Marketing management class lectures_141351754-Marketing-Management

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MARKETING MANAGEMENTMARKETING Marketing is a social and managerial processby which individuals and groups obtain whatthey need and want through creating andexchanging products and value with others. It is a behavioral science dealing with needsand wants of the target market.BASIC TERMS IN MARKETINGNEEDS:A state of felt deprivationWANTS:The form assumed by a human need asshaped by economic status, culture andpersonalityDEMANDS:Human wants backed by buying power, ie, I havemoney to buy a Coca-ColaPRODUCTAnything that can be offered to a market forattention acquisition, use or consumption that mightsatisfy a need or a want.VALUEThe difference between the benefits that theconsumer gains from owing and using a product and thecost of obtaining it.Value = B------CSATISFACTIONThe extent to which a products perceivedperformance matches buyers expectations.TheMarketingProcessDemographicEconomicEnvironmentMarketingIntermediariesTechnologicalNaturalEnvironmentProductSuppliersTargetPlace Consumers PricePublicsPromotionPoliticalLegalEnvironmentCompetitorsSocialCulturalEnvironmentMACRO & MICRO MARKETINGMacro MarketingA social process that directs an economys flow ofgoods and services to efficiently match supplyand demand to meet the societys objectives.Micro MarketingPerformance of activities that seeks toaccomplish an organizations objectives byanticipating consumer needs and directing theflo

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