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lecture 1 marketing 2023.pptx

  1. Chapter 1 1
  2. Introduction of Marketing Sultan Said Omar 2 By- Lecture 1&2
  3. 3 What is Marketing?  Marketing is “Meeting needs Profitably.”  Marketing is the delivery of customer satisfaction at a profit.  The Chartered Institute of Marketing:  “The management process responsible for identifying, anticipating and satisfying customer requirements profitably."
  4. Definition of Marketing According to American Marketing Association, “Marketing is an organisational function and a set of processes for creating, communicating & delivering value to the customers and for managing customers relationships in way that benefit the organisation and its stakeholders.” 4
  5. “Satisfying needs and wants through an exchange process” (Philip Kotler )
  6. Marketing Defined  Marketing is the activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. 5 OLD view of marketing: Making a sale— “telling and selling” NEW view of marketing: Satisfying customer needs
  7. 6 Simple Marketing System Industry (a collection of sellers) Market (a collection of Buyers) Goods/services Money Communication Information
  8. 7 The Goal of Marketing is:  To attract new customer by promising superior value.  Keep current customers by delivering satisfaction.
  9. Needs, Wants, and Demands  NEED : A state of felt deprivation of some basic satisfaction ( Food, Clothing, Shelter, Belonging etc. )  WANTS : Wants are desires for specific satisfiers of the deeper needs. Needs are few and wants are many .  DEMANDS : are wants backed by ------ Ability to buy and Willingness to buy
  10.  Need – food ( is a must )  Want – Pizza, Burger, French fry's (translation of a need as per our experience )  Demand – Burger ( translation of a want as per our willingness and ability to buy )  Desire – Have a Burger in a five star hotel 9
  11. STATE OF DEMAND AND MARKETING TASK 1. Negative demand: Consumers dislike the product and may even pay to avoid it. 2. Non-existent 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. 5. Irregular demand:Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.
  12. 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. In each case, marketers must identify the underlying cause(s) of the demand state and determine a plan of action to shift demand to a more desired state.
  13. Products & Services Product:  Anything that can be offered to a market to satisfy a need or want.  The concept of product is not limited to physical objects – anything capable of satisfying a need can be called a product. Services:  In addition to tangible goods, products also include services, which are activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything. 11
  14. Values VALUE = Benefit/Costs = Functional benefits + Emotional benefits Monetary costs+Time costs+Energy costs+Psychic costs  Customer value: Difference between the benefits that the customer gains from owning and using a product versus the costs of obtaining the product.
  15. Satisfaction & Quality • Customer satisfaction: The extent to which a product’s perceived performance in delivering value matches a buyer’s expectations. • Quality: the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs. 12
  16. 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 13
  17. EXCHANGE AND TRANSACTION   Exchange is the act of obtaining a desired product by offering something in return . Exchange takes place when 5 conditions are satisfied: (a) Two parties should be there (b) Each party must have something of value to the other (c) Each party is capable of communication & delivery (d) Each party is free to accept or reject the offer (e) Each party believes that it is appropriate to deal with the other party
  18. EXCHANGE AND TRANSACTION  Exchange is a process rather than event. It is a value creating process because it normally leaves both parties better off.  A transaction is a trade of values between two or more parties ( A BARTER TRANSACTION OR A MONETARY TRANSACTION ).
  19. What is Marketed ? (Needs & wants are fulfilled through a Marketing Offering): 16 Ideas Services Organisations Experiences Places Information Events Properties Persons Products
  20. Goods  GOODS: Physical goods constitute the bulk of most countries’ production and marketing efforts.  It include like food, cars, refrigerators, television sets, machines etc.
  21. Goods 17
  22. 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.  Many market offerings mix goods and services, such as a fast-food meal.
  23. Services 18
  24. Events  EVENTS: Marketers promote time- based events, such as major trade shows, exhibition like TCU exhibition ,artistic performances, Launching a new product and company anniversaries.  Global sporting events such as the Olympics and the World Cup are promoted aggressively to both companies and fans.
  25. Events 19
  26. Experiences EXPERIENCES : By organizing several services and goods, a firm can create, stage, and market experiences. Also called Experiential marketing. Example; Walt Disney World’s Magic Kingdom allows customers to visit a fairy kingdom, a pirate ship, or a haunted house.
  27. Experiences 20
  28. Persons  Celebrity marketing. Business firm engage a famous film star or Personality for the publicity or brand ambassador for its product. 21
  29. Places PLACES: Cities, states, regions, and whole nations compete to attract tourists, residents, factories, and company headquarters
  30. Places 22
  31. Properties  Intangible rights of ownership of either real property or financial property.  Real property- Real estate  Financial property- Stocks & Bonds 23
  32. Organizations  ORGANIZATIONS :Organizations work to build a strong, favourable, and unique image in the minds of their target publics.  Examples in Tanzania … 24
  33. Information  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.  On the basis of these information students decide in which school or college they should take admission.
  34. Ideas 26 IDEAS : Every market offering includes a basic idea. Charles Revson of Revlon once observed that: “In the factory we make cosmetics; in the drugstore we sell hope.” Products and services are platforms for delivering some idea or benefit. Social marketers are busy promoting such ideas as “Friends Don’t Let Friends Drive Drunk” and “A Mind Is a Terrible Thing to Waste.”
  35. Marketing Management Philosophies •The role that marketing plays within a company varies according to the overall strategy and philosophy of each firm.
  36. •There are five alternative concepts under which organizations conduct their marketing activities: •Production concept •Product concept •Selling concept •Marketing concept •Societal marketing concepts
  37. 30
  38. 31 The production concept, one of the oldest in business, holds that consumers prefer products that are widely available and inexpensive. Managers of production-oriented businesses should therefore concentrate on achieving high production efficiency, low costs, and mass distribution. Production Concept
  39.  This orientation makes sense in developing countries, where consumers are more interested in obtaining the product than in its features.  It is also used when a company wants to expand the market.
  40. Product Concept 32 The product concept proposes that consumers favour products offering the most quality, performance, or innovative features. Managers in these organizations focus on making superior products and improving them over time, assuming that buyers can appraise quality and performance.
  41. Selling Concept 33 The selling concept holds that consumers and businesses, if left alone, won’t buy enough of the organization’s products. The organization must therefore, undertake an aggressive selling and promotion effort.
  42. This concept assumes that consumers must be coaxed into buying, so the company has a battery of selling and promotion tools to stimulate buying. The selling concept is practiced most aggressively with unsought goods, [Goods that buyers normally do not think of buying, such as insurance and funeral plots.]
  43. Marketing Concept 34 The marketing concept holds that the key to achieving organizational goals consists of the company being more effective than its competitors in creating,delivering and communicating customer value to its chosen target markets.
  44. Selling Vs Marketing concept
  45. Selling Vs Marketing concept
  46. Societal Marketing Concept 35 The idea that the organization should determine the needs, wants, and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer’s and society’s well – being.
  47. Three Considerations Underlying The Societal Marketing 36 Societal marketing concept Society (Human welfare) Company (Profits) Consumers (Want satisfaction)
  48. Marketing Mix 27
  49. Marketing Mix Four Cs of Marketing  Customer solution (Product)  Customer cost (Price)  Convenience (Placement)  Communication (Promotion) 4Pss Provide
  50. Thank you..