Podcast
Questions and Answers
buyers and sellers meet
buyers and sellers meet
a r r a n g e m e n t t h a t p r o v i d e s
o p p o r t u n i t y o f e x c h a n g i n g
goods/services for money or money’s
worth;
a r r a n g e m e n t t h a t p r o v i d e s o p p o r t u n i t y o f e x c h a n g i n g goods/services for money or money’s worth;
Asset of actual and potential buyers
who might transact with a seller;
Asset of actual and potential buyers who might transact with a seller;
TYPES OF BUYERS
TYPES OF BUYERS
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Types of Markets (5)
Types of Markets (5)
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consist of individuals
and households that
purchase hospital ity
s e r v i c e s f o r l e i s u r e
activities, medical needs,
and gatherings.
consist of individuals and households that purchase hospital ity s e r v i c e s f o r l e i s u r e activities, medical needs, and gatherings.
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buy goods and services to facilitate their business
representing the company or for group meetings
the company or organization may conduct
buy goods and services to facilitate their business representing the company or for group meetings the company or organization may conduct
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a r e m a d e u p o f
government agencies
that purchase goods and
services for individual
travellers and meetings
a r e m a d e u p o f government agencies that purchase goods and services for individual travellers and meetings
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purchase a product and then resell it
purchase a product and then resell it
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a social and
managerial process by which
individuals and groups obtain
what they need and want
t h r o u g h c r e a t i n g a n d
exchanging products and
value with others.
a social and managerial process by which individuals and groups obtain what they need and want t h r o u g h c r e a t i n g a n d exchanging products and value with others.
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Core Marketing Concepts (5)
Core Marketing Concepts (5)
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a sense necessary is
missing, a state of felt deprivation
a sense necessary is missing, a state of felt deprivation
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how people communicate their
needs shaped by culture and individual
personality
how people communicate their needs shaped by culture and individual personality
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when wants is backed by buying power. it becomes...
when wants is backed by buying power. it becomes...
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Maslow’s Hierarchy of Needs
Maslow’s Hierarchy of Needs
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anything that can be
offered to satisfy a need or a
want.
anything that can be offered to satisfy a need or a want.
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the act of obtaining a desired
object from someone by offering something in
return.
the act of obtaining a desired object from someone by offering something in return.
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marketing’s unit of
measurement and consists of a trade of values
between two parties
marketing’s unit of measurement and consists of a trade of values between two parties
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building strong
economic relationships between with social ties
by following through on promises
building strong economic relationships between with social ties by following through on promises
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a medium of trade
which involves the exchange of goods and
services with a set amount of money
between two or more firms.
a medium of trade which involves the exchange of goods and services with a set amount of money between two or more firms.
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the trade-off of services
and goods between two parties as seen in
barter trade and currency exchange.
the trade-off of services and goods between two parties as seen in barter trade and currency exchange.
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the difference between the
customer benefits from owning and/or using a
product and the costs of obtaining the product
the difference between the customer benefits from owning and/or using a product and the costs of obtaining the product
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based on past buying
experiences, the opinions of friends, and market
information.
based on past buying experiences, the opinions of friends, and market information.
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p e r c e i v e d v a l u e
delivered relative to a buyer’s expectations
p e r c e i v e d v a l u e delivered relative to a buyer’s expectations
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totality of features and characteristics of
a product or service that bear on its ability to satisfy
customer needs
totality of features and characteristics of a product or service that bear on its ability to satisfy customer needs
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Refers to the set of benefits or values the
company promises to deliver to consumer to
satisfy their needs
The full positioning of a brand – the full mix
of benefits upon which it is positioned.
“Why should I buy your brand than a
competitor’s?
Refers to the set of benefits or values the company promises to deliver to consumer to satisfy their needs
The full positioning of a brand – the full mix of benefits upon which it is positioned.
“Why should I buy your brand than a competitor’s?
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Marketing Philosophies
Five Concepts
Marketing Philosophies Five Concepts
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It holds that consumers will prefer products that are widely available and inexpensive
It holds that consumers will prefer products that are widely available and inexpensive
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Managers focusing on this concept concentrate on achieving high production efficiency, low costs, and mass distribution
Managers focusing on this concept concentrate on achieving high production efficiency, low costs, and mass distribution
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they assume that consumers are primarily interested in product availability and low prices.
they assume that consumers are primarily interested in product availability and low prices.
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this orientation makes sense in developing countries, where consumers are more interested in obtaining the product than in its features
this orientation makes sense in developing countries, where consumers are more interested in obtaining the product than in its features
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This orientation holds that consumers will favor
those products that offer the most quality,
performance, or innovative features.
This orientation holds that consumers will favor those products that offer the most quality, performance, or innovative features.
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Managers focusing on this concept concentrate on
making superior products and improving them
over time.
Managers focusing on this concept concentrate on making superior products and improving them over time.
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They assume that buyers admire well-made
produc t s and c an appr a i s e qua l it y and
performance.
They assume that buyers admire well-made produc t s and c an appr a i s e qua l it y and performance.
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these managers are
sometimes caught up in a love
affair with their product and
do not realize what the market
needs.
these managers are sometimes caught up in a love affair with their product and do not realize what the market needs.
