Marketing

An Introduction
Learning Objectives

• To understand the concept of

Management, market, marketing
• To know why Marketing is
important
 Marketing Defined

A social and managerial process

by which individuals and groups
obtain what they need and want
through creating and exchanging
products and value with others.
Marketing as a Social Process
• Marketing is about relationship-
building
• To be effective, marketing messages
must reflect and appeal to cultural,
societal, and segment values & needs
• Does marketing direct needs or
wants and with what impact on
cultures, societies, and/or
individuals?
Marketing as a Managerial Process

• Marketing exchanges must create

value for both customers and
organizations
• Marketing efforts/activities must
create PROFIT $$$$$$
• Are all customers equal? Are all
customers desirable?
 A Simple Model of the Marketing Process

Create value for customers and build

customer relationships

Understand the Construct a marketing

Design a customer-
marketplace and program
driven marketing
customer needs and that delivers superior
strategy
wants value

Capture value from

customers in return

Capture value from

Build profitable
customers to create
relationships and create
profits and customer
customer delight
equity