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Lecture 1 Defining Marketing and the Marketing Process

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International Balkan University
International Balkan University

Defining Marketing and the Marketing Process

Marketing
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Defining Marketing and the Marketing Process October, 2020
Write a few words that associate you with Marketing!
Words that associate with Marketing! TV Advertising Selling Promotion Sales person Web-pages Pop-ups Magazine’s ads Radio ads Display
Marketing is all around us! TV advertisements Product’s displays Newspaper & Magazines Brochures & Leaflets Direct mail offers Web sites
Marketing is about…..4P Product Promotion Price Place Marketing deals with customers!
Marketing is managing profitable customer relationships! Marketing is about satisfying customer needs! Marketers must: Understand customer needs Develop valuable products Price them Distribute them & Promote them! It’s not only selling & advertising!
Marketing is all about customers! Two goals: Keep and grow current customers Attracting new customers
Definition of Marketing AMA: Marketing is a process by which companies createvalue for customers and build strongcustomer relationships in order to capture value from customers in return! Production Producer Distribution Customer Pricing Promotion Strong relationship between them!
Who uses Marketing? Large companies Non-for-Profit organizations Museums Hospitals Colleges Churches
Who uses Marketing?
The Marketing Process (simple 5-phased model) ted A) B) C) D) E) Understandthe Marketplace & Customer needs andwants Designa Customer- driven Marketing Strategy Construct an Integrated Marketing program that delivers superior value Buildprofitable relationships and createcustomer satisfaction Capturevaluefrom customers in formof sales,profit and long-term relationship Understand customers, create value & build relationship Reap rewards of created superior value
The Marketing Process (First phase) A) Understandthe Marketplace & Customer needs andwants Needs, Wants & Demands Marketing offerings Value & Satisfaction Exchange & Relationships Markets
Needs, Wants & Demands NEEDS State of felt deprivation! Feeling thatsomethingis missing (for living!) Basic needs Social needs Individual needs
Needs, Wants & Demands NEEDS Maslow’sHierarchyof HumanNeeds
Needs, Wants & Demands Exercise: Arrange the given words on the five levels of the Maslow’s pyramid!Whichword belongs to which level? Health insurance Safe-box Vegetable House Sleep Coffee with a friend Nomination for Nobel prize Fruit Car insurance Employment Getting PhD Breathing Proclaimed as the Best student in school Finished Marketing course Award for your patent for Covid 19 vaccine
Needs, Wants & DemandsExercise solved: Physiological Health insurance Safe-box Vegetable House Sleep Coffee with a friend Nomination for Nobel prize Fruit Car insuranceEmployment Getting PhD Breathing Proclaimed as the Best student in school Finished Marketing course Award for your patent for Covid 19 vaccine Safety Love / belonging Esteem Self-Actualization
Needs, Wants & Demands WANTS Wanting things to feel & live more comfortable! You can live withoutthem! Ex: An American NEEDS food & WANTSa Big Mac, Coca Cola, French fries!
Needs, Wants & Demands DEMANDS Human wantsthat are backedby buying power! Ex: I want it, I have money & I will buy it!
Needs, Wants & Demands Companies: Try to understand customer needs, wants and demands, through: Consumer research Data analysis
Marketing Offerings PRODUCTS Physical items! SERVICES EXPERIENCES Intangible acts! + people, places, ideas, information
* Marketing Myopia PRODUCTS Focusing more on products than consumers!
Customer Value and Satisfaction How do customers chooseto buy fromso many product offerings in the market? EXPACTATIONS SATISFACTION Word – of –Mouth! Satisfiedcustomers buy again and tell others to buy! Dissatisfiedcustomers switch to competitors!
Customer Value and Satisfaction RIGHT EXPACTATIONS TOO HIGH– Disappointedcustomers! TOO LOW– Fail to attract more customers!
Exchange & Relationships EXCHANGE Act of obtaining a desired object from someone by offering something in return! Kinds of Response: A company likes consumers to buy its products/services A political candidate wants votes A church wants membership An orchestra wants an audience A social action group wants followers
Markets Market = set of actual and potential buyers of a product / service! Individual (consumer) market Business (company) market
Markets Marketers need to manage markets and create relationships with customers! They must: Search for buyers! Identify their needs and wants! Design good marketing offerings! Set prices to goods/services! Promote them! Store and deliver them! Marketing core activities: research, product development, communication, distribution, pricing & services
Homework Write down two products for each level on the Maslow’s pyramid of hierarchy of needs

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Lecture 1 Defining Marketing and the Marketing Process

