Marketing Lecture 1 2024-2025 PDF

Marketing and Pharmacoeconomics  Course Objective  The objective of this course is to introduce students to the concepts, analyses, and activities that comprise marketing, management, and to provide practice in assessing and solving marketing problems.  The course also focuse...

Marketing and Pharmacoeconomics  Course Objective  The objective of this course is to introduce students to the concepts, analyses, and activities that comprise marketing, management, and to provide practice in assessing and solving marketing problems.  The course also focuses on basic concepts of health economics, economic mechanisms of health care markets as market failures, and government intervention  The course covers the key components of health care financing, and some methods of how to contain health care expenditure.  Students should have an overview about different types of economic evaluation, budget impact analysis and their uses  Student Evaluation Methods Table of assessment Assessment method Weeks Periodical exams (35 marks) 3,6,10 Assignment with discussion (15 marks) 9, 11 Final Exam (50 marks) 14 Periodical exams…….> 10 minutes at the end of lecture will be a written exam only on the content of previous two lectures 4  Syllabus Week Date Theoretical Topic W1 Introduction to marketing and Pharmacoeconomics W2 The marketing strategies Dr. W3 STP Ramy W4 Product life cycle W5 Marketing analysis W6 Introduction to Pharmacoeconomics W7 Measuring and Estimating Costs W8 Assignment evaluation + Cost-Minimization Analysis Dr. W9 Cost-Effectiveness Analysis Soad W10 Cost Utility Analysis W11 Assignment evaluation + Cost-Benefit Analysis part 1 W12 Cost-Benefit Analysis part 2 W13 Revision W14 Final exam 5  Clinical Pharmacy Department Lecture 1 Introduction to Marketing By Dr. Ramy Mohamed 6  What is marketing? According to American Marketing Association "Marketing is an organizational function and set of processes for creating, communicating and delivering value to customers and for managing relationships in a way that benefits both the organization and the stakeholder." 7  Nature of Marketing 1. Marketing is an Economic Function Marketing is based on all the business activities involved in getting goods and services, from the producers to final consumers. 2. Marketing is a Legal Process by which Ownership Transfers In the process of marketing the ownership of goods transfers from the seller to the purchaser or from producer to the end-user. 8  Nature of Marketing 3. Marketing is a System of Interacting Business Activities Marketing is that process through which a business institution, or organization interacts with the customers and stakeholders with the objective to earn a profit, satisfy customers, and manage relationships. 9  Nature of Marketing 4. Marketing is a Managerial Function According to the managerial or systems approach - "Marketing is the combination of activities designed to produce profit through creating, stimulating, and satisfying the needs and/or wants of a selected segment of the market." 10  Nature of Marketing 5. Marketing is a Social Process Societal marketing performs three essential functions: - 1. Knowing and understanding the consumer's changing needs and wants. 2. Efficiently and effectively managing the supply and demand of products and services. 3. Efficient provision of distribution and payment processing systems. 6. Marketing is a philosophy based on consumer orientation and satisfaction 7. Marketing had dual objectives - profit-making and consumer satisfaction 11  THE MAIN IDEA To be a successful marketer, you need to understand the marketing skills, marketing core functions, and basic tools of marketing. Marketing supports competition and offers benefits to consumers. 12  The Scope of Marketing Marketing professionals track trends and consumer attitudes to understand buying decisions. Marketing The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. 13  The Scope of Marketing Ideas Goods Services Goods Services Tangible items that have Intangible items that have monetary value and satisfy monetary value and satisfy one’s needs and wants. your needs and wants. 14  The Scope of Marketing Marketing Essentials is based on these areas of skill and knowledge: Business Law Financial Analysis Human Resources Communications Management Customer Relations Information Management Economics Operations Emotional Intelligence Professional Development Strategic Entrepreneurship Management 15 Seven Marketing Core Functions 16 Seven Marketing Core Functions 17  The Marketing Concept Desires Needs Determine Anticipate Satisfy Marketing Concept The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business. 18  The Marketing Concept Customer Relationship Management (CRM) Customer Customer Marketing Information Service Communications (Databases) 19  The Importance of Marketing The Benefits of Marketing and the Five Utilities 20 Economic Benefits of Marketing 21  Economic Benefits of Marketing Form Changing raw materials into usable goods or Utility putting parts together to make them more useful Place Having a product where customers can buy it Utility Time Having a product or service available at a Utility certain time of year or a convenient time of day Possession The exchange of a product for money Utility Information Communication with consumer Utility Utility: An attribute of goods or services that makes them capable of satisfying consumers’ wants and needs. 22  Market Identification Market : All people who share similar needs and wants and who have the ability to purchase a given product. Consumer Organizational Market versus Market Organizational Market Consumer Market Also known as business-to-business Consumers who purchase (B2B), this includes all businesses goods and services for that buy products for use in their personal use. operations. 23 Market Identification 24  Market Identification Product Four Ps Price of the Marketing Mix Place Promotion Marketing Mix The four basic marketing strategies called the four P’s: product, place, price, and promotion.25  Marketing Mix Product Promotion Place Price 1. Is there a 1. Making 1. Distribution is 1. How much demand for customers getting the are customers the product or aware of a right product willing to service? product to the right pay? 2. How to make 2. Advertising place at the 2. Is the price the product 3. Sales right time in competitive appeal to 4. Publicity the right with other consumer amount and in products? 3. Packaging— the right 3. Can the includes the condition company design, color, 2. Storage make a profit? size, and 3. Warehousing brand names 4. Transporting 26  Customer Needs Definition Needs: The Essentials Definition: Needs are the basic requirements that an individual wishes to satisfy to maintain a good quality of life. Nature: They are universal and common to all humans, Examples include food, shelter, and clothing. Marketing Perspective: Identifying and addressing these fundamental needs is the first step in creating any product or service. 27  Customer Needs Definition Wants: Desires Born from Needs Definition: Wants are the specific pathways through which people choose to satisfy their basic needs. Nature: They are shaped by one’s society, culture, and individual personality. For instance, while food is a need, wanting a pizza or a sushi roll is a want. Marketing Perspective: Marketers play a pivotal role in shaping wants by exposing consumers to various products and services through advertising and promotions. 28  Customer Needs Definition Demands: Wants Backed by Purchasing Power Definition: Demands are wants for specific products backed by the ability and willingness to pay for them. Nature: Not all wants transform into demands. Only when a person has the financial means and the desire to purchase a product does a want turn into a demand. Marketing Perspective: Successful businesses not only identify wants but also assess the economic capability of consumers, thereby forecasting demands accurately. 29 30