TOPIC 1: Marketing Principles
1. What is marketing
2. The Core Marketing Concepts
3. Marketing Management Philosophies
1. What is marketing?
Definition of marketing:
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 goals.* Through marketing, individuals and groups create and exchange products and services with others in order to create value or satisfy wants and needs.
[pic]Marketing [pic]
The definition goes much deeper than simply "selling something to somebody". Satisfaction of both parties is an implicit aspect in the exchange relationship.
2. The Core Marketing Concepts
This definition of marketing rest on the following core concepts:
|Needs, wants and demands |Need : a state of felt deprivation |
| |Want: The form taken by a human need as shaped by culture and individual personality |
| |Demands: human wants that are backed by buying power |
|Products |Product: anything that can be offered to a market for attention, acquisition, use or consumption |
| |that might satisfy a want or need. It includes physical objects, services, persons, places, |
| |organizations, and ideas. |
| |Service: any activity or benefit that one party can offer to another that is essentially |
| |intangible and does not result in the ownership of anything. |
|Value and satisfaction |Customer value: the difference between the values the customer gains...