DEFINING MARKETING FOR THE 21st CENTURY

Prepared By,
Mr. Nishant Agrawal
Social Definition

Marketing is a societal process by which individuals and groups

obtain what they need and want through creating, offering and
freely exchanging products and services of value with others

Definition

Marketing is the process of planning and executing the

conception, pricing, promotion and distribution of ideas, goods
and services to create exchanges that satisfy individual and
organizational goals.

Marketing is about identifying and

Meeting human and social needs
Kotler Definition

Marketing Management is the Art and Science of choosing target

markets and getting, keeping and growing customers through
creating, delivering and communicating superior customer value.
 GOODS PLACES

SERVICES
EXPERIENCES EVENTS
PERSONS
PROPERTIES
INFORMATION

ORGANIZATIONS
IDEAS
 Goods
• Physical goods.
• Indian Market cars , trucks, television sets, machines tools, machines,
watches, cosmetics etc

 Service
 It includes work of airlines, hotels, accounts, bankers, lawyers, engineers,
doctors, software programmers etc

 Events
 Market promotes time based events. Such as trade show, artists
performance, workshops, exhibition etc

 Experience
 Several services and goods amusement park or water park, customer enjoy
thrill provided by these experience
 Persons
 Artist, CEO, musicians, financiers, lawyers also get help from
celerity marketers. Ex. Salman Thumps Up

 Places
 Cities, states, nations compete to attract tourists, residents and
factories, etc. Tourism is Best Example of Place Marketing

 Properties
 They are bought and sold and these exchange required
marketing.
 Organization
 It works to build a strong , favorable and unique image in the
mind of their target public.

 Information
 The production, packaging and distribution information are
major industries. Information is essential.

 Ideas
 Every market offering includes a basic idea. Product and service
are platforms for delivering some ideas.
 Marketing has important role in influencing attitude and
behaviors.
 • Consumer dislike the product and may even
Negative Demand pay to avoid it

• Consumer may be unaware of or

No Demand uninterested in the product

• Consumer may share a strong need that

Latent Demand cannot be satisfied by an existing products.

• Consumer begin to buy the product less

Declining Demand frequently or not at all

• Consumer purchase vary on a seasonal,

Irregular Demand monthly, week, daily, or even hourly basis

• Consumer are adequately buying all product

Full Demand put into the marketplace

• More consumers would like to buy the

Overfull Demand product than can be satisfies.

• Consumer may be attracted to products that

Unwholesome Demand have undesirable social consequences.
 Marketplace Marketspace Metamarket

Physical Digital Cluster of

complementary
products

Store Internet
Spread across a
diverse set of
industries

Automobile
Metamarket describe a cluster of
complementary Product and service
closely related in minds of consumers
Needs, Wants and Demands
• Needs – Basic Human Requirements
• Wants – Directed at specific objects
• Demands – Backed by ability to pay

Target Markets, Positioning & Segmentation

Offerings and Brands

• Offering – Value Proposition made Tangible
• Brand – Offering from a known source

Value & Satisfaction

• Value – Benefits
• Customer Value Triad (Combination of QSP) – Quality, Service
and Price
• Satisfaction – Product’s perceived performance

Marketing Channel
• Communication Channel – Deliver & Receive message
• Distribution Channel – Display, sell & Deliver
• Service Channel – Carry out transactions
Needs, Wants and Demands
• Needs become wants when they are directed to specific
objects that might satisfy demand.
• Indian needs foods but may want chapattis, rice etc.
American needs food but may want rice, carrot, Salad etc.
• Wants are shaped by our society.
• Demands are wants for specific products backed by ability
to pay. Many people want BMW but only few are able to
buy one.
The Production Concept

• Oldest Concept
• Consumers will prefer products that are widely available &
Inexpensive
• Concentrate on achieving high production efficiency, low
costs and mass distribution
• Eg: - Largest PC maker Lenovo

The Product Concept

• Consumers favor products that offer most quality,

performance and innovative features.
• Make superior products and improve them over time.
 The Selling Concept

• Consumers, if left alone, wont buy enough of the

organization’s products.
• Must undertake an aggressive selling and promotion effort.
• Practiced most aggressively with unsought goods.
• Eg:- Insurance
• Aim is to sell what they make rather than make what the
market wants.

The Marketing Concept

• Customer Centered instead of Product Centered.

