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Marketing management unit_one
- 1. Definition of marketing “Understanding the needs of the customers and providing better goods and Services to satisfy those needs.” PHILIP KOTLER Some other meanings of the marketing Converting needs into desires. Or Marketing management Is a science of choosing target markets and getting ,keeping and growing customers through creating, delivering, and communicating Superior customer value.
- 3. Meaning of Needs State of felt deprivation Or The lacuna/limitation which our mind faces •Types of needs •Negative demand •Non-existent demand •Latent demand •Irregular demand •Full demand •Overfull demand •Unwholesome demand
- 4. Meaning of Market Physical or virtual place where the buyers and sellers contact. Manufacturer markets Government markets Consumer market Resource markets Intermediary markets Resources Money Resource Money Tax goods Services money Services taxe s Services Money Taxes Goods Goods, and services Goods and services Money Money Services, money Taxes, goods
- 5. Industry Collection of sellers Market Collection of buyers Communication Goods/Services Money Information A simple marketing system
- 6. Difference between Needs, Wants and Desires Need is abstract Want is object specific Desire is brand specific
- 7. Company Orientation toward the market place 1.The production concept 2.The product concept 3.The selling concept 4.The marketing concept 5.The Holistic concept
- 8. Marketing Mix Product Price List price Discounts Allowances Payment Period Credit terms Promotion Sales promotion Advertising Sales force Public relations Direct Marketing Place Channels Coverage Assortments Locations Inventory Transport Variety Quality Design Features Brand name Packaging Sizes Services Warranties Return