Marketing

What is Marketing?

 The management process involved in identifying(establish),

anticipating(look forward) and satisfying customer wants(desire)
profitably.
 Marketing is not just selling, it is about knowing and understanding
customer.
 The aim of marketing is to make selling superfluous, to know and
understand the customer so well that the product or service sells
itself.
The marketing concept - is the belief that companies must
assess the needs of their consumers first and foremost. Based on
those needs, companies can make decisions in order to satisfy their
consumers’ needs, better than their competition. Companies that
hold this philosophy believe that their consumers are the driving
forces of their business. Nowadays, most companies have
incorporated the marketing concept. So if you were a new company,
how would you know what a customer would need and want?
Needs are basic requirements for an individual to survive. Some
examples are water, food, shelter, etc. Obviously, the needs of
consumers are wide-ranging.
Wants are the desire for something that an individual cannot live
without. Some examples are a bigger home, a brand new car, an iPad,
and the like. Even though consumers’ needs are broad, wants can be
very particular.
Consumers decide to buy based on both their needs and wants.
The concept of Need, wants,
and Demand
One of the fundamental concepts of marketing
is to understand and address the needs, wants,
and demands of your target market.
In short, needs are things that satisfy the basic
requirement.
Wants are requests directed to specific types of
items.
Demands are requests for specific products that
the buyer is willing to and able to pay for.
A need is a state of felt deprivation about something
that is deemed to be necessary. We need water. That is a
non-negotiable physiological need. But we need safe
drinking water.
Wants is the specific manifestation of needs.
You want to assure that you will be drinking a clean
and good tasting water.
Demands are wants that are backed by purchasing
power. Without this purchasing power,a want is simply
something on someone’s wish list. You do have enough
money to purchase a bottled water, so you choose the
distilled water with electrolytes.
four activities, or components, of
marketing:
1.Creating. The process of collaborating with
suppliers and customers to create offerings
that have value
2.Communicating. Broadly, describing those
offerings, as well as learning from customers.
3.Delivering. Getting those offerings to the
consumer in a way that optimizes value.
4.Exchanging. Trading value for those offerings
Difference between Marketing and Marketing
Concept
 Marketing is promoting the products and services of a
company for a particular target market. As a whole,
marketing brings attention the offerings of a company.
These may be goods for sale or services on offer.
Typical examples of marketing on the ground are
billboards on the road, television commercials, and
magazine advertisements.
 The marketing concept - is a business philosophy that keeps in
mind that long run profitability is best accomplished through
concentrating company activities towards satisfying the needs of a
specific target market.
 The market concept- creates suitable market intelligence as
connected to present and future consumer needs, as well as the
relative capabilities of the competition to satisfy those needs. This
concept is the incorporation and distribution of market intelligence
throughout departments and coordinated creation and
implementation of a company’s response to opportunities in the
market.
Market Intelligence
 The information relevant to a company’s market- trends, competitor

and customer monitoring, gathered and analyzed specifically for the
purpose of accurate and confident decision-making in determining
strategy in areas such as market penetration strategy, and market
development.
SUMMARY:
Marketing Concepts are
 identifying the market or targeting consumers
 understanding the needs and wants of the consumers in the target
market
 creating products or services based on the consumers needs and
wants
 satisfying the needs of consumers better than competitors
 accomplishing all of these while earning a profit.
Production Orientation
 The general approach of any business that is primarily

concerned with manufacturing and production processes. In a
product oriented approach, business focuses and develops
products based on what it is good at making or doing, rather
than what the customer wants.
 Marketing orientation is a business model
that focuses on delivering products designed
according to customer desires, needs, and
requirements, in addition to product
functionality and production efficiency

Marketing

Uploaded by

Copyright:

Available Formats

Marketing

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Marketing

Uploaded by

Copyright:

Available Formats

What is Marketing?

 The management process involved in identifying(establish),

 The information relevant to a company’s market- trends, competitor

 The general approach of any business that is primarily

You might also like