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Transcript of Principles of Marketing ([email protected])
Principles of MarketingLecture-1By: Waqas Ahmad Khan
MBA, M.Phil (Pak), PPM (Philippines), SIX SIGMA GREEN BELT (Singapore), Certified QAM (QPSP)
Apr 11, 2023 1Waqas Ahmad Khan ([email protected])
Profile Ex- Country Manager
Gohar Publishers / Hamdard PakistanSecretary General
National Education Council PakistanMember
Marketing Association of PakistanMaster Trainer
FHRI, CCE, ESL,VUICT Consultant (2007)
Asian Development Bank
Apr 11, 2023 2Waqas Ahmad Khan ([email protected])
Feel free to contact [email protected]
Apr 11, 2023 3Waqas Ahmad Khan ([email protected])
Today’s TopicsIntroduction-an overview of marketing
Road map Apr 11, 2023 4Waqas Ahmad Khan ([email protected])
Introduction of Marketing
Apr 11, 2023 5Waqas Ahmad Khan ([email protected])
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.”Apr 11, 2023 6Waqas Ahmad Khan ([email protected])
Advertising
Sales
Promotions
Public relations
SponsorshipsPricing
Retailing
Direct mail
Catalogues
Billboards
E-commerce
Shopping
channels
Packaging
Delivery
Service
Research
Coupons
DefinitionMarketing: The process of creating consumer value in the form of goods, services, or ideas that can improve the consumer’s life.
Apr 11, 2023 8Waqas Ahmad Khan ([email protected])
What is marketing ?More than selling and advertising
Identifying and satisfying customers needs
Range of activities (marketing mix - 4P’s)
Apr 11, 2023 9Waqas Ahmad Khan ([email protected])
What is Marketing?What is Marketing?Learning to make what you can
sell vs. selling what you can make.
Identifying and satisfying customer needs and wants.
Apr 11, 2023 10Waqas Ahmad Khan ([email protected])
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”
Apr 11, 2023 11Waqas Ahmad Khan ([email protected])
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.”
Apr 11, 2023 12Waqas Ahmad Khan ([email protected])
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.
Apr 11, 2023 13Waqas Ahmad Khan ([email protected])
Simple Marketing SystemSimple Marketing System
Producer/Seller Consumer
Communication
Product/Service
Money
Feedback
Apr 11, 2023 16Waqas Ahmad Khan ([email protected])
Marketing’s 4 P’s ProductPricePlacePromotion
Apr 11, 2023 17Waqas Ahmad Khan ([email protected])
Marketing’s 4 P’s (+2)PeoplePeopleProductPricePlacePromotion ProfitsProfits
Apr 11, 2023 18Waqas Ahmad Khan ([email protected])
MarketingIt assumes that it will proceed in accordance with
ethical practices.
Identifies the 4 marketing variables - product, price, promotion, and distribution.
Apr 11, 2023 19Waqas Ahmad Khan ([email protected])
States that the public, the customer, and the client determine the marketing program.
Emphasizes creating and maintaining relationships.
Finally applies for both non-profit organizations and profit-oriented businesses.
Apr 11, 2023 20Waqas Ahmad Khan ([email protected])
Marketing Includes...Personal sellingAdvertisingMaking products available in storesMaintaining inventoriesetc
Apr 11, 2023 21Waqas Ahmad Khan ([email protected])
What Can Be Marketed?GoodsServicesExperiencesEventsPersons
PlacesPropertiesOrganizationsInformationIdeas
Apr 11, 2023 22Waqas Ahmad Khan ([email protected])
How Does an Organization Create a Customer?
Apr 11, 2023 23Waqas Ahmad Khan ([email protected])
Identifying customer needs
Designing goods and services that meet those needs
Communicating information about those goods and services to prospective buyers
Apr 11, 2023 24Waqas Ahmad Khan ([email protected])
Making the goods or services available at times and places that meet customers’ needs
Pricing goods and services to reflect costs, competition, and customers’ ability to buy
Providing for the necessary service and follow-up to ensure customer satisfaction after the purchase
Apr 11, 2023 25Waqas Ahmad Khan ([email protected])
How is Marketing Done?
Apr 11, 2023 26Waqas Ahmad Khan ([email protected])
Marketers Develop and Implement a Marketing Plan Based on the
Following Information:Organization’s Strengths
and WeaknessesOrganization’s Strengths
and Weaknesses
Organization’s Overall ObjectivesOrganization’s Overall Objectives
Opportunities and Threats to theOrganization in the Marketplace
Opportunities and Threats to theOrganization in the Marketplace
Apr 11, 2023 27Waqas Ahmad Khan ([email protected])
Peter F. Drucker Said:If we want to know what a business is,
we have to start with its purpose. And its purpose must lie outside the business itself. In fact, it must lie in society since a business enterprise is an organ of society. There is one valid definition of business purpose: to create a customer.
Apr 11, 2023 28Waqas Ahmad Khan ([email protected])
Reasons for Studying Marketing
Apr 11, 2023 29Waqas Ahmad Khan ([email protected])
CostsAbout 50% of total product costs are marketing costs
Contributions toIndividual OrganizationsCritical to the successof a firm
CareersAbout 25 to 33% of the work force holdmarketing positions.
Contributions to SocietyMarketing decisions affect the lives of individualconsumers and society asa whole
Why StudyMarketing ?
Apr 11, 2023 30Waqas Ahmad Khan ([email protected])
Why Study Marketing?Plays an important role in society
Vital to business Offers outstanding career opportunities
Affects your life every dayApr 11, 2023 31Waqas Ahmad Khan ([email protected])
Marketing is Everywhere in Your Life
Apr 11, 2023 32Waqas Ahmad Khan ([email protected])
What do Marketers Think About?
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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?
Apr 11, 2023 34Waqas Ahmad Khan ([email protected])
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
Apr 11, 2023 35Waqas Ahmad Khan ([email protected])
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
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Process by which individuals and groups obtain what they needneed and want want through creating and exchanging products exchanging products and value with others.
Apr 11, 2023 37Waqas Ahmad Khan ([email protected])
More simply:
Marketing is the delivery of customer satisfaction at a profit.
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Simple Questions, Hard Answers
•Who are our customers?
•What important & unique benefits do we provide?
•Are these benefits sustainable?Apr 11, 2023 39Waqas Ahmad Khan ([email protected])
COURSE STRUCTUREReadings LecturesAssignmentsProjectExamApr 11, 2023 41Waqas Ahmad Khan ([email protected])
Recommended BooksPrinciples of Marketing by Philip Kotler and Gary Armstrong
Fundamentals of Marketing by Stanton, Etzel and Walker
Marketing by Joel R. Evans and Barry Berman
Apr 11, 2023 42Waqas Ahmad Khan ([email protected])
SummaryApr 11, 2023 43Waqas Ahmad Khan ([email protected])
Simple Marketing SystemSimple Marketing System
Producer/Seller Consumer
Communication
Product/Service
Money
Feedback
Apr 11, 2023 44Waqas Ahmad Khan ([email protected])