Professional Documents
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Session - 1
Session - 1
Sanjaya Jayasinghe
HD in Business Management
Learning Outcome
HD in Business Management
Marketing is…
Needs
Wants
Value creation
HD in Business Management
Marketing is…
HD in Business Management
Marketing is…
The right product, in the right place, at the right time, and at the
right price’ – (Adcock et, al.)
HD in Business Management
Marketing Management
Kotler
Marketing Management is the Art & Science of choosing
target markets & getting ,keeping & growing customers
through creating ,delivering & communicating superior
customer value
HD in Business Management
Evolution of Marketing
Product Orientation
Assumes that consumers will buy the product that offers them the
highest quality, the best performance, and the most features
Marketing objectives:
Quality improvement
Addition of features
HD in Business Management
Evolution of Marketing
Relationship Orientation
Move away from short term customer acquisition
Focus on customer relationship management
Long term loyalty & engagements
Life time value of a customer
HD in Business Management
Core Marketing Concepts
Value and
Market satisfaction
HD in Business Management
Needs Wants and Demands
Needs
Basic human requirements which are biological necessities that is must for
survival of the human beings.
I am hungry, I need something to eat.
Wants
A want is a choice or desire which a person may or may not be able to get,
however life will continue despite the fact that choice or desire get realized.
I am thirsty, I want SMAK
Demands
Demand is an economic principle that describes a consumer's desire and
willingness to pay a price for a specific good or service.
• Marketers can create wants but they can not create needs .
HD in Business Management
Value and Satisfaction
Value
A fair return or equivalent in goods, services or money for something.
Satisfaction
How products and services supplied by a company meet or surpass customer
expectation
Satisfaction (Delivery = Expectation)
HD in Business Management
Maslow's Hierarchy of Needs
HD in Business Management
Products and Services
Products
Tangible – Can be touched & feel
Convenient products
Buy frequently, immediately, without any comparisons
Shopping products
Buy less frequently, evaluate alternatives, take time
Specialty products
Brands, unique features, choices
Unsought products
Consumer does not know or not actively looking for purchasing
Industrial products
Purchase for produce another product or service
HD in Business Management
Products and Services
Services
Intangible – Can’t be touched & feel
Inseparable – Can’t separate from the person who provide the
service
Perishable – Can’t keep for future consumption
Variable – Quality of the service depend on the person who
delivers the service
HD in Business Management
Marketing Planning Process
Situation
Analysis Where are we now?
Marketing
Strategy How do we get there?
Implementation
and Control How do we ensure that we are geting there?
HD in Business Management
Planning Framework
Targets
Implementation Which way is best? Tactics Tactics
Men
Money Action Plan
Minutes
Control How can we ensure arrival? Control
HD in Business Management
Cost & Benefit Analysis
Business plan should sought monetary benefits which bring share holder value
The creation of customer value should generate share holder value (Value
base marketing)
It takes into account both quantitative and qualitative factors for analysis of
the value for money for a particular project or investment opportunity
HD in Business Management
Marketing Mix
Flexible
HD in Business Management