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Prof Prashant Kumar Gupta
Lecturer: Jain College Of MBA and MCA
What will we be learning..???

What is marketing?
Why is marketing important?

What is the scope of marketing?
Some fundamental marketing concepts.

Marketing : Micro and Macro concept
Marketing…????

Meeting
Needs
Profitably
Marketing Management

 Marketing is an organisational function
 And a set of processes
 For creating, communicating, and delivering
 Value to customers
 And for managing customer relationships
 In ways that benefit the organisation and the

stakeholders
Marketing Management
The social side of it

 A societal process
 Individuals or groups obtain their needs and wants
 Create, offer and freely exchange
 Products and services of value
Understanding Marketing
 It is an art as well as science.
 Choosing target markets.

 Get, keep and grow customers.
 Create, deliver and communicate superior

customer value
Communicating Superior Value
What is

MARKETED…???

Goods

Experience

Events

Place
Services

Properties

Organisations

People

Ideas
Basic Terms:
Exchange & Transaction
Exchange & Transaction
The act of obtaining a desired object from
someone by offering something in return

5 Conditions for an exchange to happen:• Existence of two parties
• Each party must have something of value to the other
• Each party is capable of communication & delivery
• Each party is free to accept or reject the offer
• Each party believes that it is appropriate to deal
with the other party
Exchange & Transaction

Two parties are in the process of exchange
when they negotiate
When they mutually agree on the terms and conditions
it becomes a transaction, an event
Basic Terms:
Needs, Wants & Demands
Need:• Basic human requirements like food, clothing and shelter
• Can also include needs like education and recreation
• Find out types of needs

Want:• Need directed to specified object
• Is shaped by culture and individual
• Might satisfy the need
Demand:• Wants backed by purchasing power
Basic Terms:
Value & Satisfaction
Value:• Reflects perceived tangible & intangible benefits & costs
• Usually combination of quality, service and price
Satisfaction:• Customer’s comparative judgment of expectation and
perceived performance
 Customer Expectation=Performance =>Satisfaction
 Customer Expectation>Performance => Dissatisfaction
 Customer Expectation<Performance => High Satisfaction
Basic Terms:
Offering & Branding
Offering:• Needs are addressed by value proposition
• Set of benefits offered to satisfy needs
• Value proposition is made physical by an offering
Branding:• An offering from a known source
• All companies strive to build a strong, favourable and
unique image
Basic Terms:

Market
 Physical place
 Buyers and Sellers meet
 Transaction happens

 Key customer markets:1.
2.
3.

Consumer Market
Business Market
Global Market
Who Markets…???

A

Marketer is someone who
seeks a Response from a
party , referred as

Prospect.
Marketer
 Skilled in stimulating demand.
 Responsible for demand

management, i.e., identify
the demand state and
determine plan for it.

 There are eight

Demand States of a consumer

which need to be identified.
Demand States
 Negative Demand: Customers dislike the product and may even pay









a price to avoid it.
Non-existent Demand: Customers may be unaware or uninterested
in the product.
Latent Demand: Consumers may have a strong need that cannot be
satisfied by an existing product.
Declining Demand: Consumers buy the product less frequently or
not at all.
Irregular Demand: Purchases vary on a seasonal, monthly, weekly
or even daily.
Full Demand: Customers buy in adequate amount products
available in market.
Overfull Demand: Many consumers would like to buy the product
that can be satisfied.
Unwholesome Demand: Consumers may be attracted towards
products having undesirable social consequences.
Thank You…!

That’s It For Today 

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Introduction To Marketing and Basic Terms

  • 1. Prof Prashant Kumar Gupta Lecturer: Jain College Of MBA and MCA
  • 2. What will we be learning..??? What is marketing? Why is marketing important? What is the scope of marketing? Some fundamental marketing concepts. Marketing : Micro and Macro concept
  • 4. Marketing Management  Marketing is an organisational function  And a set of processes  For creating, communicating, and delivering  Value to customers  And for managing customer relationships  In ways that benefit the organisation and the stakeholders
  • 5. Marketing Management The social side of it  A societal process  Individuals or groups obtain their needs and wants  Create, offer and freely exchange  Products and services of value
  • 6. Understanding Marketing  It is an art as well as science.  Choosing target markets.  Get, keep and grow customers.  Create, deliver and communicate superior customer value
  • 10. Exchange & Transaction The act of obtaining a desired object from someone by offering something in return 5 Conditions for an exchange to happen:• Existence of two parties • Each party must have something of value to the other • Each party is capable of communication & delivery • Each party is free to accept or reject the offer • Each party believes that it is appropriate to deal with the other party
  • 11. Exchange & Transaction Two parties are in the process of exchange when they negotiate When they mutually agree on the terms and conditions it becomes a transaction, an event
  • 12. Basic Terms: Needs, Wants & Demands Need:• Basic human requirements like food, clothing and shelter • Can also include needs like education and recreation • Find out types of needs Want:• Need directed to specified object • Is shaped by culture and individual • Might satisfy the need Demand:• Wants backed by purchasing power
  • 13. Basic Terms: Value & Satisfaction Value:• Reflects perceived tangible & intangible benefits & costs • Usually combination of quality, service and price Satisfaction:• Customer’s comparative judgment of expectation and perceived performance  Customer Expectation=Performance =>Satisfaction  Customer Expectation>Performance => Dissatisfaction  Customer Expectation<Performance => High Satisfaction
  • 14. Basic Terms: Offering & Branding Offering:• Needs are addressed by value proposition • Set of benefits offered to satisfy needs • Value proposition is made physical by an offering Branding:• An offering from a known source • All companies strive to build a strong, favourable and unique image
  • 15. Basic Terms: Market  Physical place  Buyers and Sellers meet  Transaction happens  Key customer markets:1. 2. 3. Consumer Market Business Market Global Market
  • 16. Who Markets…??? A Marketer is someone who seeks a Response from a party , referred as Prospect.
  • 17. Marketer  Skilled in stimulating demand.  Responsible for demand management, i.e., identify the demand state and determine plan for it.  There are eight Demand States of a consumer which need to be identified.
  • 18. Demand States  Negative Demand: Customers dislike the product and may even pay        a price to avoid it. Non-existent Demand: Customers may be unaware or uninterested in the product. Latent Demand: Consumers may have a strong need that cannot be satisfied by an existing product. Declining Demand: Consumers buy the product less frequently or not at all. Irregular Demand: Purchases vary on a seasonal, monthly, weekly or even daily. Full Demand: Customers buy in adequate amount products available in market. Overfull Demand: Many consumers would like to buy the product that can be satisfied. Unwholesome Demand: Consumers may be attracted towards products having undesirable social consequences.
  • 19. Thank You…! That’s It For Today 