2. Market
The common usage of market means a place where goods
are bought and sold.

3. Market
 Market may mean a place where buying and selling take
place Buyers and sellers come together for transaction
 An organization through which exchange of goods take
place
 The act of buying and selling of goods (to satisfy human
wants An area of operation of commercial demand for
commodities

4. What Is Marketed?
Entities: goods, services, events, experiences, persons,
places, properties, organizations, information, and ideas.
Let’s take a quick look at these categories.

5. Marketed
GOODS Physical goods constitute the bulk of most
countries’ production and marketing efforts.
Each year companies market billions of fresh, canned,
bagged, and frozen food products and millions of cars,
refrigerators, televisions, machines, and other mainstays of
a modern economy.

6. Marketed
SERVICES As economies advance, a growing proportion of
their activities focuses on the production of services.
Services include the work of airlines, hotels, car rental
firms, barbers and beauticians, maintenance and repair
people, and accountants,
bankers, lawyers, engineers,
doctors,
software programmers
and management consultants.

7. Marketed
EVENTS Marketers promote time-based events, such as
major trade shows, artistic performances, and company
anniversaries. Global sporting events such as the
Olympics and the World Cup are promoted aggressively
to both companies and fans.

8. Marketed
EXPERIENCES By orchestrating several services and
goods, a firm can create, stage, and market experiences.
Walt Disney World’s Magic Kingdom allows customers to
visit a fairy kingdom, a pirate ship, or a haunted house.

9. Marketed
PERSONS Artists, musicians, CEOs, physicians, highprofile lawyers and financiers, and
other professionals all get help from celebrity marketers

10. Marketed
PLACES Cities, states, regions, and whole nations
compete to attract tourists, residents, factories, and
company headquarters. Place marketers include economic
development specialists, real estate agents,
commercial banks, local business associations, and
advertising and public relations agencies.

11. Marketed
PROPERTIES Properties are intangible rights of ownership
to either real property (real estate) or financial property
(stocks and bonds). They are bought and sold, and these
exchanges require marketing. Real estate agents work for
property owners or sellers, or they buy and sell residential or
commercial real estate.

12. Marketed
ORGANIZATIONS Organizations work to build a
strong, favorable, and unique image in the minds of
their target publics. Universities, museums,
performing arts organizations, corporations, and
nonprofits all use marketing to boost their public
images and compete for audiences and funds.

13. Marketed
INFORMATION The production, packaging, and
distribution of information are major
industries. Information is essentially what books,
schools, and universities produce, market, and
distribute at a price to parents, students, and
communities.

14. Marketed
IDEAS Every market offering includes a
basic idea.

15. What Is
?

16. Marketing
Marketing is a human activity to satisfy needs and
wants,through an exchange process.
A demand is a want for which the consumer is
prepared to pay a price.
A want is anything or service the consumer
desires or seeks
Wants become demands when backed by
purchasing power
A need is anything the consumer feels to keep
himself alive and healthy.

17. Marketing
Marketing is about identifying and meeting human
and social needs. One of the shortest good
definitions of marketing is “meeting needs profitably.”

18. What is Marketing Management
Marketing management is
the art and science of
choosing target markets
and getting, keeping, and
growing customers
through creating,
delivering, and
communicating superior
customer value.

19. Marketing Management
The set of tasks necessary for successful marketing
management includes developing marketing strategies
and plans, capturing marketing insights, connecting
with customers, building strong brands, shaping the
market offerings,
delivering and communicating
value, and creating long-term
growth.

20. Why is marketing important?
Marketing is playing a key role in
addressing those challenges.
Marketing has helped introduce and gain
acceptance of new products that have
eased or enriched people’s lives.

21. Why is marketing important?
Marketers must decide what features to design into a
new product or service, what prices to set,
where to sell products or offer services, and how
much to spend on advertising, sales, the Internet,
or mobile marketing. They must make those decisions
in an Internet-fueled environment where
consumers, competition, technology, and economic
forces change rapidly, and the consequences of
the marketer’s words and actions can quickly multiply.

22. Core Marketing Concepts
To understand the marketing function, we need to
understand the following core set of concepts.
Needs, Wants, and Demands

23. Needs, Wants, and Demands
Needs are the basic human requirements such as
for air, food, water, clothing, and shelter. Humans
also have strong needs for recreation, education,
and entertainment.
These needs become wants when they are
directed to specific objects that might satisfy the
need.
Demands are wants for specific products backed by
an ability to pay. Many people want a
Mercedes; only a few are able to buy one.

24. Needs, Wants, and Demands
The needs, wants and demands are a very important
component of marketing because they help the marketer
decide the products which he needs to offer in the market.

25. Maslow’s Hierarchy of Needs

27. Maslow’s Hierarchy of Needs

28. How to use Maslow in marketing
According to Maslow’s hierarchy of needs, we make
decisions and are motivated by five levels of need.
Your success as a marketer will depend on how
effectively you can appeal to individuals’
motivational drivers. Services and products that do
not speak to the first three levels can be marketed to
those individuals who are motivated by personal
growth and self-esteem.
The marketing techniques that apply to these
levels will not be the same as those that relate to
the services and products on the first level.

29. Demands that impact on marketing
1. Negative demand: Consumers dislike the product and
may even pay to void it.
2. Nonexistent demand: Consumers may be unaware of or
uninterested in the product.
3. Latent demand: Consumers may share a strong need
that cannot be satisfied by an existing product.
4. Declining demand: Consumers begin to buy the product
less frequently or not at all.

