. 3. VALUE/ COST/ SATISFACTION: *