Principles of marketing: Lecture 2

MGT301
Principles of Marketing
Lecture­2


Summary
of  
Lecture­1


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.


Marketing


Price

Product

Customers
Place

Promotion


Simple Marketing System
Communicatio
n

 Product/Servic
e
Producer/Seller
 Money




Feedba
ck

Consumer


Today’s Topics


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Road map 
Understanding Marketing and Marketing Process
Core Marketing Concepts


Road Map
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Introduction­an overview of marketing. 
Understanding Marketing and Marketing Process
Marketing Functions and Customer Relationship 
Management


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Marketing in Historical perspective and Evolution of Marketing
Marketing Challenges in the 21st century
Marketing Management Process
Marketing Management Process (cont….)
Strategic Planning and Marketing Process
The Marketing process
The Marketing process (cont…)


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Marketing Environment (Micro)
Marketing Environment (Macro)
Analyzing Marketing opportunities and developing strategies­
MIS
Marketing Research
Consumer Market­understanding the consumer 
Consumer Markets and consumer buying behavior
Consumer Markets and consumer buying behavior (cont…)


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Buying Behaviors for New Products and services
Business Buying Behavior 
Business Buying Behavior (cont..)
Market segmentation
Market segmentation (cont..)
Developing the Marketing Mix­­­ 4 P’s
Product Planning

Product Planning (cont..)
Product Planning (cont..)


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Service Strategy 
Pricing
Pricing Strategies 
Price Adjustment and Price Changes 
Distribution Channels
Distribution Channels (cont..)
Logistics Management
Retailing and wholesaling
Promotion Planning 


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Advertising
Public Relations
Personal Selling
Sales Promotion
Sales Force Management
Integrating and analyzing the marketing plan
Global Marketing
Technological developments and Marketing


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Web base Marketing
Social Marketing
Social, Ethical and Consumer issues
Review 
Marketing in a Glance 


Actors and Forces in a
Modern Marketing System

Environment

Company
(marketer)
Marketing
intermediaries

Suppliers
Competitors

End-user
market


Simple Marketing System
Communication
Product/Service
Producer/Seller

Money

Feedback

Consumer


Simple Questions, Hard Answers
Who are our customers?
What important & unique benefits do we provide?
Are these benefits sustainable?

Process by which individuals and groups obtain what they need 
and want through creating and exchanging products and value 
with others.


More simply: 
 Marketing is the delivery of customer satisfaction at a profit.


Price

Product

Customers
Place

Promotion


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. 
Kotler 1994


Core Marketing Concepts

Pr
od
uc
Se and ts
rvi
ce
s

,
s
t
n s
a
w nd
,
ds ma
e
Ne d de
an

ts
ke
ar
M

Exchange,
transactions,
and relationships

Value,

satisfaction,
and quality

Core
Core
Marketing
Marketing
Concepts
Concepts


Needs

‘...a state of felt deprivation’
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Wants
needs ‘...shaped by culture and individual personality’

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Demands 
wants ‘...backed by purchasing power’