Marketing

Marketing is the belt that connects the two major wheels of any economy namely, producers and consumers

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Marketing

Marketing is the management process responsible for : Identifying Anticipating and Satisfying Consumer requirement profitably

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Defining Marketing
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. - Philip Kotler (p. 7)

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Characteristics of Marketing
It is operational ( No gain without pains) It is customer oriented It is mutuality of benefits It is value driven It is proactive to the environment It covers both profit and non-profit making organizations

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Difference between market and marketing

Market

Marketing

A system or an atmosphere or a mechanism that facilitates buying or selling It is an outlet to let out the products Narrow concept Change

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Sum of all those activities that are related to the free-flow of goods from points of production to the points of consumption. It is a gigantic machinery to move the goods by creating utilities of place, time and ownership. Wider concept Consistent

Marketing

Selling

Involves the design of product acceptable to customers and transfer of ownership between the sellers and buyers Focus is on satisfying the wants of customers Customer-oriented process

Involves obtaining orders from customers and supplying them the products. Concerned with the sale of goods already produced Focuses on the need of the seller to convert products into cash Product-oriented process

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Marketing

Selling

Begins much before the production of goods and services. Continues even after sales (after-sale services) Has philosophical and strategic implications. Directed towards the long-term objectives of growth and stability. Marketing is selling

Comes after the production has been completed and comes around with the delivery of the product to the customer Tactical routine activity with a short-term perspective Is a part of marketing. Selling is not marketing

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Scope of Marketing

Areas of applicability
Goods Services Experiences Persons Events Places Organizations ideas

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Functions of marketing

Managerial

Planning function Organization function Staffing function Direction function Control function

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Functions of Marketing

Functional

Market research Buying Selling Standardization and grading Branding Transportation Storage and warehousing
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Functions of Marketing
Packaging Pricing Advertising Financing Risk taking Marketing information servicing

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Functions of Marketing Management

Assessing the marketing opportunities Planning the marketing activities Providing effective marketing organization Motivating the human side Evaluating and adjusting marketing efforts

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Core Concepts of Marketing

Needs, Wants, and Demands Product or Offering
Value, Cost and Satisfaction Exchange and Transactions Relationships and Networks Marketing Channels Supply Chain Competition

Marketing Environment
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Simple Marketing System

Communication

Industry (a collection of sellers)

Goods/services Money

Market (a collection of Buyers)

Information
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The Four Ps The Four Cs

Marketing Mix Product

Place
ConvenPromotion ience Communication

Customer Solution

Price Customer Cost

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Company Orientations Towards the Marketplace

Production Concept
Consumers prefer products that are widely available and inexpensive
Consumers favor products that offer the most quality, performance, or innovative features Consumers will buy products only if the company aggressively promotes/sells these products Focuses on needs/ wants of target markets & delivering value better than competitors

Product Concept

Selling Concept
Marketing Concept
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Company Orientations Towards the Marketplace

Societal Concept
Task of management is to identify and satisfy consumer wants In conformity with social interest

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Concept

Nature

Activities

Output

profits

Production

Emphasis on large production Emphasis on quality product Emphasis on selling

More distribution

Product at low Profit throu price more production Quality product

Product

Distribution without promotion selling techniques

Profit throu features of product

Selling

Easy availability of product to consumer products according to consumer need

profit throu sale

Marketing

Emphasis on consumer satisfaction

Integrated marketing

Profit throu consumer satisfaction

Societal
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Emphasis on social welfare

Integrated Product marketing with according to

Profit throu social welfa

Customer Delivered Value

Starting point
Factory

Focus
Existing products

Means
Selling and promotion

Ends
Profits through sales volume

(a) The selling concept

Market

Customer needs

Integrated marketing

Profits through customer satisfaction

(b) The marketing concept

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