30. Demands that impact on marketing
5. Irregular demand: Consumer purchases vary on a
seasonal, monthly, weekly, daily, or even hourly basis.
6. Full demand: Consumers are adequately buying all
products put into the marketplace.
7. Overfull demand: More consumers would like to buy
the product than can be satisfied.
8. Unwholesome demand: Consumers may be attracted
to products that have undesirable social
consequences.

31. Target Markets, Positioning,
and Segmentation
Dividing the market into segments.
After identifying market segments, the marketer
decides which present the greatest opportunities.
which are its target markets.
Develops a market offering that it positions in the
minds of the target buyers as delivering some central
benefit(s)

32. Value and Satisfaction
Value, a central marketing concept, is primarily a
combination of quality, service, and price (qsp), called
the customer value triad. Value perceptions increase
with quality and service but decrease with price.
Satisfaction reflects a person’s judgment of a
product’s perceived performance in relationship to
expectations

33. Marketing Environment
The marketing environment surrounds and impacts upon
the organization.
There are three key elements to the marketing
environment which are the internal environment, the
microenvironment and the macroenvironment.

34. Internal environment
A useful tool for quickly auditing your internal
environment is known as the Five Ms which are Men,
Money, Machinery, Materials and Markets.

35. Macro-environment
The macro-environment is comprised of the external
forces that the individual company cannot influence, but
which directly or indirectly influence it.
Political
This involves issues related to the political environment e.g. policies such as nationalisation,
union legislation, taxation, customs duties, and regulatory constraints.
Economic
This involves inflation, unemployment, energy, price volatility, and materials availability. Crude
oil continues to play a major role in the area of economics.
Socio-Cultural
This involves education, immigration, emigration, religion, the environment, population
distribution and dynamics, and lifestyle. For example, Germany now has a negative population
growth, resulting in fewer people to fund the social support structure for elderly health care and
pensions

36. Macro-environment
Technological
This involves new technology, cost savings, materials and components, equipment,
machinery,
methods and systems, substitutes, and availability. The availability of cell phones and
internet
have revolutionised the communications and data transfer industry.
Legal
This involves legislation in areas such as employment, competition and health and
safety,
trading policies, and regulatory bodies.
Environmental
This involves the level of pollution created by producing products or services, recycling
considerations, attitudes to the environment, and environmental legislature.

37. Micro-environment
The micro-environment is more controllable and is
made up of those internal variables that can be
controlled by management
Mission
The statement of the scope and purpose of the company.
Target Market
Your Own
Company
The size and characteristics of the market; e.g. mass market,
gender, age, location.
This involves sales, market shares, profit margins, marketing
procedures and organisation, and marketing mix variables.
Market
Intermediaries
Middlemen (wholesalers, retailers, agents and other resellers)
physical distribution contractors (warehousing and transportation),
marketing service agencies (research firms, ad agencies, media
brokers, etc.) and financial intermediaries (banks, credit companies
and insurance companies).

38. Updating The Four Ps
The four Ps of marketing: product, price, place, and
promotion
Modern marketing realities: people, processes,
programs, and performance

39. People
People reflects, in part, internal marketing and the fact
that employees are critical to marketing
success.Marketing will only be as good as the people
inside the organization. It also reflects the fact
that marketers must view consumers as people to
understand their lives more broadly, and not just
as they shop for and consume products and services.

40. Processes
Processes reflects all the creativity, discipline, and
structure brought to marketing management. Marketers
must avoid ad hoc planning and decision making and
ensure that state-of-the-art marketing ideas and concepts
play an appropriate role in all they do.
Only by instituting the right set of processes to guide
activities and programs can a firm engage in mutually
beneficial long-term relationships. Another important set
of processes guides the firm in imaginatively generating
insights and breakthrough products, services, and
marketing activities.

41. Programs
Programs reflects all the firm’s consumer-directed
activities. It encompasses the old four Ps as well as a
range of other marketing activities that might not fit as
neatly into the old view of marketing.
Regardless of whether they are online or offline,
traditional or nontraditional, these activities must be
integrated such that their whole is greater than the sum
of their parts and they accomplish multiple objectives for
the firm.

42. Performance
Performance as in holistic marketing, to capture the
range of possible outcome measures that have financial
and nonfinancial implications (profitability as well as
brand and customer equity), and implications beyond the
company itself (social responsibility, legal, ethical, and
community related).

43. Developing Marketing
Strategies and Plans
Developing the right marketing strategy over time
requires a blend of discipline and flexibility. Firms must
stick to a strategy but also constantly improve it. They
must also develop strategies for a range of products and
services within the organization.

44. Effective marketing strategy
Marketing is a process of creating value for the customer.
It is a set of activities to educate, communicate with, and
motivate the targeted consumer about the firm’s services
or the company’s product and services.
 The formula “segmentation, targeting, positioning
(STP)” is the essence of strategic marketing.
 The second phase is providing the value. Marketing
must determine specific product features, prices, and
distribution.
 The task in the third phase is communicating the value
by utilizing the sales force

45. The Value Chain
The value chain identifies nine strategically relevant
activities—five primary and four support activities—that
create value and cost in a specific business.
The primary activities are
(1) inbound logistics, or bringing materials into the
business;
(2) operations, or converting materials into final products;
(3) outbound logistics, or shipping out final products;
(4) marketing, which includes sales;
(5) service.

46. The Value Chain
Specialized departments handle the support activities
(1) procurement,
(2) technology development,
(3) human resource management,
(4) firm infrastructure. (Infrastructure covers the costs of
general management, planning, finance, accounting,
legal, and government affairs.)