Core Marketing Concept

Core Marketing Concept

Core Marketing Concept

1. The core concept of Marketing
2. The Core Marketing concept : Marketing is a social & managerial process by which individuals & groups obtained what they need & want through creating, offering & exchanging products of value with others.
3. Need, Wants, Value, Cost, Products Demands Satisfaction Exchange, Marketing &Transaction, Market Marketers Relationship Core Marketing Concept
4. Human Needs. It is a state of felt deprivation of some basic satisfaction. Wants. These are desires for specific satisfiers of these deeper needs.Demands. These are wants for specific products that are backed by an ability & willingness to buy them. Products. These are anything that can be offered to satisfy a need or a want.  The importance of physical product lies not so much in owing them as in obtaining the services they render.
5.  The vehicle of services. 1. Person. 2. Place. 3. Activity. 4. Organization. 5. Ideas.Value, Cost & Satisfaction. 1. Product value 1. Monitory cost 2. Service value 2. Time cost 3. Personnel value 3. Energy cost 4. Image value 4. Psychic cost
6. Exchange, Transactions & Relationship. The exchange is one of the four ways people can obtain products. a. Self-production. b. Coercion. c. Begging. d. Exchange.Exchange is the act of obtaining the desired product from someone by offering something in return.
7.  Five conditions of exchange.1. At least two parties.2. Each party has something that might be of value to the other party.3. Each party is capable of communication & delivery.4. Each party is free to accept or reject the offer.5. Each party believes it is appropriate or desirable to deal with the other party.
8.  Transactions – These are the basic unit of exchange. A transaction consists of a trade of values between two parties. Dimensions of transactions.1. At least two things of value.2. Agreed upon conditions.3. A time of agreement.4. A place of agreement. Transaction v/s Transfer The process of trying to arrive at mutually agreeable terms is called Negotiation. Transaction marketing, Relationship marketing, Marketing network.
9.  Markets. It consists of all potential consumers sharing a particular need or want who might be willing & able to engage in exchange to satisfy that need or want.Marketing. It means Working with markets to actualize potential exchanges for the purpose of satisfying human needs & wants.Marketer. It means someone seeking a resource from someone else & willing to offer something of value in exchange.
10. 1. The Production Concept.The production concepts hold that customers will favor those products that are widely available & low in cost. Managers of production-oriented organizations concentrate on achieving high production efficiency & wide distribution coverage.

Core Marketing Concept

We shall now discuss the areas that the marketing covers. The Core Marketing Concept  revolves around demand for the product/services. Here we are going to study 8 different types of demands, which play a major role in the marketing activities. At the end of this topic you will be in the position to understand briefly all the major concepts of marketing which will be dealt in detail in the coming lessons.
However to be successful any organization has to be competition- oriented too. Thus Core Marketing Concept involves:
Customer Orientation: Successful marketing companies continuously monitor customer needs, wants and preferences.
Competition Orientation: Successful marketing companies integrate all elements of the marketing mix, not merely advertising and selling into a sound business plan that could help them to effectively fight competition.
Ability to respond to environmental changes before competition does: This includes changes in customer needs, competition, government policy, technology, etc. Examples are Sony and Microsoft who have consistently invested in futuristic technologies and products.
Marketing orientation involves a six dimensional approach which leads to successful marketing organizations in India and abroad.
Consumer Orientation
Integrated approach to exploiting market opportunities
Futuristic approach
Highly developed marketing systems
Marketing culture
Speed