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Principles and Practice of Marketing

The document defines marketing according to several authorities. The Chartered Institute of Marketing defines marketing as identifying, anticipating, and satisfying customer requirements profitably. Marketing involves meeting customer needs through the exchange of offerings that create value. Marketing objectives include maintaining market share, developing new products, and meeting customer needs. The marketing process involves understanding customers, developing strategies, implementing plans, and building relationships to create profits and customer loyalty.

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NURAIN HANIS BINTI ARIFF
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38 views16 pages

Principles and Practice of Marketing

The document defines marketing according to several authorities. The Chartered Institute of Marketing defines marketing as identifying, anticipating, and satisfying customer requirements profitably. Marketing involves meeting customer needs through the exchange of offerings that create value. Marketing objectives include maintaining market share, developing new products, and meeting customer needs. The marketing process involves understanding customers, developing strategies, implementing plans, and building relationships to create profits and customer loyalty.

Uploaded by

NURAIN HANIS BINTI ARIFF
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPT, PDF, TXT or read online on Scribd
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PRINCIPLES AND PRACTICE OF MARKETING

Definition of Marketing
The Chartered Institute of Marketing
defines marketing as the management
process responsible for identifying,
anticipating, and satisfying customer
requirement profitably.
Definition of Marketing
Identifying –finding out what people want,
complaints or suggestion or conduct research.
Anticipating- sometimes people do not know what
they want, we can investigate. People respond to
product or new idea.
Profitability- there is no point in marketing unless
it will make profit even if profitability takes.
Satisfying- customers requirement , needs and
want.
Definition of Marketing
American Marketing Association
defines marketing as activities set of
institutions and processes for creating
communication, delivering and
exchanging offerings that have value
for customers, client, partners and
society at large.
Definition of Marketing
Kotler and Amstrong (2010) defines
marketing as the process by which
companies create value for customers
and build strong customer
relationships in order to capture value
from customers in return.
Definition of Marketing
Marketing is about meeting the needs and
wants of customers.
Marketing is a business-wide function- it is
not something that operates alone from other
business activities.
Marketing is about understanding
customers and finding ways to provide
products or services which customers demand.
Marketing Objectives
Maintaining or increasing market share
Developing new products/ innovation
Meeting the needs of customers.
Entering a new market / market positioning.
Gaining an advantage over competitors.
Marketing Process
1. Understand the marketplace and customer
wants and needs
2. Design a customer-driven marketing strategy
3. Construct a marketing plan that delivers
superior value
4. Build profitable relationships and create
customer satisfaction
5. Capture value from customers to create profit
and customer equity
Basic Concepts of Marketing
1) Needs, Wants and Demands
Marketing will occur when there is a need and
want by people for products and goods. These
needs and wants must be backed up by the
ability and willingness to buy. In real estate,
there must be a need, willingness and financial
ability on part of the buyers to purchase
properties.
Basic Concepts of Marketing
2) Products, goods and services
With sufficient demand, there is an incentive for the
manufacturers or suppliers to produce the goods and
services required. The purpose of marketing is to
satisfy people’s needs and wants through the provision
of products, goods and services. Real estate developers
will be encouraged and prepared to build and sell
properties when there is a demand for properties.
Basic Concepts of Marketing
3) Value, cost and satisfaction
The manufacturers or suppliers of these goods
and services will ensure reasonable cost of
producing such goods and services. On the other
hand, the consumers will have to estimate the
products capacity to satisfy their needs and make
their decisions to purchase based on the
evaluation of their worth or value.
Basic Concepts of Marketing
Buyers of properties will have to evaluate whether
it would be worthwhile to pay prices asked for the
developers or individual sellers. They will
compare the prices with the benefits and
satisfaction derived from the purchase.
Developers will be encouraged to develop if they
are able to derive reasonable profits.
Basic Concepts of Marketing
4) Exchanges and transactions
The process of negotiation will begin between the
parties and the exchange and transaction will take
place when the parties reach agreement on the
price for the purchase and sale of the products
and goods. For new buildings, it is likely there will
be little scope for negotiation on selling price
between the developer and buyers. For secondary
properties, negotiation usually carried out to get
best possible bargain.
Basic Concepts of Marketing
5) Relationships and networks
In the sale process a relationship is established
between the parties, particularly when more
frequent transactions take place. The
relationships and networks can be established
between parties such as suppliers, dealers,
distributors, retailers and customers. In the
context of real estate, it will involve building the
relationship between the seller, buyer and agent.
Basic Concepts of Marketing
6) Market
There should exist a venue or place where potential
customers sharing the same needs and wants, who
might be willing and able to engage in the
exchange process, can deal with the suppliers or
retailers in the purchase of the products and goods
to satisfy their needs and wants. These markets
may be a formal fixed location or an informal non-
physical location as in a real estate market.
Basic Concepts of Marketing
7) Marketers
These are the people whose main responsibilities
are to develop strategies to convey the goods and
services to the consumers using whatever suitable
promotional tools and tactics. These marketers
are constantly seeking prospects, that is, those
who are identified as willing and able to engage in
the exchange and transaction.

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