Understanding of Articles, Chapter -1(Kotler) and Session-1 on Marketing 1.

What is Marketing An exchange through which goods, services, ideas etc. are created, communicated and delivered and thus creating customer value .Value (tangible & intangible benefits)is benefits of products bought g at a cost from seller/company.

Customers Needs identification

Create a product to fulfil the need

Communicate to inform/persuad e & remind

Needs -(meets) Profit End Result: Creating Value for customers +Profit for company

Resulting in

Close the transaction with buying Money Flow

Interest arousal and prospects generation

Why Marketing? 1. Creating demand and thus generating profit. 2. Brand Building, creating Brand Value./loyalty. 3. To be ahead in competition .4.To know customer insights and meet needs of customer. Markets: The Market is generally a place to do the above transaction. Types of Marketing 1. Resource Market which supplies resources to manufacturing market for production of good. 2. Manufacturing market: who converts raw materials into product 3. Intermediary Market: who acts as middlemen b/w manufacturing and consumer market? 4. Consumer Market: a group who buys from intermediartary market for fulfilling their needs.

Reliance Store Marketplace

Reliance Estore/M-store Market space

Make My Trip.com Reservations+ Service Provider Ads+Insurance+Cab Service Banking Gateways Meta Market

Needs---Wants---- Food Hamburger

Demands Want + Ability to pay

Target Market, Positioning & Segmentation Segmentation: Group of individuals who are likely to buy the same product with a set of key attributes. Thus, their need is similar. Targeting: To understand the segmentation and companys goal and objectives to target the particular segment with its offering

Positioning: Product differentiation combined with segmentation which gives a brand image with respect to other competitors. Offering =Products +services+ Information + Experience Brand: Offering from known source which demands a premium for intangible benefits. Marketing Channels: Consist of distribution channels which delivers goods to customers, service channels like banking, logistics which provide support in the exchange and communication channel to reach the consumers. Marketing Mix: It is marketing tool to increases the probability of exchange to take place. 4Ps . Product: Attributes like variety, Quality, design, brand, Product line(length, breadth and depth) Price Discounts etc. Cost based/Value based/competition base pricing. 4Cs Customer Solution 3Ps (Service Industry) People Process Cost to buy the product

Physical Evidence: to tangiblize the intangible.

Place (Channels) Distributors, service providers

Convenience to customer

Promotion Advertising, direct marketing, Pull &Push strategies

Communicatio n to customer

Marketing Orientation: Approach to Market 1. Production Orientation: More production, lower cost and wider availability. 2. Product Orientation: Good Quality Product which will sell. 3. Selling Orientation: Aggressive selling is important. 4. Marketing Concept: Customer Oriented 5. Holistic Marketing: Which combines a) relationship Marketing: b/w different stakeholders b) Integrated Marketing: involving 4Ps.c) Internal Marketing: Involving every employee towards customer oriented) Performance Marketing which is measured on financial accountability like sales revenue and Social Responsibility.

Developing a Marketing Oriented Organization Objective: To develop market orientation in org. 1. Understand the different orientations existing in the company which can be conflicting by discussing with senior mgmt. 2. Different Audit methods to gauge the market effectiveness. Eg.Kotler Method: Customer Philosophy to know attitude towards customer needs, Integrated Marketing, Adequate marketing information, Strategic orientation, operational efficiency

Communicate the outcome to management 3. Develop plan to improve marketing orientation.eg.Marketing training, dev. Program, support& follow up programs. 3.1 Understand the organizational and cultural issues through tools like 7S Strategy, Systems, Skills, structure, style to understand strength and weakness. 3.2 Identify a champion who will be responsible for proper marketing. 3.3Conducting a needs analysis to identify the requisite the knowledge, attitude, skills development. 3.4. Develop Marketing Development program 3.5. Organize key support program like establish a marketing task force, hiring marketing talent etc to ensure successful installation of a marketing orientation. Key learning from Class Session 1. Understand key marketing concepts like goals, objectives, target market, positioning with the help of B-School Establishment Problem. 2. Kano Model of customer Satisfaction : customer can be categorised into 3 categories -: Attractiveness/Delight: when attributes presence satisfies but do not cause dissatisfaction when absent. One Dimensional: essential attributes whose absence causes dissatisfaction. Must Be: Basic Attribute whose presence doesnt affect but absence causes great dissatisfaction. Indifferent: No effect on both presence and absence. Reverse: High features may cause dissatisfaction among customers. Delighters/exciters: when the performance exceeds the expectation. Satisfiers: when the performance meets the expectation. Dissatisfiers: When the performance is below the expectation 3. From Slide: Expectation Disconfirmation Theory Performance + Expectation--+ve disconfirmation --Satisfied Performance + Expectation---ve disconfirmation --Dissatisfied 4. Dissatisfied Customer: Secretive Need of the customer. Segmentation based on demography, behaviour, psychology and geographical. Positioning of Brand, Communication strategy (Promotion) of the seller. Bad service can affect the brand loyalty. From Slide: Cognitive and affective Loyalty. Cognitive which depends upon relationship and trust. Affective which depends upon emotion. Came to know little about consumer complaining behaviour term.
5. Importance of 3P in service industry due intangibility, perishability, inseparability And variability. 6. Integrated Marketing Communication (IMC) to coordinating all the promotional and other marketing activities to present a consistent, clear message. Reference: th 1. Kotler , Keller ,Koshy & Jha , Marketing Management 13 Edition. 2. HBS, What is marketing? 3. Adrian Payne , Developing a Marketing Oriented Organization 4. Dissatisfied Customer Case Study. 5. Class Session PPT Marketing 6. http://en.wikipedia.org/wiki/Kano_model for Kano Model