Basics of marketing

What is Marketing?
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.
More simply: Marketing is all about satisfying needs.

Holistic Marketing

Marketing is a Process
“Marketing is a process of planning and executing...”
The concept of Relationship Marketing sees marketing as a process of building long-term relationships with customers to keep them satisfied and to keep them coming back.

What is Marketed?
Goods
Services
Events and experiences
Persons
Places and properties
Organizations
Information
Ideas

Demand States
Negative
Nonexistent
Latent
Declining
Irregular
Unwholesome
Full
Overfull

Marketing is an Exchange of Value
An exchange is the process by which some transfer of value occurs between a buyer and a seller.
At least two people or organizations must be willing to make a trade, and
Each must have something the other values.
Most exchanges occur in the form of a monetary transaction.

(Almost) Anything Can be Marketed
Consumer
Goods
and
Services
Business-
to-
Business
Marketing
Idea,
Place,
People
Marketing
Not-For-
Profit
Marketing

Needs, Wants and Benefits
Needs
Wants
Desire to Satisfy Needs in Ways That are Culturally and Socially Influenced. Let’s go eat a cheeseburger.
Benefits
Outcome Sought by a Consumer That Motivates Buying Behavior. Now I’m full; I feel better.
Difference Between a Consumer’s Actual State and Some Ideal or Desired State. I’m Hungry!

Markets, Consumers and Demand
Market
Customers
who share a common
need that can be
satisfied by a
specific product
AND
who are willing, able
and have the authority
to make the exchange.
Customers
Potential
Customers
DEMAND

Key Customer Markets
Consumer markets
Business markets
Global markets
Nonprofit/Government markets

The Marketing Concept
The Marketing Concept is a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability objectives.
A consumer is the ultimate user of a good or service.

When Did Marketing Begin?
Product Orientation
Selling Orientation
Customer Orientation
Most Efficient Production & Distribution
Seller’s Market
Satisfies Customers’ Needs and Wants
Total Quality
New Era Orientation
Benefits to Customers, Plus
Firm’s Employees, Shareholders, and Communities.
Marketing as a Sales Function
Buyer’s Market

Comparison of Marketing 1.0, 2.0, and 3.0

Marketing’s Tools: The Marketing Mix
Product
Good, Service, Idea, Place, Person
Price
Assignment of Value
Place
Availability of Product
Promotion
Activities to Inform Consumers
Tools that Are Used Together to Create a Desired
Response Among a Set of Defined Customers

Marketing Mix and the Customer
Four Ps
Product
Price
Place
Promotion
Four Cs
Customer solution
Customer cost
Convenience
Communication

Marketing new definition
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

How is Marketing Done?
Marketers Develop and Implement a Marketing Plan Based on the Following Information:
Organization’s Strengths
and Weaknesses
Organization’s Overall Objectives
Opportunities and Threats to the
Organization in the Marketplace

Finding and Reaching a Target Market
Step 1. Segmenting the Market
Divide the overall market into segments, in which consumers have similar characteristics.
Step 2. Selecting a Target Market
Evaluate the segments identified in the segmentation process; select target market(s).
Step 3. Positioning the Product
Marketer plans the product’s market position, which is how the target market perceives the product in comparison to competitors’ brands.