Marketing management

Lecture 1
Overview of marketing

Daroon Faridun
darwn983@gmail.com

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Topic Outline
Define marketing
The importance of marketing
Explain important aspects of marketing
philosophy
Define the different business orientations
Explain the 4 Ps of marketing
Explain the 7PS of service marketing
What are the difference between product
and services
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Kotler on Marketing

“Good Marketing is no accident, but a result

of careful planning and execution”

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Myths about Marketing

Marketing is advertising
Marketing makes people buy things they
don’t need
Marketing is selling
Marketing is just one of the departments
of the organisation

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So what is Marketing?

 Marketing is the management function responsible for

identifying, anticipating and satisfying customer
requirements profitably

 Marketing is an organisational function and a set of

processes for creating, communicating and delivering
value to customers and for managing customer
relationships in ways that benefit the organization and
its stakeholders

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The Importance of Marketing for the
Success of a Business
Getting Word Out
Higher Sales
Company Reputation
Healthy Competition
Considerations
Adding value for customers

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Important concepts in Marketing
•Needs
•Wants
•Exchange
•Transaction
•Demands
•Market

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 Customer Needs, Wants, and Demands

It can be understood as:

• States of deprivation
• Physical—food, clothing, warmth, safety
Needs • Social—belonging and affection
• Individual—knowledge and self-expression

Wants
• Form that human needs take as they are shaped by
culture and individual personality

Demands • Want becomes demand only when the want is

supported by purchasing power

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 Exchange transaction

Exchange is the act of obtaining a desired object

from someone by offering something in return
A transaction is an outcome of an exchange
Example:
Consumer Cost & benefit
Organisation
Cash
Quench thirst
Fees
Education 9
Markets
Markets are the set of actual and potential
buyers of a product or service
(A market as an exchange between buyer
and seller)

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Marketing Management
Marketing management is the art and
science of choosing target markets
and building profitable relationships
with them
– What customers will we serve?
– How can we best serve these customers?

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Marketing Management Orientations

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Marketing Management Orientation
Production concept:- is the idea
that consumers will favor products that
are available or highly affordable
Product concept:- is the idea that
consumers will favor products that
offer the most quality, performance,
and features. Organizations should
therefore devote its energy to making
continuous product improvements

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Marketing Management Orientations

Selling concept:- is the idea that

consumers will not buy enough of the
firm’s products unless it undertakes a
large scale selling and promotion effort.
Marketing concept:- is the idea that
achieving organizational goals depends
on knowing the needs and wants of the
target markets and delivering the desired
satisfactions better than competitors do

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Difference between
 Selling concept

 Marketing concept

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Marketing Management Orientations
Societal marketing concept is the
idea that a company should make
good marketing decisions by
considering consumers’ wants, the
company’s requirements, consumers’
long-term interests, and society’s long-
run interests

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The Marketing Mix
•The marketing mix is the set of tools
(four Ps) the firm uses to implement its
marketing strategy. It includes product,
price, promotion, and place.
The 4Ps concept was originally
introduced by Macarthy(1960)
The success of a marketing program
would depend on a synergistic
integration of the elements of the 4 Ps
as well as decisions within the 4 Ps
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Marketing Mix (4PS)

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The 7 Ps of services marketing

Product
Price
Promotion
Place
People
Process
Physical evidence

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The difference between
products and services
Product services
1- Tangible 1- Intangible
2- Is concrete 2- is activity or process
3- Homogeneous 3- heterogeneous
4- Product and distribution is 4- product , distribution
Separated from consumption and consumption is
simultaneous

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Questions
1- Define Marketing and explain the
orientations of marketing management?
2- Give the meaning of each of wants, needs,
demands ?
3- define marketing mix and explain its
elements?
4- Draw the figure of Marketing mix?
5- Define the market and how to make an
exchange between buyers and sellers?
6- what are the 7PS of service marketing
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