  • 1. Defining Marketing and the Marketing Process October, 2020
  • 2. Write a few words that associate you with Marketing!
  • 3. Words that associate with Marketing! TV Advertising Selling Promotion Sales person Web-pages Pop-ups Magazine’s ads Radio ads Display
  • 4. Marketing is all around us! TV advertisements Product’s displays Newspaper & Magazines Brochures & Leaflets Direct mail offers Web sites
  • 6. Marketing is managing profitable customer relationships! Marketing is about satisfying customer needs! Marketers must: Understand customer needs Develop valuable products Price them Distribute them & Promote them! It’s not only selling & advertising!
  • 7. Marketing is all about customers! Two goals: Keep and grow current customers Attracting new customers
  • 8. Definition of Marketing AMA: Marketing is a process by which companies createvalue for customers and build strongcustomer relationships in order to capture value from customers in return! Production Producer Distribution Customer Pricing Promotion Strong relationship between them!
  • 9. Who uses Marketing? Large companies Non-for-Profit organizations Museums Hospitals Colleges Churches
  • 11. The Marketing Process (simple 5-phased model) ted A) B) C) D) E) Understandthe Marketplace & Customer needs andwants Designa Customer- driven Marketing Strategy Construct an Integrated Marketing program that delivers superior value Buildprofitable relationships and createcustomer satisfaction Capturevaluefrom customers in formof sales,profit and long-term relationship Understand customers, create value & build relationship Reap rewards of created superior value
  • 12. The Marketing Process (First phase) A) Understandthe Marketplace & Customer needs andwants Needs, Wants & Demands Marketing offerings Value & Satisfaction Exchange & Relationships Markets
  • 13. Needs, Wants & Demands NEEDS State of felt deprivation! Feeling thatsomethingis missing (for living!) Basic needs Social needs Individual needs
  • 14. Needs, Wants & Demands NEEDS Maslow’sHierarchyof HumanNeeds
  • 15. Needs, Wants & Demands Exercise: Arrange the given words on the five levels of the Maslow’s pyramid!Whichword belongs to which level? Health insurance Safe-box Vegetable House Sleep Coffee with a friend Nomination for Nobel prize Fruit Car insurance Employment Getting PhD Breathing Proclaimed as the Best student in school Finished Marketing course Award for your patent for Covid 19 vaccine
  • 16. Needs, Wants & DemandsExercise solved: Physiological Health insurance Safe-box Vegetable House Sleep Coffee with a friend Nomination for Nobel prize Fruit Car insuranceEmployment Getting PhD Breathing Proclaimed as the Best student in school Finished Marketing course Award for your patent for Covid 19 vaccine Safety Love / belonging Esteem Self-Actualization
  • 17. Needs, Wants & Demands WANTS Wanting things to feel & live more comfortable! You can live withoutthem! Ex: An American NEEDS food & WANTSa Big Mac, Coca Cola, French fries!
  • 18. Needs, Wants & Demands DEMANDS Human wantsthat are backedby buying power! Ex: I want it, I have money & I will buy it!
  • 19. Needs, Wants & Demands Companies: Try to understand customer needs, wants and demands, through: Consumer research Data analysis
  • 20. Marketing Offerings PRODUCTS Physical items! SERVICES EXPERIENCES Intangible acts! + people, places, ideas, information
  • 21. * Marketing Myopia PRODUCTS Focusing more on products than consumers!
  • 22. Customer Value and Satisfaction How do customers chooseto buy fromso many product offerings in the market? EXPACTATIONS SATISFACTION Word – of –Mouth! Satisfiedcustomers buy again and tell others to buy! Dissatisfiedcustomers switch to competitors!
  • 23. Customer Value and Satisfaction RIGHT EXPACTATIONS TOO HIGH– Disappointedcustomers! TOO LOW– Fail to attract more customers!
  • 24. Exchange & Relationships EXCHANGE Act of obtaining a desired object from someone by offering something in return! Kinds of Response: A company likes consumers to buy its products/services A political candidate wants votes A church wants membership An orchestra wants an audience A social action group wants followers
  • 25. Markets Market = set of actual and potential buyers of a product / service! Individual (consumer) market Business (company) market
  • 26. Markets Marketers need to manage markets and create relationships with customers! They must: Search for buyers! Identify their needs and wants! Design good marketing offerings! Set prices to goods/services! Promote them! Store and deliver them! Marketing core activities: research, product development, communication, distribution, pricing & services
  • 27. Homework Write down two products for each level on the Maslow’s pyramid of hierarchy of needs