Marketing Introduction by Philip Kotler

Decent Essays
It defines marketing management as the process of planning & executing the conception of pricing, promotion, distribution of goods, services, ideas to create exchanges that satisfy individual and organizational goals.

Figure No.: Marketing Management is a social and managerial process by which individuals or firms obtain what they need or want through creating, offering, exchanging products of value with each other. 1. NEED/ WANT/ DEMAND:
Need: It is state of deprivation of some basic satisfaction.
Eg. - Food, clothing, safety, shelter.
Want: Desire for specific satisfier of need.
Eg. - Indians needs food – wants paneer tikka/ tandoori chicken.
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Outcome of Relationship Marketing is a MARKETING NETWORK.
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 mutually profitable business relationship.
Competition is between whole network for market share and NOT between companies alone. 6. MARKET:
A market consists of all potential customers sharing particular need/ want who may be willing and able to engage in exchange to satisfy need/ want.
Market Size = fn (Number of people who have need/ want; have resources that interest
Others, willing or able to offer these resources in exchange for what they want).
In Marketing terms: Sellers – called as “INDUSTRY”.
Buyers – referred to in a group as “MARKET”.
Types of Markets: * Resource Market, * Manufacturing Market, * Intermediary Market, * Consumer Market, * Government market. 7. MARKETERS/ PROSPECTS:
Working with markets to actualize potential exchanges for the purpose of satisfying needs and wants.
One party seeks the exchange more actively, called as “Marketer”, and the other party is called “Prospect”.
Prospect is someone whom marketer identifies as potentially willing and able to engage in exchange.
Marketer may be seller or buyer. Most of time, marketer is seller.
A marketer is a company serving a market in
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