Principles of Marketing Session-3

Definitions of Marketing ‘Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably’ The Chartered Institute of Marketing

‘The right product, in the right place, at the right time, and at the right price’ Adcock et al

‘Marketing is the human activity directed at satisfying human needs and wants through an exchange process’ Kotler 1980

‘Marketing is a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others’ Kotler 1991

Successful Marketing requires: P rofitable O ffensive (rather than defensive) I ntegrated S trategic (is future orientated) E ffective (gets results) Hugh Davidson 1972

Core Marketing Concepts Social Process

Managerial Process Staffing

Planning Setting objectives & goals and defining the actions necessary to achieve those goals.

Organizing –The process of determining the tasks to be done, who will do them, and how those tasks will be managed and coordinated. –The capacity to direct and motivate the members of work groups toward the accomplishment of organizational goals.

Staffing –Human Resource Planning –Staffing: Recruitment, Selection & Induction –Training & Development –Performance Appraisal –Compensation

Leading –The capacity to direct and motivate the members of work groups toward the accomplishment of organizational goals. –Understanding individual/group behavior dynamics –Having the ability to motivate employees –Being an effective communicator –Being able to envision future and share that vision

Controlling Measuring the result Diagnosing the result Taking Corrective Actions