PRINCIPLES OF MARKETING

INTRODUCTION TO MARKETING

MUSIC TO MARKETER’S EARS

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 I always eat there.  

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They are the best.

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I purchase my books at that particular bookstore.

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I will prefer to go in that university.

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I only fly with that airline.

MARKET

•        “ A market is an area over which buyers and sellers negotiate for the exchange of a well defined commodity.’’

•         In other words, a market is an place where buyers and sellers gather to exchange their goods.

MARKETER

          Marketers are keenly interested in markets. Marketers try to understand the requirements and wants of specific markets and to select the markets that they can serve best.  So, marketers develop products and services that create value and satisfaction for customers in these markets.      

MARKETING

          “ Marketing is a process through which goods and services are moved from producers to customers for the satisfaction of producers and customers.”

          In other words, “ Marketing is a process in which one party exchanges its goods and services to other for certain value.”   

         

 In this definition, the two parties mean the seller as producer and the buyer as customer and the certain value means the price of the item which is exchanged.

MARKETING

          Marketing deals with product, price, placement and promotion and care as at company, customers, competitors and collaborators.

ACCORDING TO PHILP KOTLER

          Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.

IN SIMPLE FORM

          Marketing is the delivery of customer satisfaction at a profit.

MARKETING IS . . . . .

          getting the right products to the right people at the right price and the right place and time with the right promotion

MARKETING

          Marketing involves having the Right Product available in the Right Place at the Right Time and making sure that the customer is Aware of the Product.

ACCORDING TO                  
AMERICAN MARKETING ASSOCIATION
(AMA)
MARKETING

          Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, services, organizations and events to create and maintain relationships that will satisfy individual and organizational objectives.

MARKETING

          It assumes that the marketing effort will proceed in accordance with ethical practices and that it will effectively serve the interests of both society and the organization.

                              

•Identifies the 4 Marketing Variables:- Product, Price, Place and Promotion.

•States that the customer, client or public determines the marketing program.

•Emphasizes on creating and maintaining relationships.

•Finally, marketing concept applies for both non profit organizations and profit-oriented businesses.

 IMPORTANCE OF MARKETING  

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• Goal of all organizations is to create and maintain customers.

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• Marketing and Innovation are the only two ways to achieve the goal.

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• Keeping in view “ Costs Benefits Ratio.”

HOW DOES AN ORGANIZAION CREATE A CUSTOMER ?

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• Identifying customer needs.

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• Designing goods and services that meet those needs.

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• Communicating information about those goods and services to prospective buyers.

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• Making the goods or services available at times and places that meet customer’s needs.

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• Pricing goods and services to reflect costs , competition and customer’s ability to buy.

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• Providing for the necessary service and follow-up to ensure customer satisfaction after the purchase.