ELEMENTS OF MARKETING

UNIT 1
ELEMENTS OF MARKETING
Needs: Needs are basic human requirement.
People need food, air, water, clothing, shelter,
education, recreation, entertainment.
Maslows need hierarchy:
1. Physiological Need
2. Security Need
3. Social Need
4. Esteem Need
5. Self Actualization Need
These needs are not created by marketers. They exist in
human biology and human condition.
ELEMENTS OF MARKETING
Wants: Needs become wants when they are
directed to specific object that might satisfy the
need.
A person in Aligarh, needs food but he may want
Biriyani. A Mathura based person needs food but
he may want chat.
Wants are shaped by ones society. Marketers
along with other societal factors influence demand.
Marketers might tell you INDICA car can satisfy
your need of social status. But marketer cannot
create the need of social status.
ELEMENTS OF MARKETING
Demand: Demands are wants for specific
product backed by an ability to pay. Many
people want INDICA, but only a few are
able to buy one.
Marketers must measure the demand that
is how many customers are able to buy the
product.
ELEMENTS OF MARKETING
Market: A group of buyers. For
example, laptop market indicates a
group of customers who are
interested to buy laptop.
Industry: A collection of sellers
Marketer: A marketer is someone
who seeks a response ( attention,
purchase, a vote, a donation) from
another party, called the prospect.
ELEMENTS OF MARKETING
Consumers are basically households. But
customers include households plus
businesses.
Consumer Market: A collection of buyers
who buy things for their own consumption.
Industrial Market: A collection of buyers
who buy goods in order to make or resell a
product to others at a profit.


Difference between Sales &
Marketing
STARTI
NG
POINT
FOCUS MEANS END
SALES Factory Existing
Product
Selling &
Promoting
Profit
through
sales
volume
MARKETI
NG
Customers Customer
Need
Marketing
System
Profit
through
customer
satisfactio
n
A SIMPLE MARKETING SYSTEM
MARKETING MANAGEMENT
Marketing is an organizational function
and a set of processes for creating,
communicating and delivering value
to customers and for managing
customer relationships in ways that
benefit the organization and its stake
holders.

Marketing Management is an art as
well as science of choosing target
markets and getting, keeping and
growing customers through creating,
delivering and communicating
superior customer value.
Generally, Marketing is understood to
mean the sale & purchase of goods &
services, but it is narrow thinking to
understand it so. The term Marketing
is very wide. It does not mean only the
sale and purchase of goods & services.
It means entire process of satisfying
the needs of consumers.
It starts with discovery of needs &
wants of the consumers, and it
continues till these needs & wants are
satisfied.

According to Philip Kotler, Marketing
is a societal process by which individuals
and groups obtain what they need and
want through creating, offering, and freely
exchanging products and services of
value with others.

According to American Marketing
Association, Marketing is the
performance of business activities that
direct the flow of goods & services from
producer to consumer or user.

In a layman's language we can say
possing something in front of the end
users is known as marketing
Functions of a Marketing
Management
1) Developing Marketing Strategies and Plans
2) Capturing Marketing Insights
3) Connecting with customers ( developing strong,
profitable long term relationship with customer)
4) Building Strong Brands
5) Shaping the market offerings (which includes product
quality, design, features and packaging)
6) Delivering Value (make product accessible and
available)
7) Communicating Value
8) Creating Long Term Growth ( new product
development

Qualities of a Marketing Manager
1) Strategic Thinking
2) Deep consumer insight and awareness
about own organization.
3) Ability to build & manage strong brands
4) Strong conceptual knowledge of
marketing.
5) Good communication skill and
understanding about business
communication. Ability to manage all
marketing communication.
6) Leadership and High motivation
7) Global thinking with ability to act locally.