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Defining marketing for

the New Realities
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The value of Marketing

 Business can’t produce profit without marketing. The financial success is

depended on marketing abilities

 It helps in introducing new or enhanced products that ease people’s lives.

 Successful marketing builds demand for products and services, which in

turn creates jobs.

 Successful marketing allows firms to more fully engage in socially

responsible activities
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Scope of Marketing

Definition:
1. Marketing is about identifying and meeting human and social needs

2. AMA: Marketing is the activity , set of institutions and processes for creating,
communicating, delivering and exchanging offering that have value for customers,
clients, partners and society at larger.

3. We can distinguish between social definition and managerial definition of marketing

4. Social definition shows what role marketing plays in the society. It says that “
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.

5. Managerial definition says that “ marketing is the art of selling products”

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Definition of Marketing Management

 Definition: The process of overseeing and planning new product

development, advertising, promotion and scales.

 Important words:

1. Overseeing and planning

2. Advertising and promotion and scales

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What is Marketed
 Goods

 Services

 Events

 Experience

 Persons

 Places

 Properties

 Organization

 Information

 Ideas
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Markets
 Traditionally, a market was a physical place where buyers and sellers
gathered to buy and sell goods.
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Key customer market

 1. Consumer markets: includes consumers who purchase goods and services for
personal use

 2. Business markets: buy goods and services for further processing or use in their
production

 3. Global markets: A market in which goods and services of one country are traded
( purchased or sold) to people of other countries.

 4. Governmental market: A market which includes purchase by governmental units,

federal, state and local that procure or rent goods and services in carrying out the
main functions of the government. In other words it’s a market where the main
buyers are federal, state and local governmental organizations.
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Core Marketing Concepts

 Needs: Needs are the basic human requirements such as requirement

for food, water, clothing and shelter.

 Wants: These needs become wants when directed to specific objects that
might satisfy the need.

 Demand: Demand are wants for specific products backed by the ability to
pay.
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Core Marketing Concepts

 Target market : Marketers identify specific segments of buyers by identifying

demographic, psychographic and behavioral difference.

 Positioning: Positioning refers to the place that a brand occupies in the minds
of the customers and how it is distinguished from the products of the
competitors. Positioning can be on the basis of Quality and price

 Offerings: The intangible value provided to the customer by an offering, which

can be a combination of products , services, information and experience.

 Brand: A brand is the name, sign or symbol or combination of all that distinct
one product from other.
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Core Marketing Concepts

 Marketing channels: Communication channels used to deliver and receive

messages from target buyers and includes newspapers, magazines, radio,
television, mail, smart phone, billboards, posters, CDs and internet.

 Paid, Owned and Earned Media:

1. Paid media: TV, magazine, display ads , paid search, and sponsorship, all of which
allow marketers to show their ad or brand for a fee

2. Owned media: Communication channels marketers actually own, e.g brand

brochure, website, blog, Facebook page, Twitter, Instagram, LinkedIn.

3. Earned media: consumers voluntarily communicate something about the brand via
word of mouth, buzz or viral marketing methods.
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Core Marketing Concepts
 Impressions : When consumer view a communication, it generates an impression
in the minds of the customers about that specific product.

 Engagement: It is the extent of a customer’s attention and active involvement with

a communication. It also involves creating meaningful interactions over time.

 Value: A combination of quality, service and price that a customer obtain after
evaluation of the benefits and costs of one product when compared with others.

 Satisfaction: A person’s judgment of a product’s perceived performance in

relationship to expectations.

 Supply chain:
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Core Marketing Concepts

 Competition: All the actual and potential rival offerings and substitutes a
buyer might consider

 Marketing Environment: Marketing environment refers to all internal and

external factors, which directly or indirectly influence the organization’s
decisions related to marketing activities.
Marketing
environment

Broad environment
Task environment Consists of six component
Demographic environment, economic environment,
People engaged in producing, distributing and
social-cultural environment , natural environment,
promoting the offering.
technological environment and political-legal
environment.
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The New Marketing Realities

 Technology: Results into increased in e-commerce, e-business, social media presence.

 Globalization:
 By 2025 , annual consumption in emerging markets will be $30 trillion and will contribute more than 70
percent of global GDP.

 It has changed innovation and product development in which idea is originated at one part of the world and
implemented at second part of the world.

 Social Responsibility:

 Poverty, pollution, water shortage, climate change, wealth concentration all demand our attention.
 Case Study

Domino’s When two employees in Conover, North Carolina, posted a YouTube

video showing themselves preparing sandwiches while putting cheese up their noses and violating other
health-code standards, Domino’s learned an important lesson about PR and brand
communications in a modern era. Once it found the employees—who claimed the video was
just a gag and the sandwiches were never delivered—the company fired them. In just a few days, however,
there had been more than a million downloads of the video and a wave of negative publicity.
When research showed that perception of quality for the brand had turned from positive to negative in that
short time, the firm aggressively took action through social media such as Twitter,
YouTube, and others. After a distasteful video was posted online by two employees, Domino’s Pizza
learned a valuable lesson about the power of social media.

As Domino’s learned, in an era of connectivity, it is important to respond swiftly and decisively.

While marketers were coming to grips with this increasingly wired world, the economic recession
of 2008–2009 brought budget cuts and intense pressure from senior management to make every
marketing dollar count. More than ever, marketers need to understand and adapt to the latest
marketplace developments. At greatest risk are firms that fail to carefully monitor their customers
and competitors, continuously improve their value offerings and marketing strategies, or satisfy
their employees, stockholders, suppliers, and channel partners in the process.