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    Chapter 1

    Uploaded by

    Norazila Supian
    This document provides an overview of marketing concepts. It defines marketing as "a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others." The 5 steps in the marketing process are to create value for customers, build customer relationships, and capture value from customers in return. It also discusses key concepts like customer needs and offerings, value and satisfaction, exchanges and relationships, and markets. Additionally, it outlines different marketing concepts like production, product, selling, marketing, and societal marketing and how major trends like digitalization, globalization, ethics, and non-profit marketing are changing the landscape.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Chapter 1

    Uploaded by

    Norazila Supian
    23 views18 pages
    This document provides an overview of marketing concepts. It defines marketing as "a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others." The 5 steps in the marketing process are to create value for customers, build customer relationships, and capture value from customers in return. It also discusses key concepts like customer needs and offerings, value and satisfaction, exchanges and relationships, and markets. Additionally, it outlines different marketing concepts like production, product, selling, marketing, and societal marketing and how major trends like digitalization, globalization, ethics, and non-profit marketing are changing the landscape.

    Original Description:

    MARKETING

    Original Title

    CHAPTER 1

    Copyright

    © © All Rights Reserved

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    This document provides an overview of marketing concepts. It defines marketing as "a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others." The 5 steps in the marketing process are to create value for customers, build customer relationships, and capture value from customers in return. It also discusses key concepts like customer needs and offerings, value and satisfaction, exchanges and relationships, and markets. Additionally, it outlines different marketing concepts like production, product, selling, marketing, and societal marketing and how major trends like digitalization, globalization, ethics, and non-profit marketing are changing the landscape.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    23 views18 pages

    Chapter 1

    Uploaded by

    Norazila Supian
    This document provides an overview of marketing concepts. It defines marketing as "a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others." The 5 steps in the marketing process are to create value for customers, build customer relationships, and capture value from customers in return. It also discusses key concepts like customer needs and offerings, value and satisfaction, exchanges and relationships, and markets. Additionally, it outlines different marketing concepts like production, product, selling, marketing, and societal marketing and how major trends like digitalization, globalization, ethics, and non-profit marketing are changing the landscape.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 18

    CHAPTER 1

    OVERVIEW OF
    MARKETING
    LEARNING OBJECTIVES
    i. Understand marketing
    ii. Identify the marketplace and customer
    needs
    iii. Identify a customer-driven marketing
    strategy
    iv. Understand the major trends and forces
    that are changing the marketing
    landscape
    WHAT IS MARKETING??
    Broadly defined MARKETING as a.

    social and managerial process by which


    individuals and organizations obtain what
    they need and want through creating and
    exchanging value with others
    Simplified definition is

    The process by which companies create value for


    customers and build strong customer relationships in
    order to capture value from customers in return
    5 STEPS IN MARKETING
    PROCESS

    Create value for customers and Capture value


    build customer relationship from customers
    in return
    MARKETPLACE AND
    CUSTOMER NEEDS

    Markets

    Exchanges &
    relationships

    Needs, wants & Value &


    demands satisfaction

    Offerings

    Customer and marketplace concepts


    Needs, wants & demands
    Needs states of felt deprivation

    Wants the form of human needs take as


    shaped by culture and individual personality

    Demands human wants that are backed


    by buying power
    Offerings
    Market offering some combination of
    products, services, information or
    experiences offered to a market to satisfy a
    need or want

    Marketing myopia the mistake of paying


    more attention to the specific products a
    company offers than to the benefits and
    experiences produced by these products
    Value & Satisfaction
    Value Customers estimate of the products
    overall capacity to satisfy their needs

    Also the differences between the values the


    customer gains from owning and using a
    product and the costs of obtaining the product

    Satisfaction the extent to which a products


    perceived performance matches a buyers
    expectation
    Exchanges & Relationships
    Exchanges the act of obtaining a desired
    object from someone by offering something
    in return

    Relationships the tie between a customer


    and its product or the producer of the
    product
    Markets
    Market the set of all actual and potential
    buyers of a product or service
    CUSTOMER DRIVEN
    MARKETING STRATEGY

    Societal
    marketing
    concept

    Selling Marketing
    concept concept

    Product
    concept

    Production
    concept
    Production Concept
    Thephilosophy that consumers will favour
    products that are available and highly
    affordable and that management should
    therefore focus on improving production
    and distribution efficiency.
    Product Concept
    Thephilosophy that consumers will favour
    products that offer the most quality,
    performance, and innovative features.
    Selling Concept
    Theidea that consumers will not buy
    enough of the organizations products
    unless the organization undertakes a large
    scale selling and promotion effort.
    Marketing Concept
    Themarketing management philosophy
    that holds that achieving organizational
    goals depends on determining the needs
    and wants of target markets and
    delivering the desired satisfactions more
    effectively and efficiently than
    competitors do.
    Societal Marketing Concept
    The idea that the organization should
    determine the needs, wants, and interests
    of target markets and deliver the desired
    satisfactions more effectively and
    efficiently than competitors in a way that
    maintains or improves the consumers and
    societys well being.
    THE MAJOR TRENDS AND
    FORCES THAT ARE CHANGING
    THE MARKETING LANDSCAPE
    The digital age

    Rapid
    globalization

    More ethics &


    social
    responsibility

    The grow of
    non-for-profit
    marketing

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