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- 2. Module 1
- 3. Meaning Market: it is a place where buyers and sellers sells and buys from producers. Marketing: it is a process or system of business activity designed to plan promote and distribute the want satisfying goods and services to target market. Marketing Management: It can be defined as an art and science of choosing target volume and getting keeping and growing customer to create delivering and communicating superior customer value.
- 4. Definitions: According to American Marketing Association (AMA), Marketing is the activity, set of institutions and processes for creating, communicating, delivering and exchanging offering that have value for customers, clients, partners and society at large. According to Dr. Philip Kotler defines marketing as the science and art of exploring, creating and delivering value of satisfying the needs of target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measure and quantifies market and profit potential.
- 5. Marketing Management What is marketing management? 束 Marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals 損 (Philip Kotler) Marketing management has the task of influencing the level, timing, and composition of demand in a way that will help the organization achieve its objectives.
- 6. Marketing Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals American Marketing Association
- 7. What Is Marketing? Simple definition: Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably. Goals: 1. Attract new customers by promising superior value. 2. Keep and grow current customers by delivering satisfaction.
- 8. Marketing Defined Marketing is the activity, set of instructions, and processes for creating,communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. NEW view of marketing Satisfying customer needs OLD view of marketing Making a sale telling and selling
- 9. MARKETING MANAGEMENT Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
- 10. The Marketing Process A simple model of the marketing process: Understand the marketplace and customer needs and wants. Design a customer-driven marketing strategy. Construct an integrated marketing program that delivers superior value. Build profitable relationships and create customer delight. Capture value from customers to create profits and customer quality.
- 11. Needs, Wants, and Demands Need: State of felt deprivation including physical, social, and individual needs. Physical needs: Food, clothing, shelter, safety Social needs: Belonging, affection Individual needs: Learning, knowledge, self- expression Want: Form that a human need takes, as shaped by culture and individual personality. Wants + Buying Power = Demand
- 12. Need/ Want Fulfillment Needs & wants are fulfilled through a Marketing Offering Products: Persons, places, organizations, information, ideas. Services: Activity or benefit offered for sale that is essentially intangible and does not result in ownership. Experiences: Consumers live the offering.
- 13. Difference Between - Sales & Marketing ? Sales: Trying to get the customer to want what the company produces Marketing: Trying to get the company produce what the customer wants
- 14. Core Conceptsof Marketing Based on : Needs, Wants, Desires / demand Products, Utility, Value & Satisfaction Exchange, Transactions & Relationships Markets, Marketing & Marketers.
- 15. Nature, scope and importance Marketing is consumer-oriented process. Market starts and ends with customer Marketing is the guiding element of business Marketing is a system Marketing is a goal-oriented process Marketing is a process of exchange Marketing is a continuous process.
- 16. Importance Marketing plays an important role in the success of a business enterprise. It is primarily concerned with movement of goods and services from the producer to the customer in order to satisfy their needs. It helps in realization of the objectives. An effective marketing is essential for the survival and growth of the organization. It helps the community to satisfy their economic and social needs and thus raise their standard of living. It helps in an effective and productive utilization of resources, both human and materials, eliminating wastages. It helps the enterprise to adapt the changing condition and circumstances and provides the guidance for the innovative technology. It helps the enterprise in achieving the maximum efficiency, productivity and profitability with the minimum of effort and cost.
- 17. The role of marketing in economic development Marketing and trade play vital roles in the economic growth and overall development of a nation. The major roles of marketing and trade in the national economy can be thought of in terms of: Specialization in activities of comparative advantage. Enhanced resource use efficiency and trade. Advances in marketing with economic growth.
- 18. Concepts of marketing The production concepts The product concepts The selling concepts The marketing concepts The societal marketing concepts
- 19. Production Concept The philosophy that consumers will favour products that are available and highly affordable and that management should therefore focus on improving production and distribution efficiency.
- 20. Product Concept The philosophy that consumers will favour products that offer the most quality, performance, and innovative features.
- 21. Selling Concept The idea that consumers will not buy enough of the organizations products unless the organization undertakes a large scale selling and promotion effort.
- 22. Marketing Concept The marketing management philosophy that holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do.
- 23. Societal Marketing Concept The idea that the organization should determine the needs, wants, and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumers and societys well being
- 24. Function of marketing Selling Buying Transportation Storage Standardization and grading Financing Risk taking Market information
- 25. Marketing environment A variety of environmental forces influence a companys marketing system. Some of them are controllable while some are uncontrollable. It is the responsibility of the marketing manager to change the companys policies along with the changing environment. According to Philip Kotler A companys marketing environment consist of the internal factors and forces, which affect the companys ability to develop & maintain successful transaction & relationship with the companys target customers. There are 2 classification of environments: Macro & Micro
- 26. Importance Understanding of clear marketing environment is essential for marketing manager in order to have favorable relationships with desirable customers which in turn ensures good rerun for his investment studying the environment allows marketers to take advantage of opportunities as well as to combat threats. Marketing intelligence and research are used to collect information about the environment. Many companies have started utilizing the opportunities that are emerging in a changing environment.
