Intro to Marketing L1.pdf

What is Marketing? INTRODUCTION TO MARKETING Unit 1 Learning Objectives To infer the definition and meaning of Marketing. To evaluate and validate the objectives of marketing. Learning Outcome By the end of this lesson, students will be able to: define and express the...

What is Marketing? INTRODUCTION TO MARKETING Unit 1 Learning Objectives To infer the definition and meaning of Marketing. To evaluate and validate the objectives of marketing. Learning Outcome By the end of this lesson, students will be able to: define and express the meaning and objectives of Marketing. identify marketing objectives of given company. Can assess the marketing strategies of companies based on their activities. Definition of Marketing According to Philip Kotler,- “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others. The process of converting prospective buyers into actual customers. Definition of Marketing According to William J Stanton ,” marketing is a total system of interacting business activities designed to plan ,price ,promote and distribute want satisfying products and services to present and potential customers”. Three Classes of Marketing People Involved in Marketing ✓Manufacturer ✓Marketer ✓End-user Meaning of Marketing Marketing refers to all activities required to market a product/service to customers. ✓Identifying and understanding the customer needs ✓Converting to Ideas ✓Product/Service ✓Market introduction ✓Customer Service Meaning of marketing- Micro & Macro terms Micro –marketing- It may be described as the process of formulating and implementing such strategies by a firm (product development ,pricing ,promoting and distributing) that ensures flow of need satisfying goods and services at a profit. Macro –marketing – In a broader sense ,marketing may be viewed as a complex system of organizations and processes by which a nation’s resources are distributed among the people to satisfy their needs and wants. Here the focus is on the total system rather than on the activities of an individual firm. Objectives of Marketing Creation of Demand Creation of Identity Generation of Profit Public Image Customer Satisfaction Market Share Objectives of Marketing Creation of Demand: The marketing management’s first objective is to create demand through various means. A conscious attempt is made to find out the preferences and tastes of the consumers by the company. Creation of Identity – All activities involved in marketing will work toward the goal of creating own identity and exclusive place for their products. Objectives of Marketing Generation of Profits: The marketing department is the only department that generates revenue for the business. Sufficient profits must be earned as a result of the sale of want-satisfying products. Public Image: To build up the public image of a firm over a period is another objective of marketing. The goodwill of a company is created over a period of time with a regular emphasis on customer satisfaction through continuous improvement in products and services. Objectives of Marketing Customer Satisfaction: The first and foremost , marketing manager must study the demands of customers before offering any product or services. Market Share: Every business aims at increasing its market share. It is the ratio of its sales to the total sales in the economy.