Introduction to Marketing

Introduction to Marketing

• Chapter 5

What is marketing?

• ‘Marketing is the management process that identifies, expects and satisfies customer requirements profitably’.
• ‘The right product, in the right place, at the right time, and at the right price’

The Goal of Marketing is:

• To attract new customer by ensuring superior value, and to keep current customers by delivering satisfaction.

• Marketing, more than any other business function, deals with customers.
• Creating customer value and satisfaction are at the very heart of modern marketing thinking and practice.

• Difference Between - Sales & Marketing ?

• Sales: trying to get the customer to want what the company produces.
• Marketing : trying to get the company produce what the customer wants

Who is a Customer ??

• Anyone who is in the market looking at a product / service for attention, acquisition, use or consumption that satisfies a want or a need

• CUSTOMER IS . . . . .

• CUSTOMER has needs, wants, demands and desires
• Understanding these needs is starting point of the entire marketing

• Product
• Price
• Place
• Promotion

• Marketing Mix (4 P)

The 4 Ps of Marketing

• Marketing
• Mix

• Product

• Price

• Promotion

• Place

• Anything that is offered to the market for attention, purchase, or use that satisfies a want or a need

• a. Product is . . . . .

• a) Product

• nowadays:
• - products have a life cycle
• - product range is always expanded
• - find out what target market desires

• traditional economies: same things produced and consumed