Marketing

 
Dr. Umar Farooq Sahibzada

Assistant Professor
Air University
Chapter Questions
• Why is marketing important?
• What is the scope of marketing?
• What are some fundamental marketing
concepts?
• How has marketing management changed?
• What are the tasks necessary for successful
marketing management?
What is Marketing?

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.
(American Marketing Association Formal Definition)
What is Marketing?

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.
(American Marketing Association Formal Definition)
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 is Marketed?

• Goods • Places and properties

• Services • Organizations
• Events and experiences • Information
• Persons • Ideas
 Demand States
• Negative Demand • Irregular Demand
• Consumers dislike the • Consumers purchases vary on a
product e.g. Vaccination, Dental work seasonal, monthly, weekly, daily or
hourly e.g. Museums on week days, Travelling
• Nonexistent Demand Peak Off Peak time

• Consumers may be unaware • Unwholesome Demand

of the product e.g. Foreign Language • Consumers attracted to products
course
that have undesirable social
• Latent Demand consequences e.g. Cigarettes, Alcohol,
Drugs

• Consumers may share a

strong need that can’t be • Full Demand
satisfied with existing product • Consumers are adequately buying
e.g. Harm less cigarettes, Fuel Efficient cars all products.

• Declining Demand • Overfull Demand

• Consumers begins to buy the • More consumers would like to buy
product less frequently e.g. than can be satisfied.
churches, Govt. Schools
Key Customer Markets
• Consumer markets
• Business markets
• Global markets
• Nonprofit/Government markets
 Core Marketing Concepts
• Needs, wants, and • Marketing channels
demands • Communication Channels e.g.
Newspapers, Magazines Radio., Television, Mail,

• Target markets, Telephone, Billboards, Posters, Fliers, CDs, Audio

Tapes & Internet

positioning, • Distribution Channels e.g. Distributors,

Wholesalers, Retailers, & Agents
segmentation
• Supply chain
• Offerings and brands
• Competition
• Value and
satisfaction
• Marketing environment
• Customer value Triat • Task Environment e.g. Company,
Suppliers, Distributors, Dealers & Target
Quality, Service & Price (QSP) Customers

• Broad Environment e.g. Demographic,

PESTL

• Marketing planning
The New Marketing Realities
Major Societal Forces
• Network information technology
• Globalization
• Privatization
• Heightened competition
• Industry convergence
• Consumer resistance
• Retail transformation
New Consumer Capabilities

• A substantial increase in buying power

• A greater variety of available goods and
services.
• A great amount of information about
practically anything.
• Greater ease in interacting and placing and
receiving orders.
• An ability to compare notes on products and
services.
Company Orientations Toward The
Market Place
• The Production Concept
• Consumers will prefer products that are widely available &
inexpensive e.g. Lenovo, Haier etc.

• The Product Concept

• Consumer favor products that offer the most quality,
performance, or innovative features e.g. Rolex etc.

• The Selling Concept

• Consumers & businesses, if left alone, won’t buy enough of
the organization’s products e.g. Insurance, Encyclopedias etc.

• The Marketing Concept

• Emerged in mid 1950s Customer-Centered “Sense &
Respond” e.g. Dell Computer etc.
Marketing Mix and the Customer
Four Ps
• Product Four Cs
• Product Variety/Quality/ Design/
Features/Brand Name/ Packaging/
Sizes/Services/Warranties/Returns
• Customer solution
• Price • Customer cost
• List Price/Discounts/Allowances/
Payment Period/Credit Terms
• Convenience
• Place
• Channels/Coverage/Assortments/
Locations/Inventory/Transport
• Communication
• Promotion
• Sales Promotion/Advertising/Sales
Force/Public relations/ Direct Marketing
The Holistic Marketing Concept
• Relationship Marketing
• Relationship marketing is a strategy designed to foster
customer loyalty, interaction and long-term engagement.
• Integrated Marketing Communication
• Integrated marketing communication (IMC) is a process
for planning, executing and monitoring the brand
messages that create customer relationship.
• Internal Marketing
• Internal marketing is the task of hiring, training, and
motivating able employees who want to serve customers
well.
The Holistic Marketing Concept…
• Performance Marketing
• Financial Accountability Corporate Social Initiatives

• Social Responsibility • Corporate social

Marketing marketing
• Cause marketing
• Corporate philanthropy
• Corporate community
involvement
• Socially responsible
business practices
"Unless you try to do something beyond what you have
already mastered, you will never grow."
- Ronald E. Osborn

The End…