Essentials of Marketing

Session 1

Overview
 Marketing

Managing
profitable
customer
relationships
 Marketing Goals

1. Attract new customers by offering superior value

2. Retain + Grow customer base

by delivering satisfaction
Examples : INDIA
ITC

MIRC Electronics

Herdillia Chemicals

ICICI Bank
Examples : INTERNATIONAL
Dell Computers / Microsoft

Sony Corp / NOKIA

Fashion Apparels sector

Definition of Marketing
Social and Managerial Process
+
Individuals and Groups
+
Obtain what they Need and Want
+
Through Creation and Exchange of Value
 The Marketing Process
Understand the marketplace and customer needs and wants;

Design a customer-driven marketing strategy;

Construct a marketing program that delivers superior value;

Build profitable relationships and create customer delight;

Capture value from customers to create profits and customer equity;

The Marketing Process
Understanding the marketplace and customer needs

Five Core Concepts (05)

Needs, Wants, Demands

Marketing Offer – Product, Service, Experience

Value, Satisfaction

Exchange, Relationship

Markets
The Marketing Process
1st core concept
Need
A state of felt deprivation
Physical + Social + Individual

Want
Form taken by a ‘Need”
Shaped by Culture + Individual Personality

Demand
‘Want’ backed by Ability & Willingness to buy
Economic concept
The Marketing Process
2nd core concept
Marketing Offer/s

Product/s
Physical, tangible object/s

Service/s
Intangible, Activities – Benefits - Satisfactions

Experience/s
Events, Persons, Places, Organisations, Ideas
The Marketing Process
3rd core concept
Value and Satisfaction

Trade-off b/w Expectations and Performance

E>P
E= P
E<P
 The Marketing Process
4th core concept
Exchange

Act of obtaining a desired object from someone, in return for something;

Relationship

Actions taken to build and maintain desirable exchanges;

 The Marketing Process
5th core concept
Markets

Company

Suppliers Marketing Intermediaries Customers

Competitor
Essentials of Marketing

Session 1

Concluded