What are some core marketing concepts

What are some core marketing concepts

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  Core Marketing Conceptscover: • Needs, Wants and Demands • Target Markets, Positioning and Segmentation • Offerings and Brands • Value and Satisfaction • Marketing Channels • Supply Chain • Competition • Marketing Environment
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  Needs, Wants, andDemands: • Needs are basic human requirements like food, air, water, clothing, shelter, education, etc. • Needs become Wants when they are directed to specific objects that might satisfy the need. • Demands are wants for specific products backed by an ability to pay.
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  Purpose: Transportation ToOffice Need: Public Transport Want: Mercedes Car Demand: Drive in Mercedes Car
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  Target markets, Positioningand Segmentation: • Marketers start by dividing markets into segments. • Next step is to identify the market segment with greater opportunities as target market. • The firms develop market offerings that it positions in the minds of target buyers as delivering some central benefit(s).
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  Offering and Brands: •Companies address customer needs by putting forth a value proportion, set of benefits that satisfy those needs. • The intangible value proportion is made physical by an offering (products, services, experiences). • A brand is a offering from a known source.
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  Value and Satisfaction: • Value, a central marketing concept, is primarily combination of quality, service and price(qsp), called the customer value triad. • Satisfaction reflects person’s judgement of product perceived performance in relationship to expectations.
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  Marketing Channels: To reachthe Target Markets firms use different marketing channels, • Communication Channels deliver and receive messages from target buyers. • Marketers use distribution channel to display, sell, or deliver the physical product or service to buyer or user. • To carry out transactions with potential buyers, the marketer uses service channel.
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  Supply Chain: The supplychain is a longer chain stretching from raw materials to components to finished products carried to final buyers.
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  Competition: Competition includes allthe actual and potential rival offerings and substitutes a buyer might consider.
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  Marketing Environment The marketingenvironment consists of: • The task environment includes the actors engaged in producing distributing and promoting the offering. • The broad environment consist of six components: i. Demographic Environment ii. Economic Environment iii.Socio-cultural Environment iv. Natural Environment v. Technological Environment vi. Polical-legal Environment
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  Interested to knowmore, Refer Available in All Leading Stores, A South Asian Prospective Marketing Management 14th Edition, Philip Kotler
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  Credits: • iStockPhoto.com forprofessional Pics. • Colorlovers.com for Colour Scheming. • Images.Google.com for Advertisements Images. • A South Asian Perspective to Marketing Management 14th Edition Book by Kotler, Chapter 1: Defining Marketing for 21st Century. A Shashank Motepalli Presentation Thanks