Marketing Management takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties. A marketer is a company serving a market in the face of competition. Prospect is someone whom marketer identifies as potentially willing and able to engage in exchange. One party seeks the exchange more actively, called as “ Marketer”, and the other party is called “Prospect”. Working with markets to actualize potential exchanges for the purpose of satisfying needs and wants.
In Marketing terms: Sellers – called as “INDUSTRY”.īuyers – referred to in a group as “MARKET”. Others, willing or able to offer these resources in exchange for what Market Size = fn (Number of people who have need/ want have resources that interest MARKETING NETWORK: It is made up of the company and its customers, employees, suppliers, distributors, advertisement agencies, retailers, research & development with whom it has built a mutually profitable business relationship.Ĭompetition is between the whole network for market share and NOT between companies alone.Ī market consists of all potential customers sharing particular need/ want who may be willing and able to engage in exchange to satisfy need/ want. The outcome of Relationship Marketing is a MARKETING NETWORK. Relationship marketing:- It’s a pattern of building long term satisfying relationship with customers, suppliers, distributors in order to retain their long term performances and business. NEGOTIATION: – Process of trying to arrive at mutually agreeable terms.
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Each party has something of value for other parties.For exchange potential to exist, the following conditions must be fulfilled. To satisfy need/ want, people may obtain the product throughĮXCHANGE: – The act/ process of obtaining a desired product from someone by offering something in return. Satisfaction – Estimated in terms of time lead & travel comfort.Method/ Products- Rail/ air/ road or train/ plane.Each product would have a cost/ price elements attached to it.Value is products capacity to satisfy needs/ wants as per consumer’s perception or estimation.The product fulfils/ satisfies Need/ Want.The decision for purchase made based on value/ cost satisfaction delivered by product/ offering.Marketing Myopia: Focus on products rather than on customer needs. Hence, in marketing, the focus is on providing/ satisfying service rather than providing products. Hence, products are really a via- media for services. Importance of product lies in – Owning them (minor) Obtaining them (major). Idea – the speed of computer/ processing power.Service – purchase of raw material/ cooking.Product is anything that can satisfy need/ want. To target consumers (4 P’s) – Product/ Promotion/ Price/Place This is done in combination with societal influencers. Demand: Want for a specific product backed up by ability and willingness to buy. eg.- Need – transportation.Ĭlarifying, Consumer may want – Car (say, Mercedes)……but able to buy only Volvo. Therefore, demand is for Volvo.Americans need food- wants hamburger/ French fries. eg.- Indians needs food – wants paneer tikka/ tandoori chicken. Want: Desire for specific satisfier of need.Need: It is a state of deprivation of some basic satisfaction.
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