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    MGT301 Principles of Marketing

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    Badshaa Don
    This document provides an overview of the key topics covered in the first lecture of an introductory marketing course. The lecture introduces marketing by defining it as the process of creating value for consumers through goods, services, and ideas. It outlines the basic marketing concepts of the marketing mix (the 4Ps of product, price, place, and promotion), and how organizations identify and satisfy customer needs to create customers. The lecture establishes that marketing involves more than just selling and advertising, and is a critical process for both business and society.

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    MGT301 Principles of Marketing

    Uploaded by

    Badshaa Don
    49 views44 pages
    This document provides an overview of the key topics covered in the first lecture of an introductory marketing course. The lecture introduces marketing by defining it as the process of creating value for consumers through goods, services, and ideas. It outlines the basic marketing concepts of the marketing mix (the 4Ps of product, price, place, and promotion), and how organizations identify and satisfy customer needs to create customers. The lecture establishes that marketing involves more than just selling and advertising, and is a critical process for both business and society.

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    Mgt notes

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    MGT-Lec-1

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    This document provides an overview of the key topics covered in the first lecture of an introductory marketing course. The lecture introduces marketing by defining it as the process of creating value for consumers through goods, services, and ideas. It outlines the basic marketing concepts of the marketing mix (the 4Ps of product, price, place, and promotion), and how organizations identify and satisfy customer needs to create customers. The lecture establishes that marketing involves more than just selling and advertising, and is a critical process for both business and society.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    49 views44 pages

    MGT301 Principles of Marketing

    Uploaded by

    Badshaa Don
    This document provides an overview of the key topics covered in the first lecture of an introductory marketing course. The lecture introduces marketing by defining it as the process of creating value for consumers through goods, services, and ideas. It outlines the basic marketing concepts of the marketing mix (the 4Ps of product, price, place, and promotion), and how organizations identify and satisfy customer needs to create customers. The lecture establishes that marketing involves more than just selling and advertising, and is a critical process for both business and society.

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    MGT301

    Principles of
    Marketing
    Lecture-1
    Today’s Topics

     Introduction-an overview of marketing


     Road map
    Introduction of Marketing
    Music to a Marketer’s Ears

     “They’re the best.”


     “I always eat there.”
     “I only fly with that airline.”
     “I buy my electronics at that store.”
     “I will prefer to go in that school.”
    s C a t alog o ti o
    e rt i u Pr om
    A d v e s Co
    s n
    ing Sale up
    o
    Public s n s
    relatio v i c e
    Ser
    ns

    m
    E-
    m e rWhat is
    ce eliver
    D p in
    Ro
    c etai o p
    g
    lin Marketing,
    n g
    S
    y p on s
    i
    orsh
    S h
    g
    l
    ic i p s n e
    Pack
    P r
    ag i
    anyway?
    B i
    D
    llbo mail
    ir ec t R es
    e
    c h a n
    s
    a c a r
    n r h
    Definition

     Marketing: The process of


    creating consumer value in
    the form of goods,
    services, or ideas that can
    improve the consumer’s
    life.
    What is marketing ?
     More than selling and advertising
     Identifying and satisfying customers needs
     Range of activities (marketing mix - 4P’s)
    What is Marketing?

    Learning to make what you can sell vs.


    selling what you can make.

    Identifying and satisfying customer needs


    and wants.
    Peter Drucker

     Goal of all organizations is to


    gain and retain customers
     Innovation and marketing are the only two
    ways to achieve the goal
     “The rest only adds cost”
     The AMA managerial definition:
     “Marketing is the process of planning and
    executing the conception, pricing, promotion,
    and distribution of ideas, goods, and services
    to create exchanges that satisfy individual and
    organizational objectives.”
     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
    Product Price

    Customers

    Place Promotion
    Simple Marketing System

    Communication

    Product/Service
    Producer/Seller Consumer
    Money

    Feedback
    Marketing’s 4 P’s

     Product
     Price
     Place
     Promotion
    Marketing’s 4 P’s (+2)
     People
     Product
     Price
     Place
     Promotion
     Profits
    Marketing

     It assumes that it will proceed in accordance


    with ethical practices.
     Identifies the 4 marketing variables -
    product, price, promotion, and distribution.
     States that the public, the customer, and the
    client determine the marketing program.
     Emphasizes creating and maintaining
    relationships.
     Finally applies for both non-profit
    organizations and profit-oriented businesses.
    Marketing Includes...
     Personal selling
     Advertising
     Making products available in stores
     Maintaining inventories
     etc
    What Can Be Marketed?
     Goods  Places
     Services  Properties
     Experiences  Organizations
     Events  Information
     Persons  Ideas
    How Does an Organization
    Create a Customer?
     Identifying customer needs
     Designing goods and services that meet those
    needs
     Communicating information about those goods
    and services to prospective buyers
     Making the goods or services available at
    times and places that meet customers’ needs
     Pricing goods and services to reflect costs,
    competition, and customers’ ability to buy
     Providing for the necessary service and follow-
    up to ensure customer satisfaction after the
    purchase
    How is Marketing Done?
    Marketers Develop and
    Implement a Marketing Plan
    Based on the Following
    Information:
    Organization’s
    Organization’s Strengths
    Strengths
    and
    and Weaknesses
    Weaknesses

    Opportunities
    Opportunities and
    and Threats
    Threats to
    to the
    the
    Organization
    Organization in
    in the
    the Marketplace
    Marketplace

    Organization’s
    Organization’s Overall
    Overall Objectives
    Objectives
    Peter F. Drucker Said:

     If we want to know what a business is, we


    have to start with its purpose. And its
    purpose must lie outside the business itself.
    In fact, it must lie in society since a business
    enterprise is an organ of society. There is one
    valid definition of business purpose: to create
    a customer.
    Reasons for Studying
    Marketing
    Careers
    Costs About 25 to 33% of the
    work force hold
    About 50% of total
    product costs are marketing positions.
    marketing costs

    Why Study
    Marketing ?

    Contributions to Contributions to
    Individual Society
    Organizations Marketing decisions
    Critical to the success affect the lives of
    individual
    of a firm
    Why Study Marketing?
     Plays an important role in society
     Vital to business
     Offers outstanding career opportunities
     Affects your life every day
    Marketing is Everywhere in Your
    Life
    What do Marketers Think About?
     Ex: Open a Book shop On Campus
     Is there a need?
     Who is my target market?
     What is my product?
     How can I produce and deliver a “product” better
    than my competitors?
     How will I promote my product?
     How can I insure customer loyalty?
    Marketing is....

    getting the right products to the right people at


    the right price and at the right place and time with
    the right 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
     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.
    Simple Questions, Hard Answers

     Who are our customers?

     What important & unique benefits do we


    provide?

     Are these benefits sustainable?


    r e
    h e
    i t
    o p
    s st
    t’
    Le
    COURSE STRUCTURE

     Readings
     Lectures
     Assignments
     Project
     Exam
    Recommended Books

     Principles of Marketing by Philip Kotler and


    Gary Armstrong
     Fundamentals of Marketing by Stanton, Etzel
    and Walker
     Marketing by Joel R. Evans and Barry Berman
    Summary
    Simple Marketing System

    Communicatio
    n
    Product/Service
    Producer/Seller Consumer
    Money

    Feedback
    Next….
     Understanding Marketing and Marketing
    Process

     Core Marketing Concepts


    MGT301
    Principles of
    Marketing
    Lecture-1

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