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Marketing Concepts

Marketing Concepts

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Published by: anon-665188 on Sep 04, 2008
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12/10/2012

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NMIMS, 2007-08(Concepts & Environment)Marketing ConceptsNeeds, Wants, DemandsNeeds Wants DemandsWhatDeprivation obasic,satisfactionExisting, fewSpecific satisfiers of deeperneedsWants are manySpecific Wants forproducts Wants +purchasing powerAbility & willingnessInfluencersNatural, notcreatedShaped by Social-family,friends,Peers or Institutional-PromotionShaped by status,AspirationsInstances Food, clothing,belongingNeeds food-Wants McdonaldsNeeds clothes-Wants AllenSollyNeeds Car/TV, WantsLuxury Sedan/flat, Aswilling + able,Demand Benz/Plasma TVMarketers Existing,minimuminfluence,
House
Influence wants,Affordable&available Bankloan, EMls
3 Bed Room
Influence demand bymaking productattractive/aspirational,Status
Duplex /BungalowProduct
-Offered to satisfy needs / wantsProduct-tangible eg
Books
; Service-Intangible eg
Banking, Finance, Hospitality 
Products also deliver services eg
car-product & transportation-service, Mobile
Focus on products sans service risky eg
TV, Fridge, AC without back-up ServiceTeam-Risky 
Brand-
An identifying symbol/words/mark distinguishing a product/company fromits competitors.Branding is an essential part marketing.Brand = (Functional + Economic + Emotonal) Value Propositions.Nokia-
Functional, Amul- Economic, Saffola- Emotional
Value Proposition
- Bundle of benefits the product provides to fulfill customerneeds and wants
Market
(
mercor-to buy Latin
)Potential + Existing customers sharing a common need/want, able & willing toengange/enter in exchange to satisfy their needs/wants Eg PharmaMarket=Doctors + Hospital + TradeEconomics-Buyers+ Sellers= Market, Marketers – Sellers is industry, Buyers isMarket
Value 
(
valere – latin – worth)-
Consumer’s estimate of the utility/capacity of a product/brand to satisfy theirneeds. Fair return.
Price is what you pay, value is what you get-
Warren Buffet 
Mobiles-convergence
Customer
-One who buys goods or services-Mother
Consumer
-One who consumes, but may or may not have purchased-Kid
Client
-A customer/consumer/ party who pays for professional services-Lawyer,Hotel, Consultancy
 
NMIMS, 2007-08(Concepts & Environment)
Prosumer
: Producing consumers, active, regular and influencing consumers whoalso initiate feedback
Customer satisfaction
: Core- Quality, service, value; Desire (Within an armslength of desire- coke), customer delight (kingfisher airline), delivery (blue dart),service (icici bank, taj)
Marketing
Marketer
Mix + Strategy
Brand
Value
Customer
Mission
: Create a difference between company’s & competitors offeringon a/an attribute/s important to customers, to provide value, Scope.
Identifying, creating, managing demand to provide value to a customer fora profit –
Kotler
Mgmt process that identifies, anticipates, satisfies customer requirementsprofitability –
CIM
 The right product, in the right place, at the right time, at the right price –
Adcock 
Marshalling organizational resources to meet changing needs of thecustomer –
Palmer
Marketing is far too important to leave to the marketing department”,David Packard (HP) 1950
Concept
- Satisfaction of the Customer & their needs, focus of businessactivities.
IBM
Philosophy
- Owned by everyone from within the organization
Marketing is not only much broader than selling, but not a specializedactivity at all. Marketing encompasses the entire business. The wholebusiness seen from the point of view of the customer. Concern &responsibility for marketing must therefore permeate all areas of theenterprise. A business has only 2 basic functions that produce result,marketing and innovation, the rest are all costs –
Peter Drucker
“if marketing is seminally about anything, it is about .. differentiating whatyou do and how you operate. All else id=s derivative of that and only that.
Theodore Levitt 1986
Holistic marketing
: From product to customer focus, from sellingproducts to satisfying customers, visualizing broader ways to servecustomers and assess how all departments affect customers satisfaction-delivery, service, performance
Reserve marketing
: Customer initiatives help design products marketingmix – PCs, Travel
Experiential marketing
: Customer experience/ simulate product beforebuying foods, CDs
Planning 
Process of anticipating future events & conditions to determine thebest way to achieve organizational objectives
Marketing planning
- Implementing planning activities to achievemarketing objectives
Strategic planning
- Adopting courses of action to achieve organizationalobjectives
Tactical planning
- Planning that guides the implementation of activitiesin the strategic plan
 
NMIMS, 2007-08(Concepts & Environment)
Management
(
Manus – Hand Latin
) – Optimal utilization of resources to achieveobjectives eg
Electricity 
Management is doing things right,
 leadership
is doing right things – 
Peter Drucker 
Manager-
Responsible for application & performance of knowledge-
PeterDrucker
Marketing Management
- Demand management
Dimensional Differentiation of Selling VS MarketingDimensionSelling Marketing
1
Concept
Integral part oMarketingBroader concept, Includes Selling,Brand, MR, Distribution, Promotion,Strategy, etc2
Objective
 Transaction Exchange, Customer & Demandmanagement3
Target
Buyer Needs/wants of the Customer4
Focus
Product Brand/Service5
USP
Price Value6
Strategy
Sales force &PromotionMarketing Mix7
Period
Short termLong term8
Controls
Sales, delivery,collectionCustomer Satisfaction, Market Share9
Skills
Selling,CommunicationAnalytical10
Orientation
People Team11
Begins
When you have aproductMuch before and long after a produst
Organizational Orientation
Production-
PSUs
Product-
Infosys
Selling-
Sansui
Marketing-
Hutch
Finance-
SBI
Service-
ICICI
Marketing EnvironmentM8 +C5 + PESTND (Case – Mobile Industry)
Surrounds & impacts the organization, 3 key perspectives- Macro, Micro andInternal environments.Environment
InternalMicroMacroInternalEnvt-M8-8 Ms6CsPESTND
Important forMenComponentsPolitical managingchange

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