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Management might commit the
“better-mousetrap” fal lac y,
b e l i e v i n g t h a t a b e t t e r
mousetrap will lead people to
beat a path to its door.
Management might commit the “better-mousetrap” fal lac y, b e l i e v i n g t h a t a b e t t e r mousetrap will lead people to beat a path to its door.
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It holds that consumers and businesses, if left
alone, will ordinarily not buy enough of the
selling company’s products
It holds that consumers and businesses, if left alone, will ordinarily not buy enough of the selling company’s products
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The organization must, therefore, undertake
an aggressive selling and promotion effort.
The organization must, therefore, undertake an aggressive selling and promotion effort.
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This concept assumes that consumers
typically show buying inertia or resistance and
must be coaxed into buying
This concept assumes that consumers typically show buying inertia or resistance and must be coaxed into buying
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It also assumes that the company has a
whole battery of effective selling and
promotional tools to stimulate more
buying
It also assumes that the company has a whole battery of effective selling and promotional tools to stimulate more buying
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Most firms practice this concept when
they have overcapacity
Most firms practice this concept when they have overcapacity
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Their aim is to sell what they make rather
than make what the market wants.
Their aim is to sell what they make rather than make what the market wants.
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I t h o l d s t h a t t h e k e y t o a c h i e v i n g i t s
organizational goals (goals of the selling
company) consists of the company being
more effective than competitors in creating,
delivering, and communicating customer
value to its selected target customers.
I t h o l d s t h a t t h e k e y t o a c h i e v i n g i t s organizational goals (goals of the selling company) consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its selected target customers.
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The marketing concept rests on four pillars:
The marketing concept rests on four pillars:
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This concept holds that the organization’s
task is to determine the needs, wants, and
interests of target markets and to deliver
the desired satisfactions more effectively
and efficiently than competitors.
This concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors.
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it holds that this all must be
done in a way that preserves or enhances
the consumer’s and the society’s well-being.
it holds that this all must be done in a way that preserves or enhances the consumer’s and the society’s well-being.
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3 main focus of Societal Marketing Concept
3 main focus of Societal Marketing Concept
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“It's right here and it's affordable, so why not buy it?‘’
“It's right here and it's affordable, so why not buy it?‘’
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''It's so special, it's worth buying.‘’
''It's so special, it's worth buying.‘’
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“Ok, ok! You've convinced me. I'll buy it.‘’
“Ok, ok! You've convinced me. I'll buy it.‘’
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''It's just what I need and want! I'm pleased to buy it.‘’
''It's just what I need and want! I'm pleased to buy it.‘’
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''It feels good to buy what I want, while making the world a better place.''
''It feels good to buy what I want, while making the world a better place.''
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Nature of Marketing
Nature of Marketing
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The basic objective of marketing is to
fulfill the needs of human beings.
Identifying customer needs is the most
s i g n i f i c a n t a s p e c t o f m a r k e t i n g
organizations.
The basic objective of marketing is to fulfill the needs of human beings. Identifying customer needs is the most s i g n i f i c a n t a s p e c t o f m a r k e t i n g organizations.
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Marketing is about satisfying the customer needs.
It is very essential for the marketer to collect
r e l e v a n t i n f o r m a t i o n a b o u t c u s t o m e r
choices/preferences about the product or services. Marketer should adopt proper research techniques
to find out the tastes and interests of the buyers.
Marketing is about satisfying the customer needs. It is very essential for the marketer to collect r e l e v a n t i n f o r m a t i o n a b o u t c u s t o m e r choices/preferences about the product or services. Marketer should adopt proper research techniques to find out the tastes and interests of the buyers.
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Marketing is considered as an essential element in
the development of every economy. An economy which is market driven will definitely
raise the standard living of the people. The responsibility is to integrate all activities
involved in the marketing and reach customer at
maximum speed with minimum cost.
Marketing is considered as an essential element in the development of every economy. An economy which is market driven will definitely raise the standard living of the people. The responsibility is to integrate all activities involved in the marketing and reach customer at maximum speed with minimum cost.
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It is an input-output process. A whole lot of interaction between the marketer
and the customer.
It is a process of receiving inputs of marketing
from the environment and translating them into
output such as desired products/services for
the fulfillment of customer needs.
It is an input-output process. A whole lot of interaction between the marketer and the customer. It is a process of receiving inputs of marketing from the environment and translating them into output such as desired products/services for the fulfillment of customer needs.
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Goal-oriented Process
Goal-oriented Process
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Marketing is a dynamic process of exchange
of goods and services between the sellers
and the buyers. Not only goods and services are exchanged,
but a whole lot of information about the
goods and services is also exchanged
between the sellers and the buyers.
Marketing is a dynamic process of exchange of goods and services between the sellers and the buyers. Not only goods and services are exchanged, but a whole lot of information about the goods and services is also exchanged between the sellers and the buyers.
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Importance of Marketing
Importance of Marketing
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Benefits of Marketing to Society
Benefits of Marketing to Society
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Benefits of Marketing to Individual Firms
Benefits of Marketing to Individual Firms
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