Principles of marketing: Lecture 2

Principles of marketing: Lecture 2 provide students with knowledge about: road map; understanding marketing and marketing process; core marketing concepts; marketing functions and customer relationship management;... Please refer to this lesson for details!

MGT301 Principles of Marketing

Lecture­2

of  

Lecture­1

Right Place at the Right Time and making sure that the 

customer is Aware of the Product.

Marketing

Product Price

Customers

Producer/Seller Consumer

 Communication

 Product/Service

 Money

 Feedback

Today’s Topics

 Road map 

 Understanding Marketing and Marketing Process

 Core Marketing Concepts

 Introduction­an overview of marketing. 

 Understanding Marketing and Marketing Process

 Marketing Functions and Customer Relationship Management

 Marketing Environment (Macro)

 Analyzing Marketing opportunities and developing strategies­MIS

 Marketing Research

 Consumer Market­understanding the consumer 

 Consumer Markets and consumer buying behavior

 Consumer Markets and consumer buying behavior (cont…)

Actors and Forces in a Modern Marketing System

Environment

Suppliers

Company (marketer)

Marketing inter- mediaries

End-user market

Competitors

Producer/Seller Consumer

CommunicationProduct/ServiceMoney

Feedback

Who are our customers?

What important & unique benefits do we provide?

Are these benefits sustainable?

Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

 Marketing is the delivery of customer satisfaction at a profit

Product Price

Customers

Kotler 1994

Core Marketing Concepts

Pro duc

ma nds

Exchange, transactions, and relationships

M

ark

ets

Core Marketing Concepts

Core Marketing Concepts

Pro duc

ma nds

Exchange, transactions, and relationships

M

ark

ets

Core Marketing Concepts

Core Marketing Concepts

‘ anything that can be offered to a market for attention, 

acquisition, use or consumption and that may satisfy a need 

or want’ 

– physical goods, services, people, places, organizations, 

activities, ideas etc

Pro duc

ma nds

Exchange, transactions,

M

ark

ets

Core Marketing Concepts

Core Marketing Concepts

‘ the act of obtaining a desired object from someone by offering something in return’

Pro duc

ma nds

Exchange, transactions,

M

ark

ets

Core Marketing Concepts

Core Marketing Concepts

‘ a set of actual and potential buyers of a product’

A place 

Marketing satisfies the needs of markets by facilitating the exchange process 

Pro duc

ma nds

Exchange, transactions,

M

ark

ets

Core Marketing Concepts

Core Marketing Concepts

Goals of the Marketing System

 Maximize consumer satisfaction

 Maximize variety and choice

 Maximize quality of life

Understand the organization’s mission

Set marketing objectives

Gather, analyze, interpret “SWOT” information Develop a marketing strategy

Implement the marketing strategy

Design performance measures

Evaluate marketing efforts change if needed

Summary

 Understanding Marketing and Marketing Process

 Core Marketing Concepts

Core Marketing Concepts

Pro duc

ma nds

Exchange, transactions,

M

ark

ets

Core Marketing Concepts

Core Marketing Concepts

 Marketing Functions 

 Customer Relationship Management

MGT301 Principles of Marketing

Lecture­2