Principles of marketing: Lecture 2

Principles of marketing: Lecture 2 provide students with knowledge about: road map; understanding marketing and marketing process; core marketing concepts; marketing functions and customer relationship management;... Please refer to this lesson for details!

MGT301 Principles of Marketing Lecture­2 Summary of   Lecture­1 Marketing Involves having the Right Product available in the  Right Place at the Right Time and making sure that the  customer is Aware of the Product Marketing Price Product Customers Place Promotion Simple Marketing System Communicatio n  Product/Servic e Producer/Seller  Money   Feedba ck Consumer Today’s Topics    Road map  Understanding Marketing and Marketing Process Core Marketing Concepts Road Map    Introduction­an overview of marketing.  Understanding Marketing and Marketing Process Marketing Functions and Customer Relationship  Management        Marketing in Historical perspective and Evolution of Marketing Marketing Challenges in the 21st century Marketing Management Process Marketing Management Process (cont….) Strategic Planning and Marketing Process The Marketing process The Marketing process (cont…) Five conditions 1.  Two parties 2.  Something of value to offer each other 3.  Willing to deal 4.  Free to accept or reject offer 5.  Able to communicate and deliver A transaction is  ‘ a trade between two parties that involves:  at least two things of value;  agreed upon conditions;  a time of agreement; and   a place of agreement’  may be monetary or barter Pr od uc Se and ts rvi ce s , s t n s a w nd , ds ma e Ne d de an ts ke ar M Exchange, transactions, and relationships Value, satisfaction, and quality Core Core Marketing Marketing Concepts Concepts A market is  ‘ a set of actual and potential buyers of a product’  A place   Marketing satisfies the needs of markets by facilitating the  exchange process  Pr od uc Se and ts rvi ce s , s t n s a w nd , ds ma e Ne d de an ts ke ar M Exchange, transactions, and relationships Value, satisfaction, and quality Core Core Marketing Marketing Concepts Concepts Goals of the Marketing System  Stimulate maximum consumption  Maximize consumer satisfaction  Maximize variety and choice  Maximize quality of life Marketing Process Activities Understand Understand the the organization’s organization’s mission mission Set Set marketing marketing objectives objectives Gather, Gather, analyze, analyze, interpret interpret “SWOT” “SWOT” information information Develop Develop aa marketing marketing strategy strategy Implement Implement the the marketing marketing strategy strategy Design Design performance performance measures measures Evaluate Evaluate marketing marketing efforts change efforts change ifif needed needed   e r e h   t i   p o t s   s ’ t e L Summary    Road Map Understanding Marketing and Marketing Process Core Marketing Concepts Core Marketing Concepts Pr od uc Se and ts rvi ce s , s t n s a w nd , ds ma e Ne d de an ts ke ar M Exchange, transactions, and relationships Value, satisfaction, and quality Core Core Marketing Marketing Concepts Concepts Next…   Marketing Functions  Customer Relationship Management MGT301 Principles of Marketing Lecture­2 ... Concepts Exchange is ‘ the act? ?of? ?obtaining a desired object from someone by  offering something in return’ Five conditions 1.  Two parties 2.   Something? ?of? ?value to offer each other 3.  Willing to deal... Concepts Next…   Marketing Functions  Customer Relationship Management MGT301 Principles? ?of? ?Marketing Lecture? ?2 ... 4.  Free to accept or reject offer 5.  Able to communicate and deliver A transaction is  ‘ a trade between two parties that involves:  at least two things? ?of? ?value;  agreed upon conditions;  a time? ?of? ?agreement; and