Marketing deals with identifying and meeting the human & social needs.
AMA – marketing is an organizational function & set of processes for creating, communicating & delivering value to customers & for managing customer relationship in ways that benefit the organization & its stake holders.
Marketing Management as the art & science of choosing target markets & getting, keeping & growing customers through creating, delivering & communicating superior customer value.
Exchange & Transactions
Exchange: obtaining a product in exchange of something
Transactions: exchange with terms & conditions.
What is marketed?
1) Goods
2) Services
3) Events
4) Experiences
5) Persons
6) Places
7) Properties
8) Organizations
9) Information
Who does Marketing?
1) Marketers & Prospects
2) Marketer is someone who seeks a response from another party called Prospect
3) Marketer are skilled in stimulating demand for a company’s products.
4) Prospect may be the customer or the consumer
Key Customer Markets?
1) Consumer Markets
2) Business Markets
3) Global Markets
Market concepts
1) Market Places
2) Market Spaces
3) Meta Markets
Company Orientation towards Marketplace
1) The Production Concept
2) The Product Concept
3) The Selling Concept
4) The Marketing Concept
5) The Holistic Marketing Concept
Holistic Marketing concept
Internal Marketing
1) marketing department
2) Senior mgmt
3) Other departments
Integrated Marketing
1) Product / services
2) Communications
3) Channels
Socially Responsible Marketing
1) Ethics
2) Environment
3) Legal
4) Community
Relationship Marketing
1) Customers
2) Channel
3) Partners
Fundamental Marketing Concepts
1) Needs, Wants & Demands
2) Target Market, Positioning & Segmentation
3) Offering & Brands
4) Value & Satisfaction
5) Marketing Channel
6) Supply Chain
7) Competition