- 27. Types of market environment MicroEnvironment: these are internal factors, which the organization can control. Macro Environment: (PEST factors): these are external forces which the organization does not have direct control over these factors. PEST (Political, Economical, Social and Technological).
- 29. Micro environment Suppliers Shareholder Customer Competitor R & D employees
- 31. What is Marketing Mix? The marketing mix is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. Traditionally the marketing mix consisted of just 4 Ps. Getting the mix of these elements right enables the organization to meet its marketing objectives and to satisfy the requirements of customers.
- 33. Marketing Mix
- 34. The Marketing Mix The set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market. Product: Variety, features, brand name, quality, design, packaging, and services. Price: List price, discounts, allowances, payment period, and credit terms. Place: Distribution channels, coverage, logistics, locations, transportation, assortments, and inventory. Promotion: Advertising, sales promotion, public relations, and personal selling.
- 35. Product A product is an item that is built or produced to satisfy the needs of a certain group of people. The product can be intangible or tangible as it can be in the form of services or goods. A product has a certain life cycle that includes the growth phase, the maturity phase, and the sales decline phase. It is important for marketers to reinvent their products to stimulate more demand once it reaches the sales decline phase.
- 36. Price Price is a very important component of the marketing mix. It is also a very important component of a marketing plan as it determines firms profit and survival. Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product. Pricing always help shape the perception of your product in consumers eyes. Always remember that a low price usually means an inferior good in the consumers eyes as they compare your good to a competitor.
- 37. Place Placement or distribution is a very important part of the product mix definition. Have to position and distribute the product in a place that is accessible to potential buyers. There are many distribution strategies, including: Intensive distribution Exclusive distribution Selective distribution Franchising
- 38. Promotion Promotion is a very important component of marketing as it can boost brand recognition and sales. Promotion is comprised of various elements like: Sales Organization Public Relations Advertising Sales Promotion
- 41. People The companys employees are important in marketing because they are the ones who deliver the service. It is important to hire and train the right people to deliver superior service to the clients, whether they run a support desk, customer service, copywriters, programmersetc. When a business finds people who genuinely believe in the products or services that the particular business creates, its is highly likely that the employees will perform the best they can. Additionally, theyll be more open to honest feedback about the business and input their own thoughts and passions which can scale and grow the business.
- 42. Process Process could be your entire sales funnel, a pay system, distribution system and other systematic procedures and steps to ensure a working business that is running effectively.
- 43. Physical evidence In the service industries, there should be physical evidence that the service was delivered. Additionally, physical evidence pertains also to how a business and its products are perceived in the marketplace. It is the physical evidence of a business presence and establishment. A concept of this is branding. For example, when you think of fast food, you think of McDonalds. When you think of sports, the names Nike and Adidas come to mind.
- 44. Marketing mix with 4Cs The 4Cs marketing model was developed by Robert F. Lauterborn in 1990. It is a modification of the 4Ps model. It is not a basic part of the marketing mix definition, but rather an extension
- 45. Here are the components of this marketing model: Cost According to Lauterborn, price is not the only cost incurred when purchasing a product. Cost of conscience or opportunity cost is also part of the cost of product ownership. Consumer Wants and Needs A company should only sell a product that addresses consumer demand. So, marketers and business researchers should carefully study the consumer wants and needs. Communication According to Lauterborn, promotion is manipulative while communication is cooperative. Marketers should aim to create an open dialogue with potential clients based on their needs and wants. Convenience The product should be readily available to the consumers. Marketers should strategically place the products in several visible distribution points.
- 46. Classifications of Consumer Products/Services Staple goods - Used often/regularly and are kept on hand. Examples: bread, toilet paper Impulse goods - Unplanned purchases. Examples: magazine or candy in a grocery store check-out aisle Emergency goods - Purchased to satisfy an immediate need. Example: Medicine purchased on the way to a sporting event to sooth a headache.
- 47. Classifications of Consumer Products/Services Specialty goods - Sought by a consumer who desires a specific brand or product. The consumer will not accept a substitute. The consumer may have saved money for long period of time before purchasing or may have to borrow money to purchase. Examples: Rolex watch, house, boat.
- 48. Classifications of Consumer Products/Services Pure services: Activities performed that do not include a tangible product. Non-goods services - Personal/professional service for a fee. Example: tax preparation. Owned-good services - Activities that alter, improve, or repair products already owned. Example: dry cleaning, appliance repair service. Rented-good services - Provide a product to use for a brief period for a fee. Example: carpet cleaners, movie rental.
- 49. Product related services Activities offered with or to compliment a product. Examples: warranties, alterations.
- 50. Shopping goods Products that usually require a great deal of time & effort for the purchase decision. Consumers search and compare similar products prior to purchase. Clothing items and hardware or appliances are often considered shopping goods.