Marketing

Business Challenges and Opportunities

Globalization Technological Advances Deregulation of the economic sector

Marketing

deals with identifying and meeting human and social needs

3 Stages or Forms of Marketing

Entrepreneurial Formulated Intrepreneurial

Marketing

the task of creating, promoting, and delivering goods and services to consumers and businesses

Types of Entities/Offering marketed by marketers

Goods Services Experiences Events persons

Places Properties Organizations Information Ideas

Marketing

Marketers seek to influence the level, timing and composition of demand.

Demand States and Marketing Tasks

Negative No Latent

Declining Irregular Full Overfull Unwholesome

Analyze why the market dislikes the product Connect the benefits with the persons needs & interests Develop goods and services to satisfy the demand Causes of the decline Alter the pattern of demand Maintain the current level Demarket Get people to give up

4 Types of Market

Consumer companies selling mass consumer goods and services Business companies that sell business goods and services Global companies that sell goods and services in the global marketplace Nonprofit and Governmental Markets companies that sell goods to nonprofit organizations

Marketing

Social

A societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

Managerial

the art of selling products

Marketing Defined

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 (AMA)

Marketing Management

The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Core Marketing Concepts

Target Markets and Segmentation Marketers and Prospects Needs, Wants and Demands Product Offering Value and Satisfaction Exchange and Transactions

Relationships and Networks Marketing Channels Supply Chain Competition Marketing Environment Marketing Mix

Core Marketing Concepts

Target Markets and Segmentation

Identifying and profiling distinct groups of buyers Demographic Psychographic Behavioral differences Offering is positioned in the minds of the consumers Market physical place where buyers and sellers gather to exchange goods; collection of buyers and sellers who transact over a particular product or product class Marketplace and marketspace Metamarket

Core Marketing Concepts

Marketers and Prospects

Marketer seeks a response from another party, called prospect.

Needs, Wants and Demands Product or Offering

Product - any offering that can satisfy a need or want

Ratio between what the customer gets and what he gives

Value and Satisfaction

Core Marketing Concepts

Exchange and Transactions

Involves obtaining a desired product from someone by offering something in return. 5 conditions

2 parties Has something that might be of value to other party Capable of communication and delivery Free to accept or reject the exchange offer Appropriate or desirable to deal with the other party

Transaction is a trade of values between two or more parties Transfer gifts, subsidies, etc.

Core Marketing Concepts

Relationship Marketing aims to build long-term

mutually satisfying relations with key parties to earn and retain long-term preference and business.

Marketing Channels medium to reach TM

Communication deliver and receive messages Distribution physical and service distribution Dialogue email and toll free numbers Trade distributors, wholesalers, retailers

Core Marketing Concepts

Supply chain describes longer channel from raw
materials to components to final products

Competition includes all the actual and

potential rival offerings and substitutes that a buyer might consider

Brand similar product and services to the same customers at similar prices Industry all companies making the same product Form products supplying the same service Generic companies that compete for the same consumer dollars

5 Competing Concepts in Conducting Business

1. Production Concept 2. Product Concept 3. Selling Concept

4. Marketing Concept
5. Societal Marketing Concept

5 Competing Concepts in Conducting Business

1. Production Concept

Consumers will prefer products that are widely available and inexpensive Consumers are more interested to have the product than its features

5 Competing Concepts in Conducting Business

2. Product Concept

Consumers will favor those products that offer most quality, performance or innovative features Product-oriented companies often design their products with little or no customer input

5 Competing Concepts in Conducting Business

3. Selling Concept

Consumers and businesses will ordinarily not buy enough of the organizations products. There is a need to undertake an aggressive selling and promotion effort

5 Competing Concepts in Conducting Business

4. Marketing Concept

The key to achieving its organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets

Marketing Concept

1. Target Market 2. Customer Needs

4 Pillars of the Marketing Concept

Stated Real Unstated Delight Secret

3. Integrated Marketing 4. Profitability

Marketers can be classified in terms of being responsive, anticipative and creative.

Marketing Concept
Integrated Marketing integration and
union of all the companys departments to serve the customers interests. 2 Levels Marketing Functions sales, advertising, customer service, product management, marketing research Marketing embraced by other departments
External Internal

5 Competing Concepts in Conducting Business

5. Societal Concept

The organizations task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumers and the societys wellbeing