MGT301 Highlighted Handouts Lectures 1-45

PRINCIPLES OF MARKETING MGT-301

Table of Contents

Lesson No.

Title / Topic

Page No.

Customer Relationship Management ……………………..……………….

Portfolio Analysis…………………………………………………………. Marketing Process……………………..……………………..……………. Marketing Environment ……………………..…………………………… Marketing Macro Environment ……………………..…………………….. Analyzing Marketing Opportunities and Developing Strategies …………... The Marketing Research Process ……………………..………………….. The Marketing Research Process (Continued) ……………………..…… Consumer Buying Behavior ……………………..………………………... Consumer Buying Behavior (Continued) …………………………………. Business Markets and Buying Behavior …………………………………...

Market Segmentation (Continued) ……………………………………….. Marketing Mix ……………………………………………………………. Product …………………………………………………………………... New Product Development Process………………………………………. Product LifeCycle Stages and Strategies.………………………………… Key Terms-Product: the 1st P of Marketing Mix ………………………… Price: the 2nd P of Marketing Mix ………………………………………… General Pricing Approaches………………………………………………. Price-Adjustment Strategies ………………………………………………. Price Changes …………………………………………………...……… Place: the 3rd P of Marketing Mix …………………………………………. Logistic Management……………………………………………………....

Key Terms-Place the 3rd p of the Marketing Mix ……………………… Promotion: the 4th P of Marketing Mix ……………………………………

Direct Marketing ………………………………………………………….

Key Terms-4th P (Promotion) …………………………………………… Creating Competitive Advantage ………………………………………….

E-Marketing ……………………………………………………………… Marketing and Society ……………………………………………………. Marketing (Revision)……………………………………………………… Marketing (Revision)……………………………………………..………

Pg= 1-110 · Lesson – 1 · PRINCIPLES OF MARKETING

This subject/course is designed to teach the basic principles of Marketing to diverse audience/students, including those who are studying this as a supporting subject for their bachelor degree program. This course is designed to provide you the foundations of Marketing whether you intend to work in field of the marketing or not. Marketing is part of all of our lives and touches us in some way every day. To be successful each company that deals with customers on a daily basis must not only be customer-driven, but customer-obsessed. The best way to achieve this objective is to develop a sound marketing function within the organization. To be understandable and lively means that we need to communicate you. We start every chapter with learning objectives. The most important thing you will get out of this course is the basic skills required to succeed in today’s competitive environment. Marketing is defined as a social and managerial process by which, individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is a key factor to business success. The marketing function not only deals with the production and distribution of products and services, but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment.

Introduction of Marketing

the field of marketing. The Knowledge Exchange Business Encyclopedia defines marketing as

consumer.”

impact on all areas of the business and vice versa.

Understanding Marketing:

Marketing: It is the process of creating consumer value in the form of goods, services, or ideas that can improve the consumer’s life.

an abundance of suppliers seeking to satisfy their everyday need, companies and nonprofit

they are to remain in the increasingly competitive global marketplace. This is what we say that survival of the fittest. Many studies have demonstrated that the key to profitable performance is to know and satisfy target customers with competitively superior offers. This process takes place today in an increasingly global, technical, and competitive environment.

MGT - 301

What is Marketing?

Marketing is not only restricted to selling and as is perceived but is More than it it

identifies

and

satisfies

customers needs. it functions revolve around wide variety and range of tasks and activities mostly termed as functions related to 4ps i.e. Product, price, place and promotion. Marketing is:

a. Creating customer value and satisfaction are at the very heart of modern marketing thinking and practice. b. A very simple definition of marketing is that it is the delivery of customer satisfaction at a profit. c. Sound marketing is critical to the success of every organization.

Marketing can also be defined as 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.”

Simple Marketing System

The concept of Marketing System brings one full circle to the concept of marketing. Simple marketing system comprises of different actors and factors like producer/seller, product/service something valuable to exchange in return of product/service (money), consumer/customer, communication process to have two way like to provide information about product or service to customer or consumer and to have feedback in same regard from the customer. Fig presents an example of a very simple marketing system. Marketing system has following basic activities: 1) Sellers must search for buyers, identify their needs, design good products and services, set prices for them, promote them, and store and deliver them. 2) A modern marketing system includes all of the elements necessary to bring buyers and sellers together. This might include such activities as product development, research, communication, distribution, pricing, and service.. 3) Each of the major actors in a marketing system adds value for the next level of the system. There is often critical interdependency among network members. To learn more about marketing fist we should learn about some basics that are some time termed as 4ps(Product, price, place, promotion) and some times even 6 or 7ps (Product, price, place promotion, position, personal relations, people and profit) lets have some definitions in this regard:

Simple Marketing · Simple Marketing · System · System · Producer/Seller · Consumer · Product/Service · Money · Feedback · What is · What is · Marketing, · Marketing,

anyway?

anyway?

Sales · Promotions · Public · relations · Sponsorships · Pricing · Retailing · Direct mail · Catalogues · Billboards · E-commerce · Shopping channels · Packaging · Delivery · Service · Research · Coupons