MARKETING MANAGEMENT
PART 1: Defining Marketing B. Needs, Wants & Demand
▪ The most fundamental idea behind
Topics: marketing, according to Kotler et al.
a) What Is Marketing? (1999), is that of human needs. These
b) Needs, Wants & Demand demands are a fundamental aspect of
c) Producst and Services human nature, not something that
d) Value, Satisfaction and Quality marketers contrived.
e) What Is Market? a) Basic physical needs for food,
f) A Simple Marketing System clothing, warmth and safety;
g) Main Actors and Forces In A Modern b) Social needs for belonging and
Marketing System affection;
h) Marketing Management c) Individual needs for knowledge and
self-expression.
▪ One of two things will happen when a
person's needs are not met (Kotler et al.,
A. What Is Marketing? 1999):
▪ Marketing must be understood in the a) Look for something to fulfill it; or
modern sense of meeting customers b) Try to reduce the need.
demands rather than the outdated ▪ Human Needs: As state of felt
concept of making a sale, or "selling" deprivation.
(Kotler et al., 1999). ▪ Human Wants: The form that a human
▪ Marketing is the management of markets need takes as shaped by culture and
to facilitate transactions for the individual personality.
fulfillment of human needs and wants ▪ Human Demands: Wants supported by
(Kotler et al., 1999). purchasing power.
▪ Marketing is a social and management
activity that helps people and groups get C. Producst and Services
what they want and need by producing ▪ Products are anything that may be sold
and exchanging goods and value with to a market in order to fulfill a need or a
other people (Kotler et al., 1999). want. It encompasses material things,
▪ Identification and satisfaction of social services, people, locations,
and human needs are fundamental to organizations, and concepts.
marketing (Kotler & Keller, 2012). ▪ Service: Any action or advantage that
▪ The American Marketing Association one party can provide to another that is
offers the following formal definition: largely intangible and does not lead to
The process of generating, conveying, ownership of anything is referred to as a
delivering, and exchanging products and service.
services that are valuable to customers, ▪ In their books, Kotler & Keller (2012) list
clients, business partners, and society at the following 10 primary sorts of entities:
large is known as marketing (Kotler & 1) Goods: The majority of countries'
Keller, 2012). manufacturing and marketing
efforts are focused on physical
commodities. Food products,
1
PART 1: Defining Marketing B. Needs, Wants & Demand
▪ The most fundamental idea behind
Topics: marketing, according to Kotler et al.
a) What Is Marketing? (1999), is that of human needs. These
b) Needs, Wants & Demand demands are a fundamental aspect of
c) Producst and Services human nature, not something that
d) Value, Satisfaction and Quality marketers contrived.
e) What Is Market? a) Basic physical needs for food,
f) A Simple Marketing System clothing, warmth and safety;
g) Main Actors and Forces In A Modern b) Social needs for belonging and
Marketing System affection;
h) Marketing Management c) Individual needs for knowledge and
self-expression.
▪ One of two things will happen when a
person's needs are not met (Kotler et al.,
A. What Is Marketing? 1999):
▪ Marketing must be understood in the a) Look for something to fulfill it; or
modern sense of meeting customers b) Try to reduce the need.
demands rather than the outdated ▪ Human Needs: As state of felt
concept of making a sale, or "selling" deprivation.
(Kotler et al., 1999). ▪ Human Wants: The form that a human
▪ Marketing is the management of markets need takes as shaped by culture and
to facilitate transactions for the individual personality.
fulfillment of human needs and wants ▪ Human Demands: Wants supported by
(Kotler et al., 1999). purchasing power.
▪ Marketing is a social and management
activity that helps people and groups get C. Producst and Services
what they want and need by producing ▪ Products are anything that may be sold
and exchanging goods and value with to a market in order to fulfill a need or a
other people (Kotler et al., 1999). want. It encompasses material things,
▪ Identification and satisfaction of social services, people, locations,
and human needs are fundamental to organizations, and concepts.
marketing (Kotler & Keller, 2012). ▪ Service: Any action or advantage that
▪ The American Marketing Association one party can provide to another that is
offers the following formal definition: largely intangible and does not lead to
The process of generating, conveying, ownership of anything is referred to as a
delivering, and exchanging products and service.
services that are valuable to customers, ▪ In their books, Kotler & Keller (2012) list
clients, business partners, and society at the following 10 primary sorts of entities:
large is known as marketing (Kotler & 1) Goods: The majority of countries'
Keller, 2012). manufacturing and marketing
efforts are focused on physical
commodities. Food products,
1
