what are some core marketing concepts

What are some core

marketing

concepts?

Core Marketing Concepts cover:

• Needs, Wants and Demands• Target Markets, Positioning and

Segmentation• Offerings and Brands• Value and Satisfaction• Marketing Channels• Supply Chain• Competition • Marketing Environment

Needs, Wants, and Demands:

• 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.

Purpose: Transportation To Office

Need: Public Transport

Want: Mercedes Car

Demand: Drive in Mercedes Car

Target markets, Positioning and 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).

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.

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.

Marketing Channels:

To reach the 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.

Supply Chain:

The supply chain is a longer chain stretching from raw materials to components to finished products carried to final buyers.

Competition:

Competition includes all the actual and potential rival offerings and substitutes a buyer might consider.

Marketing Environment

The marketing environment 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

Environmentii.Economic

Environmentiii.Socio-cultural

Environment

iv. Natural Environmentv. Technological Environmentvi. Polical-legal Environment

Interested to know more, Refer

Available in All Leading Stores,

A South Asian Prospective Marketing Management14th Edition, Philip Kotler

Credits:

• iStockPhoto.com for professional 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

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