• Purpose of Business is
TO CREATE A CUSTOMER ………!
• CUSTOMER SATISFACTION is
INVESTMENT FOR FUTURE
- ------- Peter F. Drucker
DEFINITIONS ON MARKETING :
- Deals with identifying and meeting human and social needs.
- Meeting needs profitably.
- Deliver a higher standard of living.
- Social process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products & services of value with others.
- The art of selling products.
- “The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual & organizational goals.
NEEDS , WANTS AND DEMAND :
• Needs . . . .
Basic Human Requirements.
State of felt deprivation.
Food, Water, Clothing, Shelter, Recreation, Education
• Wants . . . .
Needs diverted to specific objects.
Forms of needs shaped by culture, personality . . .
Burger & Cola, Mineral Water
• Demands . . . .
Wants for specific products backed by an ability to pay
Mercedes Benz, BMW Self Production
4 WAYS OF SATISFACTION :
- Self Production
• Power . . . Generation
• Self Education . . . Eklavya
• Reliance Jamnagar Plant.
• Power Cut (M.P. or Karnataka)
• Spurious Goods
• Tel / Electricity Bills
• Reliance Wireless Roaming Service
• State Economy - Budgeting
• Brazil Economy
• Management Quota in Seats
• Gas Cylinder, Subsidy
• All Transactions incl.
• Credit Card, ATM Card (!!)
Introspect to analyse fluctuations of OIL prices
in the international markets based on above 4 ways
5 CONDITIONS :
1) There are 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 to accept or reject the exchange offer.
Each party believes it is appropriate and desirable to deal with the other party