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Learning Objectives
Tracing the origin of the Concept of Marketing Defining Marketing. Understanding the Core Elements of Marketing. Describing the nature and scope of Marketing.
Origin of Marketing
Marketing is the worlds oldest business activity. The earliest civilization witnessed agriculture and handicrafts
Hats
Baskets
Shoes
Knives
In very basic economic systems, each seller must meet directly with each buyer in order to exchange something of value. As needs increase, the number of exchanges can soon become unmanageable for one person.
Hats
Baskets
Shoes
Knives
Hats
Baskets
Hats
Baskets
Hoes
Knives
Hoes
Knives
Definitions of Marketing
Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably - The Chartered Institute of Marketing
The right product, in the right place, at the right time, and at
the right price. - Adcock et al Marketing is the human activity directed at satisfying human needs and wants through an exchange process. -Kotler1980
value
- Kotler 1991
3 2
Needs
Wants
Value
Cost Satisfaction
Products
Demands
4
6
5
Exchanges Transactions
Marketing
Markets Marketers
Elements of Marketing
Needs
describe basic human requirements. The needs are not
created by the marketer but are an inseparable part of human biology. People need food, air, water, clothing, and shelter to survive.
Wants
American needs food but wants burger & a soft drink. A person
in Mauritius needs food but wants rice & beans. Wants are shaped by the society & environment.
Demands
to pay. Many people want a Mercedes; only few are able and willing to buy
Product
Value is the ratio between what the customer gets and what
he gives. The customer gets benefits and assumes costs. The benefits include functional benefits and emotional benefits. The costs include monetary costs, time costs, energy costs etc.
Exchange
from someone by offering something in return. 5 conditions must be satisfied for exchange potential to exist:
other.
3. Each party is capable of communication & delivery.
offer.
5. Each party is desirous of dealing with other party.
Market
particular need or want who might be willing & able to engage in exchange to satisfy that need or want.
Marketer
else & willing to offer something of value in exchange. He is not a producer. Marketer is one of the party to exchange.
Marketing
parties.
One party offering something of value or utility (seller) The other party willing to pay or forego something (buyer) The exchange takes place when both the parties mutually agree to the terms and conditions.
Importance of Marketing
Marketing has gained importance due to following reasons : Changing consumer buying behaviour
Increasing competition
Declining sales
Scope of Marketing
Many things can be marketed. These involve:
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