CHAPTER 1 INTRODUCTION TO MARKETING

CHAPTER 1

Zakir PatelNLCCMNavsari

NEEDS AND WANTSA state of deprivation of some basic satisfaction

Specific satisfiers of needsSome examplesFOOD Gujarati, Chinese, Punjabi.

EDUCATION Science, Commerce, Arts

TRANSPORTATION 2W, 3W, 4W.

ENTERTAINMENT Music, TV, Sports.

DEMANDWants backed by

Willingness

AbilityPRODUCTAnything offered to the market for ACQUISITIONUSE

Physical goodsServices InformationIdeasPeoplePlaces

BRANDSNAMETERMSIGNSYMBOLCombination of theseTo identify To differentiateFrom competitorsVALUEProducts overall capacity to satisfy the needs and wants of the consumers

Value = Benefit / CostOFFERING

SOME EXAMPLES..NESTLE

FACEBOOKOWNERSHIP1. Self production2. Coercing3. Begging4. ??????????????

BUYING??EXCHANGE

What is exchanged between buyers and sellers????

SATISFACTIONSATISFACTION:

X Y = 0

WHAT IS X?WHAT IS Y?X = EXPECTATIONS FROM THE PRODUCT/BRAND

Y = PERCEIVED BENEFITS FROM THE PRODUCT/BRANDMARKET

Definition of marketGroup of POTENTIAL CUSTOMERS sharing a particular need/wantCORE CONCEPTS OF MARKETINGNEEDSWANTSDEMANDPRODUCTSBRANDSVALUEOFFERINGSEXCHANGESATISFACTIONMARKETINGMarketing is a Social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging value with others