Summary of Lecture-1


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Principles of Marketing - MGT301 Power Point Slides Lecture 2 (1)

  • Lecture-2

Summary of Lecture-1

Marketing Involves having the Right Product available in the Right Place at the Right Time and making sure that the customer is Aware of the Product.

  • Marketing Involves having the Right Product available in the Right Place at the Right Time and making sure that the customer is Aware of the Product.

Marketing

  • Product
  • Price
  • Place
  • Promotion
  • Customers

Simple Marketing System

  • Producer/Seller
  • Consumer
  • Communication
  • Product/Service
  • Money
  • Feedback

Today’s Topics

Road map

Road Map

  • Introduction-an overview of marketing.
  • Understanding Marketing and Marketing Process
  • Marketing Functions and Customer Relationship Management

Marketing in Historical perspective and Evolution of Marketing

  • Marketing in Historical perspective and Evolution of Marketing
  • Marketing Challenges in the 21st century
  • Marketing Management Process
  • Marketing Management Process (cont….)
  • Strategic Planning and Marketing Process
  • The Marketing process
  • The Marketing process (cont…)

Marketing Environment (Micro)

  • Marketing Environment (Micro)
  • Marketing Environment (Macro)
  • Analyzing Marketing opportunities and developing strategies-MIS
  • Marketing Research
  • Consumer Market-understanding the consumer
  • Consumer Markets and consumer buying behavior
  • Consumer Markets and consumer buying behavior (cont…)

Buying Behaviors for New Products and services

  • Buying Behaviors for New Products and services
  • Business Buying Behavior
  • Business Buying Behavior (cont..)
  • Market segmentation
  • Market segmentation (cont..)
  • Developing the Marketing Mix--- 4 P’s
  • Product Planning
  • Product Planning (cont..)
  • Product Planning (cont..)

Service Strategy

  • Service Strategy
  • Pricing
  • Pricing Strategies
  • Price Adjustment and Price Changes
  • Distribution Channels
  • Distribution Channels (cont..)
  • Logistics Management
  • Retailing and wholesaling
  • Promotion Planning

Advertising

  • Advertising
  • Public Relations
  • Personal Selling
  • Sales Promotion
  • Sales Force Management
  • Integrating and analyzing the marketing plan
  • Global Marketing
  • Technological developments and Marketing

Web base Marketing

  • Web base Marketing
  • Social Marketing
  • Social, Ethical and Consumer issues
  • Review
  • Marketing in a Glance

Actors and Forces in a Modern Marketing System

  • Environment
  • Suppliers
  • Company
  • (marketer)
  • Marketing
  • inter-
  • mediaries
  • End-user
  • market
  • Competitors

Simple Marketing System

  • Producer/Seller
  • Consumer
  • Communication
  • Product/Service
  • Money
  • Feedback

Simple Questions, Hard Answers

  • 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.

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

More simply:

  • More simply:
  • Marketing is the delivery of customer satisfaction at a profit.
  • Product
  • Price
  • Place
  • Promotion
  • Customers
  • Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.
  • Kotler 1994

Core Marketing Concepts

  • Core Marketing Concepts
  • Value, satisfaction,
  • and quality
  • Needs, wants,
  • and demands
  • Markets
  • Core
  • Marketing
  • Concepts

Needs

  • Needs
    • ‘...a state of felt deprivation’
  • Wants
    • needs ‘...shaped by culture and individual personality’
  • Demands
    • wants ‘...backed by purchasing power’
  • Products and Services
  • Value, satisfaction,
  • and quality
  • Needs, wants,
  • and demands
  • Exchange, transactions,
  • and relationships
  • Markets
  • Core
  • Marketing
  • Concepts

A Product is....

  • ‘...anything that can be offered to a market for attention, acquisition, use or consumption and that may satisfy a need or want’

includes:

  • includes:
    • physical goods, services, people, places, organizations, activities, ideas etc
  • Products and Services
  • Value, satisfaction,
  • and quality
  • Needs, wants,
  • and demands
  • Exchange, transactions,
  • and relationships
  • Markets
  • Core
  • Marketing
  • Concepts

Exchange is...

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

Five conditions

  • Five conditions
  • 1. Two parties
  • 2. Something of value to offer each other
  • 3. Willing to deal
  • 4. Free to accept or reject offer
  • 5. Able to communicate and deliver

A transaction is...

  • ‘...a trade between two parties that involves:
    • at least two things of value;
    • agreed upon conditions;
    • a time of agreement; and
    • a place of agreement’
  • may be monetary or barter
  • Products and Services
  • Value, satisfaction,
  • and quality
  • Needs, wants,
  • and demands
  • Exchange, transactions,
  • and relationships
  • Markets
  • Core
  • Marketing
  • Concepts

A market is...

  • ‘...a set of actual and potential buyers of a product’
  • A place
  • Marketing satisfies the needs of markets by facilitating the exchange process
  • Products and Services
  • Value, satisfaction,
  • and quality
  • Needs, wants,
  • and demands
  • Exchange, transactions,
  • and relationships
  • Markets
  • Core
  • Marketing
  • Concepts

Goals of the Marketing System

Stimulate maximum consumption

  • Stimulate maximum consumption
  • Maximize consumer satisfaction
  • Maximize variety and choice
  • Maximize quality of life

Marketing Process Activities

  • Understand the organization’s mission
  • Set marketing objectives
  • Develop a marketing strategy
  • Implement the marketing strategy
  • Design performance measures
  • Evaluate marketing efforts--change if needed
  • Let’s stop it here

Summary

Road Map

  • Road Map
  • Understanding Marketing and Marketing Process
  • Core Marketing Concepts

Core Marketing Concepts

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

Next….

  • Marketing Functions
  • Customer Relationship Management
  • MGT301 Principles of Marketing
  • Lecture-2

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