Unit 1: Introduction

Introduction to Marketing

Marketing is the process of identifying, creating, communicating, and delivering value to customers to satisfy their needs and wants profitably. It involves various activities, including market research, product development, pricing, promotion, and distribution, to ensure customer satisfaction and business growth.

Nature and Scope of Marketing

Various Marketing Orientations

Need, Want, and Demand

Elements of the Marketing Mix (4Ps and 7Ps)

Customer Value and the Value Delivery Process

Stages of the Value Delivery Process

• Choosing the Value – Market research and segmentation.
• Providing the Value – Product development, pricing, and distribution.
• Communicating the Value – Promotion and branding to create awareness.

This framework ensures businesses attract, retain, and satisfy customers efficiently.

Understanding Consumer Behavior

Consumer behavior refers to the study of how individuals make decisions to purchase, use, and dispose of products or services. It involves analyzing psychological, social, cultural, and economic factors that influence buying decisions.

Buying Motives

Buying motives are the reasons or driving forces that influence consumers to make a purchase decision. They can be classified into:

Factors Influencing Buying Behavior

Buying Habits

Buying habits refer to the behavior patterns consumers follow when purchasing products.

Stages in the Consumer Buying Decision Process

Consumers go through different stages before making a purchase decision:

• Problem Recognition: Identifying a need or problem. Example: A person realizes their old laptop is slow.
• Information Search: – Researching solutions or alternatives. Example: Looking up laptop reviews online or asking friends.
• Evaluation of Alternatives: Comparing different products or brands. Example: Comparing specifications of Dell, HP, and Apple laptops.
• Purchase Decision: Making the final purchase choice. Example: Deciding to buy an HP laptop after considering price and features.
• Post-Purchase Behavior: Satisfaction or dissatisfaction after purchase. Example: If the laptop works well, the customer is happy and may recommend it to others. If it performs poorly, they may return it or leave a negative review.

Types of Consumer Buying Decisions

Understanding these factors helps businesses tailor marketing strategies to influence consumer behavior effectively.