Marketing - Lesson 1

Marketing people are involved in 10 types of entities:-

·         Goods

·         Services

·         Experiences

·         Events

·         Ideas

·         Information

·         Persons

·         Places

·         Properties

·         Organizations

States of Demand:-

·         Negative Demand

·         No Demand

·         Declining Demand

·         Latent Demand

·         Irregular Demand

·         Full Demand

·         Overfull Demand

·         Unwholesome Demand

Key Customer Markets:-

·         Consumer Markets

·         Business Markets

·         Global Markets

·         Non Profit & Governmental Markets

Defining Marketing

1.       Social Definition:-

Marketing is a societal process by which individuals & groups obtain what they need and want through creating, offering and freely exchanging products and services of value with each other.

2.       Peter Drucker:

The aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.

3.       American Management Association:

 Marketing (management) is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals.

4.       Kotler:

We see marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.

Need, Want & Demand:-

Need describes basic human requirements.  Need becomes Want when they are directed to specific objects that might satisfy the need.

Need for food ---> Want for a Hamburger

Demands are wants for specific products backed by willingness and ability to pay.

Marketing Mix:-