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Lecture-1
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Introduction-an overview of marketing Road map
Introduction of Marketing
Theyre the best. I always eat there. I only fly with that airline. I buy my electronics at that store. I will prefer to go in that school.
Definition
Marketing: The process of creating consumer value in the form of goods, services, or ideas that can improve the consumers life.
What is marketing ?
More than selling and advertising Identifying and satisfying customers needs Range of activities (marketing mix - 4Ps)
What is Marketing?
Learning to make what you can sell vs. selling what you can make.
Identifying and satisfying customer needs and wants.
Peter Drucker
Goal of all organizations is to gain and retain customers Innovation and marketing are the only two ways to achieve the goal
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
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
Customers
Place Promotion
Feedback
Marketings 4 Ps
Product
Price Place
Promotion
Marketings 4 Ps (+2)
People
Product
Price Place Promotion Profits
Marketing
States that the public, the customer, and the client determine the marketing program.
Emphasizes creating and maintaining relationships. Finally applies for both non-profit organizations and profitoriented businesses.
Marketing Includes...
Personal selling
Advertising
Making products available in stores Maintaining inventories etc
Persons
Identifying customer needs Designing goods and services that meet those needs
Making the goods or services available at times and places that meet customers needs Pricing goods and services to reflect costs, competition, and customers ability to buy Providing for the necessary service and follow-up to ensure customer satisfaction after the purchase
Marketers Develop and Implement a Marketing Plan Based on the Following Information:
If we want to know what a business is, we have to start with its purpose. And its purpose must lie outside the business itself. In fact, it must lie in society since a business enterprise is an organ of society. There is one valid definition of business purpose: to create a customer.
Careers
Costs
About 50% of total product costs are marketing costs
a whole
Plays an important role in society Vital to business Offers outstanding career opportunities Affects your life every day
Ex: Open a Book shop On Campus Is there a need? Who is my target market? What is my product? How can I produce and deliver a product better than my competitors? How will I promote my product? How can I insure customer loyalty?
Marketing is....
getting the right products to the right people at the right price and at the right place and time with the right promotion
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
Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
COURSE STRUCTURE
Readings
Lectures Assignments
Project
Exam
Recommended Books
Summary
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