MKT - CH # 1

MARKETING IN A CHANGING WORLD
Marketing
 A social and managerial process whereby individuals and groups obtain what
they need and want through creating and exchanging products and value with
others.
 Marketing is the delivery of customer satisfaction at profit.
 Marketing is a link of following concept with each other needs, wants,

and demand; products and services; value, satisfaction, and quality;
exchange, transactions, and relationships and markets.
 Marketing: Means managing markets to bring about exchanges and

relationships for the purpose of creating value and satisfying needs and wants.
 Marketing: Consists of actions taken to obtain a desired response from a target

audience toward some product, service, idea or other object.
Needs, Wants and Demands
 Need: A state of felt deprivation.
 Want: The form taken by a human need as shaped

by culture and individual personality.
 Demands: Human wants that are backed by buying

power
Products & Services
 Product: Anything that can be offered to a market
for attention, acquisition, use or consumption that
might satisfy a want or need. It includes physical
objects, services, persons, places, organizations and
ideas.
 Service: Any activity or benefit that one party can

offer to another that is essentially intangible and
does not result in the ownership of anything.
Value, Satisfaction and Quality
 Customer Value: The difference between the values the customer
gains form owning and using a product and the costs of obtaining the
products
 Customer Satisfaction: The extent to which a product‘s perceived

performance matches a buyer’s expectations. If the product’s
performance falls short of expectations, the buyer is dissatisfied. If
performance matches or exceeds expectations, the buyer is satisfied or
delighted.
 Quality: can be defined as “freedom from defects”
 Total Quality Management (TQM): Programs designed to

constantly improve the quality of products, services and marketing
processes.
Exchange, Transactions, and Relationships
 Exchange: The act of obtaining a desired object from someone by offering
something in return.
 Transaction: 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.
 Relationship Marketing: The process of creating, maintaining and enhancing

strong, value-laden relationships with customers and other stakeholders.
 Marketing Network: Consists of the company and all its supporting

stakeholders: customers, employees, suppliers, distributors, retailers, ad
agencies and other with whom it has built mutually profitable business
relationships.
 Market: The set of all actual and potential buyers of a product or service (The
place where buyers and sellers gathered to exchange their goods)
Marketing Management
 Marketing Management: The analysis,
planning, implementation, and control of programs
designed to create, build and maintain beneficial
exchanges with target buyers for the purpose of
achieving organizational objectives.
 Demarketing: Marketing to reduce demand

temporarily or permanently; the aim is not to
destroy demand, but only to reduce or shift it.
Marketing Cycle
Marketing Management Philosophy
 Production Concept: The philosophy that consumers will favor products that are
available and highly affordable and that management should therefore focus on
improving production and distribution efficiency.
 Product Concept: The idea that consumers will favor products that offer the most
quality, performance and features and that the organization should therefore devote its
energy to making continuous product improvements. A detailed version of the new-
product idea stated in meaningful consumer terms
 Selling Concept: The idea that consumes will not buy enough of the organization‘s
products unless the organization undertakes a large-scale selling and promotion effort.
 Marketing Concept: The marketing managements philosophy that holds that achieving
organizational goals depends on determining the needs and wants of target markets and
delivering the desired satisfactions more effectively than competitors do.
 Societal Marketing Concept: The idea that organization should determine the needs,
wants, and interests of target markets and deliver the desired satisfactions more
effectively than do competitors in a way that maintains or improves the consumer’s and
society’s well being
MARKETING CHALLENGES IN A NEW CONNECTED MILLENNIUM
 Technologies for connection

 The Internet
 Connection with customers
 Connection with market partners
 Connection with the world around us
 Video-conferencing
 Sales automation
 Software
 Internet
 Intranet
 Extranets

MKT - CH # 1

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MARKETING IN A CHANGING WORLD

 Marketing is the delivery of customer satisfaction at profit.

 Marketing is a link of following concept with each other needs, wants,

 Marketing: Means managing markets to bring about exchanges and

 Marketing: Consists of actions taken to obtain a desired response from a target

 Want: The form taken by a human need as shaped

 Demands: Human wants that are backed by buying

 Service: Any activity or benefit that one party can

 Customer Satisfaction: The extent to which a product‘s perceived

 Quality: can be defined as “freedom from defects”

 Total Quality Management (TQM): Programs designed to

 Relationship Marketing: The process of creating, maintaining and enhancing

 Marketing Network: Consists of the company and all its supporting

 Demarketing: Marketing to reduce demand

 Technologies for connection

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