Marketing (Philip Kotler)

Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and values with others.

Core Marketing Concepts

Core Marketing Concepts

Core Marketing ConceptsNeedState of felt deprivation.

WantNeed shaped by culture and individual personality.

DemandWant backed up by the purchasing power.

Core Marketing Concepts

Core Marketing Concepts

Product and Services Anything that can be offered in a market for

attention, acquisition, use or consumption and that may satisfy a need or want.

Conti…

It Includes:Physical GoodsServicesPlacesPeopleOrganizationActivities ideas

Core Marketing Concepts

Conti…..

Value

“The difference between benefit the customer from owing and using a product and cost of obtaining the product.”

Satisfaction“Satisfaction depends on how well product performance

lives up to the customer expectations.”

Core Marketing Concepts

Conti…..Exchange

Exchange is the process of obtaining the desired product from someone by offering something in return.

Prerequisites of Exchange:

1. At least two parties

2. Something of value to offer each other

3. Willing to exchange

4. Free to accept or reject

5. Able to communicate and deliver

Conti…..

TransactionA trade between two parties that involveAt least two things of valueAgreed upon the conditionA time of agreement and place of agreementMay be Monetary or Barter

Core Marketing Concepts

Conti…..

MarketA set of actual and potential buyer of product.A place.Marketing satisfies the needs of markets by facilitating

the exchange process.

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s Company(Marketers)

Competitors

Marketing Intermediaries

End User Marketers

Environment