The core concept of Marketing

The core concept of Marketing

Marketing is a social & managerial process by which
individuals & groups obtained what they need &
want through creating, offering & exchanging
products of value with others.
Need, Wants,
Demands
Products
Value, Cost,
Satisfaction
Exchange,
Transaction,
Relationship
Market
Marketing &
Marketers
Core Concept Of Marketing
Human Needs.
It is a state of felt deprivation of some basic satisfaction.

Wants.
These are desires for specific satisfiers of these deeper
needs.

Demands.
These are wants for specific products that are backed by an
ability & willingness to buy them.

Products.
These are anything that can be offered to satisfy a need or a
want.
The importance of physical product lies not so much in
owing them as in obtaining the services they render.

Vehicle of services.
1. Person.
2. Place.
3. Activity.
4. Organization.
5. Ideas.

Value, Cost & Satisfaction.
1. Product value 1. Monitory cost
2. Service value 2. Time cost
3. Personnel value 3. Energy cost
4. Image value 4. Psychic cost
Exchange, Transactions & Relationship.
Exchange is one of the four ways people can obtain
products.
a. Self production.
b. Coercion.
c. Begging.
d. Exchange.

Exchange is the act of obtaining a desired product
from someone by offering something in return.

Transactions These are basic unit of exchange.
A transaction consists of a trade of values between
two parties.

Dimensions of transactions.
1. At least two things of value.
2. Agreed upon conditions.
3. A time of agreement.
4. A place of agreement.

Transaction v/s Transfer
The process of trying to arrive at mutually agreeable
terms is called Negotiation.
Transaction marketing, Relationship marketing,
Marketing network.
Markets.
It consists of all potential consumers sharing a
particular need or want who might be willing & able to
engage in exchange to satisfy that need or want.

Marketing.
It means Working with markets to actualize potential
exchanges for the purpose of satisfying human needs &
wants.

Marketer.
It means someone seeking a resource from someone
else & willing to offer something of value in exchange.
1. The Production Concept.

The production concepts holds that customers will
favor those products that are widely available & low in
cost. Managers of production oriented organizations
concentrate on achieving high production efficiency &
wide distribution coverage.
2. The Product Concept.

The product concept holds that consumers will favor
those products that offer the most quality,
performance or innovative features. Managers in these
product oriented organizations focus their energy on
making superior products & improving them over
time.
3. The Selling Concept.

The selling concept holds that consumers, in left alone,
will ordinarily not buy enough of the organizations
products. The organization must therefore undertake
an aggressive selling & promotion effort.
4. The Marketing Concept.

The marketing concept holds that the key to achieving
organizational goals consists in determining the needs
& wants of target markets & delivering the desired
satisfaction more effectively & efficiently than
competitors.
5. The Societal Marketing Concept.

The societal marketing concept holds that the
organizations task is to determine the needs, wants &
interests of target markets & to deliver the desired
satisfaction more effectively & efficiently than
competitors in a way that preserves or enhances the
consumers & societys well being.