what are some core marketing concepts
TRANSCRIPT
What are some core
marketing
concepts?
Core Marketing Concepts cover:
• Needs, Wants and Demands• Target Markets, Positioning and
Segmentation• Offerings and Brands• Value and Satisfaction• Marketing Channels• Supply Chain• Competition • Marketing Environment
Needs, Wants, and Demands:
• Needs are basic human requirements like food, air, water, clothing, shelter, education, etc.
• Needs become Wants when they are directed to specific objects that might satisfy the need.
• Demands are wants for specific products backed by an ability to pay.
Purpose: Transportation To Office
Need: Public Transport
Want: Mercedes Car
Demand: Drive in Mercedes Car
Target markets, Positioning and Segmentation:
• Marketers start by dividing markets into segments.
• Next step is to identify the market segment with greater opportunities as target market.
• The firms develop market offerings that it positions in the minds of target buyers as delivering some central benefit(s).
Offering and Brands:
• Companies address customer needs by putting forth a value proportion, set of benefits that satisfy those needs.
• The intangible value proportion is made physical by an offering (products, services, experiences).
• A brand is a offering from a known source.
Value and Satisfaction:
• Value, a central marketing concept, is primarily combination of quality, service and price(qsp),called the customer value triad.• Satisfaction reflects person’s
judgement of product perceived performance in relationship to expectations.
Marketing Channels:
To reach the Target Markets firms use different marketing channels, • Communication Channels deliver and
receive messages from target buyers.• Marketers use distribution channel to
display, sell, or deliver the physical product or service to buyer or user.
• To carry out transactions with potential buyers, the marketer uses service channel.
Supply Chain:
The supply chain is a longer chain stretching from raw materials to components to finished products carried to final buyers.
Competition:
Competition includes all the actual and potential rival offerings and substitutes a buyer might consider.
Marketing Environment
The marketing environment consists of:• The task environment includes the
actors engaged in producing distributing and promoting the offering.
• The broad environment consist of six components:i. Demographic
Environmentii.Economic
Environmentiii.Socio-cultural
Environment
iv. Natural Environmentv. Technological Environmentvi. Polical-legal Environment
Interested to know more, Refer
Available in All Leading Stores,
A South Asian Prospective Marketing Management14th Edition, Philip Kotler
Credits:
• iStockPhoto.com for professional Pics.• Colorlovers.com for Colour Scheming.• Images.Google.com for Advertisements Images.• A South Asian Perspective to Marketing Management 14th Edition
Book by Kotler, Chapter 1: Defining Marketing for 21st Century.
A Shashank Motepalli Presentation
Thanks