Amity University Programs Overview

Marketing is the management process through which goods and services move from concept to consumer. It includes customer needs and wants, value creation and satisfaction, and also exchange relationships.

Needs are the basic requirements for survival, such as food, water, and shelter. Wants are desires that are not essential for survival but add comfort and enjoyment. Demands are wants that are backed by purchasing power.

Customer value is the perceived benefits gained from a product or service relative to its cost. It can be tangible (quality, features) and intangible (brand image, customer service).

The marketing concept focuses on identifying and meeting customer needs better than competitors. It emphasizes customer satisfaction and long-term relationships. It emphasizes creating value for the customer, rather than just selling products.

The production concept emphasizes efficient production and distribution to make products readily available and affordable.

The selling concept believes consumers won't buy enough products unless a strong sales force pushes them. It emphasizes selling what the company makes rather than making what the market wants.

The product concept focuses on continuous product improvements. It emphasizes developing superior products with quality, performance, and features that customers will appreciate.

The holistic marketing concept recognizes the many stakeholders involved in each transaction (customers, employees, suppliers, etc.). It emphasizes building long-term relationships with all parties.

Internal marketing is the practice of motivating a company's employees to serve customers well. It involves training, communication, and creating a customer-focused culture within the organization.

Relationship marketing emphasizes building long-term, profitable relationships with customers. It focuses on understanding customer needs and providing value throughout their lifecycle.

Integrated marketing is the practice of unifying various marketing methods (e.g., online, print, etc.) to create a cohesive and coordinated marketing strategy.

Socially responsible marketing emphasizes doing well by doing good. It involves considering the impact of marketing decisions on society, the environment, and ethical practices.

The marketing mix, often referred to as the 4 Ps, consists of Product, Price, Place, and Promotion. These elements are controlled by marketers to create and deliver value to customers.

Product refers to the goods or services offered to customers. It includes attributes like features, quality, design, and branding.

Price refers to the value exchanged for a product or service. It is determined by factors such as cost, demand, competition, and profit margins.

Place (distribution) refers to the channels through which products reach customers, including retailers, wholesalers, and online marketplaces.

Promotion refers to the communication activities used to inform customers about products and persuade them to buy. It includes advertising, public relations, sales promotions, and personal selling.

The product life cycle (PLC) describes the stages a product goes through from introduction to decline. Each stage requires distinct marketing strategies.

The introduction stage of the PLC is characterized by slow sales growth and little to no profit. Marketing strategies focus on building awareness, creating distribution channels, and setting the right price.

The growth stage of the PLC is characterized by rapid sales growth and increasing profits. Marketing strategies focus on expanding distribution, promoting product differentiation, and managing competition.

The maturity stage of the PLC is characterized by slowing sales growth and high competition. Marketing strategies focus on maintaining market share, defending against competitors, and potentially modifying the product or marketing mix.

The decline stage of the PLC is characterized by declining sales and profits. Marketing strategies focus on managing the decline, reducing marketing expenditures, or potentially phasing out the product.

A vision statement describes the company's desired future position, outlining its aspirations and what it wants to achieve in the long term.

A mission statement defines the company's purpose, goals, and how it plans to achieve those goals. It describes the company's core business, target audience, and values.

A marketing strategy outlines the company's plan for achieving its marketing objectives. It involves identifying target markets, developing a value proposition, and creating a marketing mix to reach those customers.

The 7Ps of marketing add three additional Ps to the original 4 Ps: People, Process, and Physical Evidence. These additional elements are increasingly important in the service sector.

People are the most important element in any service, as they represent the human interaction with customers. Their skills, attitude, and customer service quality influence the customer experience.

Process refers to the system of steps involved in delivering the service. It includes how the service is designed, delivered, and managed. A smooth and efficient process enhances customer satisfaction.

Physical Evidence refers to any tangible aspect that customers can see or touch related to a service. It includes facilities, signage, equipment, and any other visual cues that contribute to the customer experience.