Defining Marketing for the New

Realities

Week 2
 MARKETING MANAGEMENT
Book - Marketing Management (2015, Pearson)
 Discussion Questions

 Why is marketing important?

 What is the scope of marketing?
 What are some fundamental marketing concepts?
 How has marketing management changed in recent years?
 What are the task necessary for successful marketing management?
 What is Marketing?
Marketing is the management process that identifies, anticipates and satisfies
customer requirements profitably (The Chartered Institute of Marketing).

The right product in the right place at the right time at the right place
(Dennis Adcock)

Marketing is an organizational function and a set of processes for creating,

communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders.
 What is Marketing Management ?
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.

• What customers will we serve?

• How can we best serve these customers?
 What is Marketed?
Goods: Physical / tangible goods e.g. cars, grocery, mobile, etc.
Services: Intangible e.g. insurance, education, hotels, legal firms etc.
Events: Marketed the famous events e.g. new year celebration, Olympics, Oscar, Expo 2021 etc.
Experiences: create, stage and market experience e.g. Disney world, Malls, adventure travels etc.
Persons: build brand for a CEO, celebrity e.g. Steve jobs, Malik Riaz, Politicians, celebrities et
Places: attract tourism, certain places e.g. cities, state, nations, etc.
Properties: Intangible rights of ownership e.g. real estate property, sticks and bonds
Organizations: unique image, brand equity e.g. Nike, State Bank of Pakistan, Iqra University etc.
Information: marketed information e.g. Geo, PV, The Dawn, You Channels, websites etc
Ideas: innovation e.g. Iphone, cars, smart phones etc.
 Types of Demand
1) Unwholesome.
Consumer does not like the product but want it badly e.g. alcohol, cigarettes, pirated movies.
2) Negative.
 Product is disliked by customer though have benefits e.g. insurance, full body checkup
3) Irregular.
 Higher demand at specific period of time e.g. umbrella, air-conditioners etc.
4) Declining.
 When new product come and demand for older one is reduced e.g. IPoD >>> CD Players
5) Nonexistent.
 Consumer may be unaware or uninterested in the product e.g. insurance products
6) Latent.
 Demand which the customer realize later.
7) Full.
 Maintain the same level of interest e.g. Apple, smart phones, web series etc.
8) Overfull.
 Company manufacturing capacity is limited but demand is more e.g.
 Key Customer Markets
Global Markets
 To analyze global market; what is the need of a country (product and service can fulfill by
MNC)
 e.g. MI launches phone; first sell in china and then analyze the audience and sell it.
Customer Markets
 Directly sell to the market
 e.g. Amazon, Big Bazar, Daraz etc.
Business Markets
 Directly deal with business; one business directly interact with other business
 e.g. office equipment's; B2B etc.
Nonprofit/Government markets
 Directly deal with the government and non-profit organizations
 Marketing Concepts
1) Production Concept
 Consumers will favor products that are available and highly affordable
 Mass production and mass distribution in the market.
 In short, it will all about to produce more and earn more.
2) Product Concept
 Consumer will buy product that offer quality, performance & features.
 Companies focus on continuous product improvements.
 In short, earn more by providing quality products with unique features at lower cost.
3) Selling Concept
 After Great Depression, companies introduced sales force for large scale selling and prom
otion effort.
 In short, focus on creating sales-transactions rather than long term profitable relationship.
4) Marketing concept
 Focus on the needs and wants of target markets and delivering the desired satisfaction bet
ter than competitors.
 In short, understand customer needs and provide right product.
 Holistic Marketing Dimensions

Holistic Marketing.
A business marketing philosophy which
considers business and all it parts as one
single utility.
- All the marketing forces act in one
direction to achieve any certain goal like
different parts of human body.
 Core Marketing Concepts
• Developing marketing strategies
• Capturing marketing insights
• Connecting with customers
• Building strong brands
• Shaping market offerings
• Delivering value
• Communicating value
• Creating long-term growth