Principles of marketing: Lecture 1 provide students with knowledge about: introduction - an overview of marketing; road map; the AMA managerial definition; simple marketing system; organization’s strengths and weaknesses; organization’s overall objectives;... Please refer to this lesson for details!
MGT301 Principles of Marketing Lecture1 Today’s Topics Introductionan overview of marketing Road map Introduction of Marketing Music to a Marketer’s Ears “They’re the best.” “I always eat there.” “I only fly with that airline.” “I buy my electronics at that store.” “I will prefer to go in that school.” n C o i a t t o alogu n i m s o i r t P r e e v d A s Cou s g Sal p on es s Public relations e c i v r Se e c r e m m o Ec y r e v eli g D n i p p Retai o h Spon S ling s sorsh l e n n a h i p c g n i s ail c i r P m t R c e ese r i Pack D B agin illbo a rc a rd h g What is Marketing, anyway? Definition Marketing: The process of creating consumer value in the form of goods, services, or ideas that can improve the consumer’s life What is marketing ? More than selling and advertising Identifying and satisfying customers needs Range of activities (marketing mix 4P’s) What is Marketing? Learning to make what you can sell vs. selling what you can make Identifying and satisfying customer needs and wants Peter Drucker Goal of all organizations is to gain and retain customers Innovation and marketing are the only two ways to achieve the goal “The rest only adds cost” The AMA managerial definition: “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.” Marketing is Everywhere in Your Life What do Marketers Think About? Ex: Open a Book shop On Campus Is there a need? Who is my target market? What is my product? How can I produce and deliver a “product” better than my competitors? How will I promote my product? How can I insure customer loyalty? Marketing is getting the right products to the right people at the right price and at the right place and time with the right promotion Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others Kotler 1994 Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others More simply: Marketing is the delivery of customer satisfaction at a profit Simple Questions, Hard Answers Who are our customers? What important & unique benefits do we provide? Are these benefits sustainable? e r e h t i p o t s s ’ t Le COURSE STRUCTURE Readings Lectures Assignments Project Exam Recommended Books Principles of Marketing by Philip Kotler and Gary Armstrong Fundamentals of Marketing by Stanton, Etzel and Walker Marketing by Joel R. Evans and Barry Berman Summary Simple Marketing System Communication Product/Service Producer/Seller Money Feedback Consumer Next… Understanding Marketing and Marketing Process Core Marketing Concepts MGT301 Principles of Marketing Lecture1 ... Understanding Marketing and Marketing Process Core Marketing Concepts MGT3 01 Principles? ?of? ?Marketing Lecture? ?1 ... COURSE STRUCTURE Readings Lectures Assignments Project Exam Recommended Books Principles? ?of? ?Marketing by Philip Kotler and Gary Armstrong Fundamentals? ?of? ?Marketing by Stanton, Etzel and ... Marketing decisions affect the lives? ?of? ?individual of? ?a firm consumers and society as a whole Why Study Marketing? Plays an important role in society Vital to business Offers outstanding career opportunities