Core Mktg Concepts
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Transcript of Core Mktg Concepts
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Core MarketingConcepts
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Core
Marketing
Concept
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Core Marketing Concepts
To have more clear view about themarketing and to understand the
marketing process first we should discuss
the some basic concepts, which we willbe discussing in the coming Lessons and
what is the main essence of the
marketing process and we can say thatthe marketing revolves around these
concepts.
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Needs, wants, and demands Needs Human needs are the most basic concept
underlying marketing.
A human needis a state of felt deprivation.
1). Humans have many complex needs.
a). Basic, physical needs for food, clothing, warmth, andsafety.
b). Social needs for belonging and affection.
c). Individual needs for knowledge and self expression.
2). These needs are part of the basic human makeup.
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Wants A human wantis the form that a humanneed takes as shaped by culture and individualpersonality.
Demands are human wants that are backed by
buying power. Consumers view products as bundles of benefits
and choose products that give them the bestbundle for their money.
Outstanding marketing companies go to greatlengths to learn about and understand theircustomers needs, wants, and demands.
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Products and Services
A product is anything that can be offered to a marketto satisfy a need or want.
A service is an activity or benefit offered for sale that isessentially intangible and does not result in theownership of anything.
1). The concept of product is not limited to physicalobjects and can include experiences, persons, places,organizations, information, and ideas.
2). Be careful of paying attention to the product andnot the benefit being satisfied.
3). Marketing myopia is caused by shortsightednessor losing sight of underlying customer needs by onlyfocusing on existing wants.
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Marketing OffersProducts, Services, and Experiences
Companies address needs by putting forth a valueproposition, a set of benefits that they promise
to consumers to satisfy their needs.
a.The value proposition is fulfilled through a marketingoffersome combination of products, services, information,or experiences offered to a market to satisfy a need or want.
b.The concept of product is not limited to physical objectsand can include experiences, persons, places, organizations,information, and ideas.
c.Be careful of paying attention to the product and not thebenefit being satisfied.
d.Marketing myopia is caused by shortsightedness or losing
sight of underlying customer needs by only focusing onexisting wants.
e.Smart marketers create brand meaning and brandexperiences for consumers.
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Markets
The concepts of exchange and relationships lead to theconcept of a market.
A market is the set of actual and potential buyers of aproduct.
1). originally a market was a place where buyers andsellers gathered to exchange goods (such as a villagesquare).
2). Economists use the term to designate a collection ofbuyers and sellers who transact in a particular productclass (as in the grain or housing market).
3). Marketers see buyers as constituting a market andsellers constituting an industry.
4). Marketers are keenly interested in markets.
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Value, satisfaction, and quality
Customer value is the difference between the
values that the customer gains from owning
and using a product and the costs of obtaining
the product.
Customers do not often judge product values
and costs accurately or objectively--they act
on perceived value.
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Customer satisfaction depends on a products perceived
performance in Delivering value relative to a buyers
expectations.
If performance exceeds expectations, the buyer is delighted
(certainly a worthy goal of the marketing company).
1). Smart companies aim to delight customers by promising only
what they can deliver, then delivering more than they promise.
2). The aim of successful companies today is total customer
satisfaction.
3). Customer delight creates an emotional affinity for a product
or service, not just a rational preference, and this creates high
customer loyalty. 4). Quality has a direct impact on product or service
performance. Quality is defined in terms of customer
satisfaction.