Beruflich Dokumente
Kultur Dokumente
Module:1
Chapter:1 Nature & Scope of Marketing
Introduction to Marketing
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Turn off that alarm brush your teeth take a shower have breakfast get dressed travel to work use the copier go out for dinner at ____ - fall asleep We use more than 250 brands by the time our day ends !!
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Marketing is natural
Analogy of marketing with the natures law of survival of the fittest
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What is sold
A grocery shop sells Channa A restaurant sells ChannaBhatura MDH , a food company sells ready to eat channa masala Tata Consultancy Service sells TCS Certainity
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What is Marketed?
Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas
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Lets define
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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.
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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.
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Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably The Chartered Institute of Marketing
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The right product, in the right place, at the right time, and at the right price Adcock et al
Marketing is the human activity directed at satisfying human needs and wants through an exchange process
Philip Kotler
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There will always be a need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available. Peter Drucker
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Business Markets
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Customer :
Customer are those who buy goods and services.
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Demand States
Negative Nonexistent Latent
Declining
Irregular
Full
Overfull
Unwholesome
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Demand
Negative Demand : * consumers dislike the product and may even pay a price to avoid it. * Eg. : vaccinations * Marketing Task : Market Analysis, Positive promotion, change belief & attitude of people, product redesign, lower price
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Demand
Nonexistent Demand : * consumers may be unaware of or uninterested in the product. * foreign language courses * Marketing Task : connect the benefits of the product with peoples needs and interests
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Demand
Latent Demand : * consumers may share a strong need that cannot be satisfied by an existing product * Harmless Cigarettes, More fuel efficient car * Measure the size of potential market, analyze strength of the company, develop goods and services to satify the demand
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Demand
Declining Demand : * consumers begin to buy the product less frequently or not at all. * Typewriter * analyze the causes of the decline and determine whether demand can be restimulated by new target markets, by changing product features or by more effective communication. * reverse declining demand through creative remarketing
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Demand
Irregular Demand : * consumer purchases vary on a seasonal, monthly, weekly, daily or even hourly basis. * tours and travels peak in weekends * Marketing Task : Synchromarketing Flexible pricing, promotion and other incentives
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Selling Concept
Marketing Concept
Society
Consumers
Company
(Profits)
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Middle Management
Front-line people Customers
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Top management
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Product
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What is a Product?
A product is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.
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Product Mix
Total sum of all products and variants offered by an organization (Hindustan Unilever Limited)
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Product Differentiation
Product form Features Customization Performance Conformance Durability Reliability Repairability Style
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Service Differentiation
Ordering ease Delivery Installation Customer training Customer consulting Maintenance and repair
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PRICE
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Definition:
In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods or services.
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Objectives of Pricing
Short-term profit maximization Short-term revenue maximization Maximize quantity Maximize profit margin Differentiation Survival
Source: http://entrepreneurs.about.com/od/salesmarketing/a/pricingstrategy.htm
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Place
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Retailer
Consumer
Mfg
Wholesaler
Retailer
Consumer
Retailer
Consumer
Promotion
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Concept of Promotion
Promotion is all personal and impersonal efforts by a seller to Inform Persuade or Remind a target audience.
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Personal Selling
Direct presentation of a product to a prospective customer by a representative of the organization selling it.
Face to face Over the phone
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Advertising
The non-personal communication of information usually paid for & usually persuasive in nature, about products (goods & services) or ideas by identified sponsor through various media.
Broadcast media (TV, Radio) Print media (newspapers, magazines) Outdoor media (billboards) Internet Mobile phones Other media
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Sales Promotion
Incentives given to encourage sales and help personal selling.
Premiums Event sponsorships Contests Trade shows In-store displays, samples, rebates Discounts and coupons
Promotion
Public Relations
Efforts to develop favorable attitudes and opinions about products/organizations
Newsletters Annual reports Lobbying, charitable events etc.
Publicity
News stories about organization & products
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Place
Customer Solution
Convenience
Price Promotion
Customer Cost
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Communication
Promotion
Price Place
Information
Value Access
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