• Not to find right customers for your products, but to find
right products for your customers.
• Eg:- Dell
• Reactive Market Orientation – Understanding and meeting
customers’ expressed needs
• Proactive Market Orientation - Understanding and meeting
customers’ hidden needs
 Senior Mgmt Products & Services
Marketing Other Depts Communications Channels
Dept

Internal Integrated
Marketing Marketing

Holistic
Marketing
Concept

Performance Relationship
Marketing Marketing
Commodity
Legal
Environment
Sales Revenue Ethics Customers Partners
Brand & Customer Channel
Equity
• Holistic marketing concept is a part of the series on concepts of
marketing and it can be defined as a marketing strategy which
considers the business as a whole and not as an entity with various
different parts.

• According to holistic marketing concept, even if a business is made

of various departments, the departments have to come together to
project a positive & united business image in the minds of the
customer.

• The process of holistic marketing takes into account the

considerations of stakeholders, customers, employees, suppliers &
the community as a whole when creating and implementing
marketing strategies.
1. Relationship Marketing
• Build strong, long-lasting relationships with various stakeholders

• It is a form of marketing that emphasizes customer retention and

satisfaction

• It differs from other forms of marketing in that it recognizes the long

term value of customer relationships

2. Integrated Marketing
• All activities within integrated marketing including advertising,
public relations, direct marketing, online communications
and social media marketing work in sync with one another to
ensure the customers & business partners have the same
3. Internal Marketing
• Internal marketing ensures that employees are satisfied with the work they
perform each day as well as the philosophy and direction of the organization as a
whole.
• Greater satisfaction among employees leads to increased customer satisfaction
over time.
• The objective is to reduce departmental conflicts among the various business arms
within a single organization.

4. Performance Marketing
• It require understanding of financial and nonfinancial return to business and
Socially Responsive Marketing activities.
• Company should take into consideration what is in the best interest of society in
the present and long term.
• Socially responsible companies should aspire to produce desirable products.
• Desirable products provide immediate satisfaction and long term benefits.
Understand four Ps (Marketing Mix)

Product

Promotion 4Ps Price

Place
1. Product
• A product is seen as an item that satisfies what a
consumer demands. It is a tangible good or an
intangible service.
• marketer must also consider product development
strategies and product life cycle.
2. Price
• The amount a customer pays for the product. The
price is very important as it determines the
company's profit
• The marketer should set a price that complements
the other elements of the marketing mix.
3. Place
• providing the product at a place which is convenient for
consumers to access.
4. Promotion
• All of the methods of communication that a marketer may
use to provide information to different parties about the
product.
• It comprises elements such as: advertising, public
relations, sales organisation and sales promotion.

5. Physical evidence
6. People
7. Process
Developing Marketing Strategies & Plan

Capturing Marketing Insights

Connecting with Customers

Building strong brands

Shaping the market offering

Delivering Value

Communicating Value

Creating Long-Term Growth

 Nature of Marketing Management
1) It Combines the Fields of Marketing and Management

• As the name implies, marketing management combines the fields of marketing

and management.

• Marketing consists of discovering consumer needs and wants, creating the

goods and services that meet those needs and wants; and pricing, promoting,
and delivering those goods and services.

2) Marketing Management is a Business Process

• MM is a business process, to manage marketing activities in profit seeking and

non profit organisations at different levels of management, i.e. supervisory,
middle-management, and executive levels.

• MM decisions are based on strong knowledge of marketing functions and clear

understanding and application of supervisory & managerial techniques.
3) Marketing Management is Both Science and Art

• “Marketing management is art and science of choosing target

markets and getting, keeping and growing customers through
creating, delivering and communicating superior customer value.” .
• Marketing management is a science because it follows general
principles that guides the marketing managers in decision making.
The Art of Marketing management consists in tackling every situation
in an creative and effective manner. Marketing Management is thus a
science as well as an art.
 Assignments

1. What is marketing management? Explain different marketable entities

with suitable examples.
2. What is Managing Holistic Marketing Organization? Explain in detail
3. Define Marketing. Differentiate between Marketing and Selling with
suitable example(s).
4. Trends and forces defining the 21st century indicate that Holistic
Marketing will be the future of Marketing. List and explain the four broad
components of Holistic Marketing with relevant examples
5. Explain the basic philosophies of marketing.
6. Explain the nature and scope of marketing management
 Thank You..!!

“Success is walking from failure to

failure with no loss of
enthusiasm”