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Marketing Management

Marketing Management

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Published by: api-3801857 on Oct 17, 2008
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04/10/2014

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1
CONTENTS
UNIT \u2013 I
Lesson 1.1
Introduction to marketing
Lesson 1.2
Marketing concepts
Lesson 1.3
Marketing process
Lesson 1.4
Marketing environment
Lesson 1.5
Buyer Behaviour
Lesson 1.6
Market segmentation, targeting and positioning
Lesson 1.7
Introduction to marketing mix

Answer key
Glossary of terms
References

2
Unit \u2013 I
Lesson 1.1
Introduction to Marketing
Objectives
In this lesson, we will introduce you to the business function of marketing. After you
work out this lesson, you should be able to:

\ue000Define marketing and the utility (value) it creates for the customer
\ue000Trace the origin of marketing and explain how it has evolved
\ue000Describe the elements of a marketing strategy
\ue000 Understand the scope of marketing

In this lesson, we will discuss the following:

\ue000 What is marketing?
\ue000Evolution of marketing
\ue000 Marketing framework
\ue000Extending the traditional boundaries of marketing
\ue000Functions of marketing

Introduction

Production and marketing of goods and services are the essence of economic life in any society. All organizations perform these two basic functions to satisfy their commitments to their stakeholders \u2013 the owners, the customers and the society, at large. They create a benefit that economists call utility which is the want-satisfying power of a good or service. There are four basic kinds of utility \u2013 form, time, place and ownership utility. Form utility is created when the firm converts raw materials and component inputs into finished goods and services. Although marketing provides important inputs that specify consumer preference, the organization\u2019s production function is responsible for the actual creation of form utility. Marketing function creates time, place and ownership utilities. Time and place utility occur when consumers find goods and services available when and where they want to purchase them. Online retailers with 24*7 format emphasize time utility. Vending machines focus on providing place utility for people buying snacks and soft drinks. The transfer of title to goods or services at the time of purchase creates ownership utility.

3
Type
Description
Examples
Responsible
function
Form

Conversion of raw
materials and
components into finished
goods and services

Pizza made from
several ingredients
Production
Time

Availability of goods and services when consumers want them

Dial-a-pizza;
delivery guaranteed
in 30 min.
Marketing
Place

Availability of goods and
services where
consumers want them

Delivery at your
doorstep
Marketing
Ownership
(possession)

Ability to transfer title to
goods or services from
marketer to buyer

Pizza sales (in
exchange for rupees
or credit card
payment)

Marketing

To survive, all organizations must create utility. Designing and marketing want- satisfying goods, services and ideas is the foundation for the creation of utility. Management guru, Peter F.Drucker emphasized the importance of marketing in his classic book, The Practice of Management as:

\u2018If we want to know what a business is, we have start with its purpose. And its purpose must lie outside the business itself. In fact, it must lie in society since a business enterprise is an organ of society. There is one valid definition of business purpose: to create a customer\u2019.

How does an organization create a customer? Guiltinan and Paul explain it this
way:

Essentially, \u2018creating\u2019 a customer means identifying needs in the marketplace, finding out which needs the organization can profitably serve and developing an offering to convert potential buyers into customers. Marketing managers are responsible for most of the activities necessary to create the customers the organization wants, These activities include:

\ue000Identifying customer needs
\ue000Designing goods and services that meet those needs
\ue000Communication information about those goods and services to

prospective buyers

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