Marketing Management

Marketing Management

• 1.
  UNIT-1 INTRODUCTION NATURE & SCOPEOF MARKETING; IMPORTANCE OF MARKETING AS A BUSINESS FUNCTION; MARKETING CONCEPT- TRADITIONAL & MODERN; SELLING VS MARKETING; MARKETING MIX; MARKETING ENVIRONMENT. Presentation By:- Aijaz Ahmed Rather I.K.G P.T University
• 2.
  What is amarket? “A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want” (Philip Kotler).
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  What is Marketing…?? •Selling? • Advertising? • Promotions? • Making products available in stores? • Maintaining inventories? • All of the above, plus much more!
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  Marketing = ? •Marketingis the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals • American Marketing Association
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  Marketing = ? •Marketingmanagement 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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  NATURE OF MARKETING •Marketing Activities – Buying – Selling – Transporting – Storing – Financing – Researching – Risk taking – Grading and valuing
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  NATURE OF MARKETING •Cost of Marketing • Role of Marketing • Market Determination – Whom to serve – Where to serve – Identifying target markets
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  Scope – Whatdo we market  Goods  Services  Events  Experiences  Personalities  Place  Organizations  Properties  Information  Ideas and concepts
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  •Marketing stimulates demand •Consumersget better informed, more selective and more efficient •Establishment of effective channels of communication •Complaints can be resolved more easily and favorably •Strong impact on people’s beliefs and lifestyles •Improves quality of life 9
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  A SIMPLE MARKETINGSYSTEM
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  MARKETING CONCEPTS Production Concept ProductConcept Selling Concept Marketing Concept Societal Marketing Concept • Consumers favor products that are available and highly affordable •Improve production and distribution •Consumers favor products that offer the most quality, performance, and innovative features •Consumers will buy products only if the company promotes/ sells these product •Focuses on needs/ wants of target markets & delivering satisfaction better than competitors •Focuses on needs/ wants of target markets & delivering superior value •Society’s well-being
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  SELLING VS MARKETING SELLINGMARKETING When a product is not designed and made according to a customer’s exact requirements. Involves gauging a customer’s requirements & designing & making a product or service to serve that requirement. A customer has to be persuaded to believe that the product or service meets his requirements. A product designed & made according to the customer’s requirement only needs to be made available to the customer.
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  13 Production Orientation Sales Orientation Marketing Orientation Late 19th century:efficient production of goods allowed firms to meet strong customer demand. Mid-1920s–early 1950s: weakened demand required that products would have to be “sold” (personal selling, advertising, and distribution became the focus). Early 1950s–2000s: adopting a customer focus means a commitment to researching and responding to customer needs.
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  Products and Services Value, satisfaction, and quality Needs, wants, and demands Exchange, transactions, andrelationships Markets Core Marketing Concepts
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  15 What Motivates aConsumer to Take Action? Needs - state of felt deprivation for basic items such as food and clothing and complex needs such as for belonging. i.e. I am thirsty Wants - form that a human need takes as shaped by culture and individual personality. i.e. I want a Coca-Cola. Demands - human wants backed by buying power. i.e. I have money to buy a Coca-Cola.
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  16 How Do ConsumersChoose Choose Among Products and Services? Customer Value - benefit that the customer gains from owning and using a product compared to the cost of obtaining the product. Customer Satisfaction - depends on the product’s perceived performance in delivering value relative to a buyer’s expectations.
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  17 How do ConsumersObtain Products and Services? Exchanges - act of obtaining a desired object from someone by offering something in return. Transactions - trade of values between parties. Usually involves money and a response. Relationships - building long-term relationships with consumers, distributors, dealers, and suppliers.
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  18 Who Purchases Products andServices? Market - buyers who share a particular need or want that can be satisfied by a company’s products or services. Actual Buyers Potential Buyers