01[1]. the Core Concept of Marketingi
Transcript of 01[1]. the Core Concept of Marketingi
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The core concept of MarketingThe core concept of Marketing
Marketing is a social & managerial process by which
individuals & groups obtained what they need &
want through creating, offering & exchanging
products of value with others.
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Need, Wants,
DemandsProducts
Value, Cost,
Satisfaction
Exchange,
Transaction,
RelationshipMarket
Marketing &
Marketers
Core Concept Of Marketing
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Human Needs.
It is a state of felt deprivation of some basic satisfaction.
Wants.These are desires for specific objects that might satisfy the needs.
Demands.
These are wants for specific products backed by an ability to pay &
willingness to buy them.
Products.
These are anything that can be offered to satisfy a need or a want.
The importance of physical product lies not so much in owingthem as in obtaining the services they render.
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Vehicle of services.
1. Person.
2. Place.
3. Activity.
4. Organization.
5. Ideas.
Value, Cost & Satisfaction.
1. Product value 1. Monitory cost
2. Service value 2. Time cost
3. Personnel value 3. Energy cost
4. Image value 4. Psychic cost
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Five conditions of exchange.1. At least two parties.
2. Each party has something that might be of value to
the other party.
3. Each party is capable of communication & delivery.4. Each party is free to accept or reject the offer.
5. Each party believes it is appropriate or desirable to
deal with the other party.
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Transactions These are basic unit of exchange.A transaction consists of a trade of values betweentwo parties.
Dimensions of transactions.1. At least two things of value.
2. Agreed upon conditions.
3. A time of agreement.4. A place of agreement.
Transaction v/s Transfer
The process of trying to arrive at mutually agreeableterms is called Negotiation.
Transaction marketing, Relationship marketing,Marketing network.
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Markets.
It consists of all potential consumers sharing aparticular need or want who might be willing & able to
engage in exchange to satisfy that need or want.
Marketing.It means Working with markets to actualize potential
exchanges for the purpose of satisfying human needs
& wants.
Marketer.
It means someone seeking a resource from someone
else & willing to offer something of value in exchange.
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1. The Production Concept.1. The Production Concept.
The production concepts holds that customers will
favor those products that are widely available & low
in cost. Managers of production orientedorganizations concentrate on achieving high
production efficiency & wide distribution coverage.
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2. The Product Concept.2. The Product Concept.
The product concept holds that consumers will favor
those products that offer the most quality,
performance or innovative features. Managers inthese product oriented organizations focus their
energy on making superior products & improving
them over time.
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3. The Selling Concept.3. The Selling Concept.
The selling concept holds that consumers, in left
alone, will ordinarily not buy enough of the
organizations products. The organization musttherefore undertake an aggressive selling &
promotion effort.
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4. The Marketing Concept.4. The Marketing Concept.
The marketing concept holds that the key to
achieving organizational goals consists in
determining the needs & wants of target markets &delivering the desired satisfaction more effectively &
efficiently than competitors.
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5. The Societal Marketing Concept.5. The Societal Marketing Concept.
The societal marketing concept holds that the
organizations task is to determine the needs, wants
& interests of target markets & to deliver the desiredsatisfaction more effectively & efficiently than
competitors in a way that preserves or enhances the
consumers & societys well being.