Professional Documents
Culture Documents
Concepts
Dr.Sita Mishra
Learning Objectives
Define marketing
Outline the steps in the marketing
process.
Identify the core marketplace concepts.
Discuss the marketing management
orientations that guide marketing strategy.
Describe the major trends and forces that
are changing the marketing landscape in
this new age of relationships.
The New Economy
– Increased buying power.
– Greater variety of goods and services.
– Increased information.
– Enhanced shopping convenience.
– Greater opportunities to compare
product information with others.
The New Economy
Websites can provide companies with powerful
new information and sales channels.
Companies can collect fuller and richer
information about markets, customers,
prospects and competitors.
Companies can facilitate and speed up
communications among employees.
Companies can have 2-way communication
with customers and prospects
The New Economy
Companies can send ads, coupons, samples,
information to targeted customers.
Companies can customize offerings and
services to individual customers.
The Internet can be used as a communication
channel for purchasing, training, and
recruiting.
Companies can improve logistics and
operations for cost savings while improving
accuracy and service quality.
What is Marketing
Simple Definition: Marketing is managing
profitable customer relationships.
Goals:
Attract new customers by promising
superior value.
Keep and grow current customers by
delivering satisfaction.
The AMA managerial definition:
Wants – Needs
become wants
when they are
directed to
specific objects
that might satisfy
the need.
This is Demand
Wants Buying Power
“Demand”
Need / Want Fulfillment
Needs and Wants
Fulfilled through a
Marketing Offer :
Some combination of
products, services,
information, or
experiences offered
to a market to satisfy
a need or want.
What Satisfies Consumers’ Needs and Wants?
Products
nything that can be Offered to a Market to Satisfy a Need or Want
Information Ideas
Services
Activity or Benefit Offered for Sale That is Essentially
Intangible and Does Not Result in the Ownership of Anything
Product as an idea
Products do not have
to be physical
objects.
Here the “product” is
an idea—protecting
animals.
Core Marketing Concepts
Target markets & segmentation
– Differences in needs, behavior,
demographics or psychographics are
used to identify segments.
– The segment served by the firm is
called the target market.
– The market offering is customized to
the needs of the target market.
Marketplace, Marketspace,Metamarkets
Customer Value
Customer Satisfaction
Exchanges Transactions
Relationships
Building a Marketing
Network Consisting of
The Company and All
Its Supporting
Stakeholders
Relationship Marketing
Four key constituents for marketing are:
Customer
Marketing Partners ( channel, suppliers,
distributors, dealers and agencies)
Employee
Members of financial community (shareholders,
investors)
The development of strong relationships requires
an understanding of the capabilities and
resources of different groups, as well as their
needs, goals and desires.
What is a Market?
The set of actual and potential buyers
of a product.
4 A’s 4 S’s
Acceptability Solution
Affordable Sense
Accessible Spread
Awareness Supports
PACS Matrix
Product Acceptability Customer Sol Solution
Price Affordable Cost Sense
Place Access Convenience Spread
Promo Awareness Communicate Support
SIVA approach
Solution: How appropriate is the solution to the
customers problem/need
Henry Ford
Product Concept
Consumers will favour those products
that offer the most quality, performance,
or innovative features.
Therefore, improve quality, performance
and features.
This would lead to increased sales and
profits.
Marketing Myopia
To overcome this
-Be customer led
-Whole company must
have market orientation
-Management must be
visionary and pro-active
The Selling Concept
Consumers , if left alone , will not buy
enough of company’s products.
Internal
Marketing Integrated
marketing
Holistic
Marketing
Social
Relationship
Responsibility
Marketing
Marketing
Environment Channels
Legal
STATE OF DEMAND AND
MARKETING TASK
State of demand Marketing task
Negative Demand •Conversional Mktg.
No Demand •Stimulational Mktg.
Latent Demand •Developmental Mktg.
Falling Demand •Remarketing
Irregular Demand •Synchro-marketing
Full Demand •Maintenance Mktg.
Overfull Demand •De-marketing
Un-wholesome •Counter-marketing
Demand
Four Levels of Competition
Generic competition
Form competition
Industry competition
Brand competition
How Business and Marketing are Changing/
Marketing themes in the new economy
Changing Technology
Globalization
Customer Empowerment
Customization
Customer relationship marketing
Customer lifetime value
Target marketing
Integrated marketing communication
Channels as partners
Every employee a marketer
WHAT IS MARKETING
MANAGEMENT ?
Marketing Management is the analysis,
planning, implementation and control of
programs designed to create, build and
maintain beneficial exchanges and
relationships with target markets for the
purpose of achieving Organisational
objectives.
Shifts in Marketing Management
From Marketing does the marketing to
Everyone does the marketing
From organizing by product units to
organizing by customer segments
From making everything to
buying more goods and services from outside
From using many supplier to
working with fewer suppliers in a partnership
From relying on old market positions to
uncovering new ones
From focusing on shareholders to
focusing on stakeholders
Shifts in Marketing Management
From emphasizing tangible assets to
emphasizing intangible assets
From building brands through advertising to
building brands through integrated communication
From offline to online
From mass market to target market
From focusing on profitable transactions to
focusing on customer lifetime value
From focus on gaining market share to
focus on building customer share
From being local to being “Glocal”
Other Concepts in Marketing
Green marketing
Neuro marketing
Ambush marketing
Permission marketing
Contextual marketing
Buzz marketing (WOM)
Viral marketing
Stealth marketing
Experiential marketing
Guerilla marketing
Covert advertising
Surrogate advertising