Principles Of Marketing Lecture Notes Ppt

Principles Of Marketing Lecture Notes Ppt – 5 Originally the word market referred to a place like a village square where buyers and sellers exchanged their goods. Marketers work to understand the needs and wants of specific markets and select the markets they can best serve. They create products and services that create value and delight for customers in these markets. The result is profitable long-term customer relationships.

6 Define marketing? Marketing is defined as a social and managerial process by which individuals and groups create and exchange valuable products with others to obtain what they need and want.

Principles Of Marketing Lecture Notes Ppt

Many people think that marketing is just sales and advertising. And no wonder – every day we are bombarded with television commercials, newspaper ads, direct mail offers, sales calls, etc. However, sales and promotion are only the tip of the marketing iceberg. While important, they are only two of many marketing functions.

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8 Today, marketing should not be understood in the old sense of selling – but in the new sense of meeting the needs of customers.

Needs: The basic concept of marketing is human need. “Levels of Perceived Lack of Human Needs.” These include basic physical needs for food, clothing, warmth and protection.

10 Options: Are human needs shaped by culture and individual personality? Example: An American needs food like Big Mac Donald, French fries, etc. If anyone is in need of food in Mauritius like mangoes, rice, lentils and beans. Bugs are shaped by society and are described in terms of objects. Complete the requirements.

11 Demands: Given needs and resources, people seek products with benefits that add more value and satisfaction. “Demand becomes demand in return through purchasing power.”

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13 Marketing offerings are a combination of goods, services, information, or experiences that are offered to the market to satisfy a want or need. Marketing offers are not limited to physical products. In addition to tangible products, marketing offerings include services, features, or benefits offered for sale that are essentially intangible and do not entail ownership of anything. Examples include banking, airline, hotel, tax preparation and home repair services.

Exchange is the act of giving something in return and receiving something desired. A transaction consists of an exchange of value between two parties.

Consumers are usually faced with a wide variety of products and services that can satisfy a given need. How do they choose between given marketing offers? Consumers make choices based on their perception of the value and satisfaction offered by various products and services.

16 Customer value is the difference between the value the customer receives from owning and using the product and the cost of acquiring the product. Customer satisfaction with a purchase depends on how well the product’s performance meets the customer’s expectations. Customer satisfaction is an important influence on future purchasing behavior.

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17 Satisfied customers buy again and tell others about their good experiences. Dissatisfied customers often switch to competitors and recommend products to others.

Customer relationship management is the overall process of creating and maintaining profitable customer relationships by providing superior customer value and satisfaction.

19 Thus, today’s companies go beyond designing strategies to attract new customers and generate transactions with them. They use customer relationship management to retain existing customers and build long-term relationships with them. The new view is that “Marketing is the science and art of finding, retaining and developing profitable customers.”

20 Marketing Management “The art and science of selecting target markets and building profitable relationships with them.” This includes acquiring, retaining and growing customers by creating, delivering and communicating superior customer value. Therefore, marketing management includes demand management, which in turn includes customer relationship management.

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Actors and forces outside of marketing affect marketing management’s ability to build and maintain successful relationships with target customers.

24 Micro environment The actors close to the firm that affect its ability to serve its customers – firm, suppliers, marketing intermediaries, customers, competitors.

26 In designing the company’s marketing plans, marketing management considers other organizational groups. Groups like top management, finance, research and development, purchasing department. All these interconnected groups form the internal environment.

27 Suppliers Suppliers form a critical link in a company’s overall customer value delivery system. They provide the resources a firm needs to produce its goods and services.

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29 Customers The company should study all types of customer markets. Consumer markets consist of individuals and households that purchase goods and services for personal consumption. Commercial markets buy for further processing or in the manufacturing process. Reseller markets buy to resell at a profit.

30 Competitors Marketing theory states that to be successful, a company must provide greater customer value and satisfaction than its competitors.

31 MACRO ENVIRONMENT The macro environment of marketing presents the company with opportunities and threats that affect its ability to serve its customers – The main forces in the company’s macro environment are the demographic environment, the natural environment, the technological environment, the political environment, the cultural environment. , and the economic environment.

Demographic context is of great interest to marketers because it encompasses people and creates markets for people. Population is the study of human population based on size, density, location, age, sex, race, occupation, and other statistics.

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34 The natural environment includes the natural resources that the market needs as inputs. Marketers must be aware of several trends in the natural environment. This includes growing scarcity of raw materials and increasing pollution.

The technological environment is perhaps the most dramatic force shaping our destiny right now. Forces creating new technologies, creating new products and marketing opportunities. The technology environment is changing rapidly.

The political environment consists of laws, government institutions, and pressure groups that influence and control various institutions and individuals in a particular society.

37 Cultural environment The cultural environment consists of the forces that influence the basic values, feelings, preferences and behaviors of a society. People grow up in a particular society that shapes their core beliefs and values.

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38 The economic environment consists of factors that affect consumer purchasing power and spending patterns. Countries differ widely in their income levels and distribution. Marketers must pay close attention to key trends and consumer spending patterns across and within their global markets.

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Marketing Principles Fourteenth Edition Chapter 1 Marketing: Customer Value and Engagement Creation Edition © 2018 Pearson Education Limited.

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