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Title Marketing Concepts Approaches to the Study of Marketing Market Segmentation Marketing Environment Consumer Purchase Process Consumer Behaviour Marketing Information System and Marketing Research Product Mix New Product Planning and Development Product – Market Integration Strategies Branding and Packaging Decisions Pricing Decisions Channel Decisions Advertising Sale Promotion Personal Selling
LESSON - 1 MARKETING CONCEPTS Learning Objectives After reading this lesson, you should be able to understand • • • • Meaning and importance of marketing; The different concept of marketing; The modern marketing concept. The social marketing concept. Marketing has been deferent by different authors differently. A popular definition is that “marketing is the performance of business activities that direct the flow of goods and services from producer to consumer or user”. Another notable definition is that “marketing is getting the right goods and services to the right people at the right place at the right time at the right price with the right communication and promotion”. Yet another definition is that ‘marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others’. This definition of marketing rests on the following concepts: (i) (ii) (iii) (iv) Needs, wants and demands; Products; Value and satisfaction; Exchange
NEEDS, WANTS AND DEMANDS A human need is a state of felt deprivation of some basic satisfaction. People require foods, clothing, shelter, safety, belonging, esteem etc. these needs exist in the very nature of human beings. Human wants are desires for specific satisfiers of these needs. For example, cloth is a needs but Raymonds suiting may be want. While people’s needs are few, their wants are many. Demands are wants for specific products that are backed...