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PRINCIPLES OF

MARKETING

Assoc.Prof. Dilek PENPECE Adana Science and Technology University

MARKETİNG DEFİNED

There are a host of definitions for marketing. Here are three of the most widely accepted. 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.

• American Marketing Association (AMA) Definition

MARKETİNG DEFİNED

Marketing is… the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives."

• Contemporary Marketing Wired (1998) by Boone and Kurtz

Marketing is the activity, set of

institutions, and processes for

creating, communicating, delivering,

and exchanging offerings that have

value for customers, clients,

partners, and society at large.

(Approved July 2013)

1- 7

FOR AN EXCHANGE TO OCCUR…..

There are at least two parties. Each party has something that might be of value to the other party. Each party is capable of communication and delivery. Each party is free to reject the exchange offer. Each party believes it is appropriate or desirable to deal with the other party

MARKETİNG İS….

A big umbrella! It may or may not include:

• Analysis of programs, materials, customers and the company itself
• Media relations, public affairs, advertising
• Stakeholder and funder relations
• Strategically organizing all of the above, and more, to create a cohesive, sustainable, effective route to success for extension and its clients

“a customer perceived preference for and evaluation of those products attributes, attribute performances, and consequences arising from use that facilitate (or block) achieving the customer’s goals and purposes in use situations”

UNDERSTANDING THE MARKETPLACE

AND CUSTOMER NEEDS

Core customer and marketplace concepts Needs, wants, and demands Market offerings (products, services, and experiences) Value and satisfaction Exchanges and relationships Markets

MARKET OFFERINGS

Consumer’s needs and wants are fulfilled through market offerings. Combination of products, services, information, or experiences  (^) Offered to a market to satisfy a need or want  (^) Entities—products, services, persons, places, organizations, information, and ideas Marketing myopia: Paying more attention to the specific products a company offers than to the benefits and experiences produced by these products (Hollywood or American automotive industry). They forget that a product is only a tool to solve a consumer problem.

CUSTOMER VALUE AND SATISFACTION

Customers form expectations about the value and satisfaction of market offerings.  (^) Satisfied customers buy again and spread the word.  (^) Dissatisfied customers switch to competitors and criticize the product to others. Setting low expectations may satisfy those who buy but fail to attract enough buyers. Setting high expectations may disappoint buyers. Some firms seek to DELIGHT customers by exceeding expectations (Ritz-Carlton)

MARKETS

Set of all actual and potential buyers of a product or service Consumers market:  (^) Search for products  (^) Interact with companies to obtain information  (^) Make purchases Customer-managed relationships are important as customers are empowered and marketing is made a two-way affair.

A MODERN MARKETING SYSTEM