Professional Documents
Culture Documents
What is Marketing??
Selling? Advertising? Promotions? Making products available in stores? Maintaining inventories?
Marketing Management
Session 1,2,3
Marketing
Marketing 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
American Marketing Association
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Sales Concept
Can we sell the product? Can we charge enough for it?
Marketing Concept
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Marketing Concept
What do customers want? Can we develop it while they still want it? How can we keep our customers satisfied? In response to these discerning customers, firms began to adopt the marketing concept, which involves: Focusing on customer needs before developing the product Aligning all functions of the company to focus on those needs Realizing a profit by successfully satisfying customer needs over the long-term
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Industry
(a collection of sellers)
Market
(a collection of Buyers)
Goods/services Money
Communication Information
Marketing = ?
_ Marketing
is the sum of all activities that take you to a sales outlet. After that sales takes over. _ Marketing is all about creating a pull, sales is all about push. _ Marketing is all about managing the four Ps
_ product _ price _ place _ promotion
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Marketing Environment
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Sales
trying to get the customer to want what the company produces
Marketing
Pure tangible goods Wheat ,sugar, soap, cosmetic etc. Tangible good Accompanied service Computer, cars air conditioners, machinery-after sales service Major service accompanying minor goods & service Beauty saloon providing cosmetics Child care centers providing baby food. Pure service Surgery, consultancy teaching
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Who is a Customer ??
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Anyone who is in the market looking at a product / service for attention, acquisition, use or consumption that satisfies a want or a need
CUSTOMER IS . . . . .
CUSTOMER has needs, wants, demands and desires Understanding these needs is starting point of the entire marketing These needs, wants arise within a framework or an ecosystem Understanding both the needs and the ecosystem is the starting point of a long term relationship
Value = Benefit / Cost Benefit = Functional Benefit + Emotional Benefit Cost = Monetary Cost + Time Cost + Energy Cost + Psychic Cost
Strategic Marketing
Strategic marketing management is concerned with how we will create value for the customer Asks two main questions _ What is the organizations main activity at a particular time? Customer Value _ What are its primary goals and how will these be achieved? how will this value be delivered
Strategic Planning
_ Also _ All _ Can
called Strategic Management Process organizations have this be Formal or Informal Strategic Planning is the managerial process of creating and maintaining a fit between the organizations objectives and resources and the evolving market opportunities.
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External environment (Opportunity & Threat analysis) Internal Environment (Strength/ Weakness analysis) Business Mission Goal Formulation
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Strategy Formulation
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Environmental Analysis Competitor Internal Analysis Customer Supplier Regulatory Social/ Political Technology Know-How Manufacturing Know-How Marketing Know-How Distribution Know-How Logistics Strength & Weaknesses Identity Core Competencies Opportunities & Threats Identify opportunity Fit internal Competencies with external opportunities Firm Strategies
Marketing Strategy
Product Promotion Place/Distribution Price
Marketing Mix
Why a product like radio declined and now once again emerging as an entertainment medium ?
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New and more efficient companies are able to upstage leaders in a much shorter period.
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The macro-environment
is the assessment of the external forces that act upon the firm and its customers, that create threats & opportunities
The 4 Ps
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