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Introduction to Marketing

Introduction to Marketing. MAR 6816 Prof. Amit Joshi. Some Basic Questions…. What is marketing?. Why do markets exist?. Raw material scarcity Labor specialization Learning curves Consumption satiation. The Exchange Process.

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Introduction to Marketing

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  1. Introduction to Marketing MAR 6816 Prof. Amit Joshi

  2. Some Basic Questions… • What is marketing?

  3. Why do markets exist? • Raw material scarcity • Labor specialization • Learning curves • Consumption satiation

  4. The Exchange Process Two or more parties give something of value to each other to satisfy felt needs.

  5. Exchanges Learning Environment Tuition Promised Action Votes

  6. Successful Exchanges Require Two or morepeople Somethingof interest or value Needs & Wants Ability for successfulcommunication Desire and freedomto deal

  7. Understanding Needs of Toothbrush users • Favorite color is blue • 37% of us use one that is more than 6 months old • 47% put water on the brush before applying the paste • 15% put water on the brush after applying the paste • 24% do both • 12% don’t wet the paste at all • 2% don’t brush at all

  8. Demand • Demand is a measure of the desire that potential customers have for a product or service . . . plus their willingness and ability to pay for it

  9. Demand… • Why is Demand not the same as Desire? • Everyone desires to drive a red Ferrari…. • Why do we need ability and willingness to pay?

  10. Does Marketing Create Artificial Demand?

  11. What is Marketing? Understanding the needs of the consumers and satisfying them!

  12. Is Marketing for Products only?

  13. Nontraditional Marketing Person marketing Example: Dating!!

  14. Nontraditional Marketing Place marketing Example: “What happens in Vegas, stays in Vegas!”

  15. Nontraditional Marketing Organization marketing Example: Ads for Boeing on Monday Night Football

  16. Nontraditional Marketing Event marketing Example: The Olympics, Superbowl, etc.

  17. Nontraditional Marketing Cause marketing Example: 5K Run for AIDS

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