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Marketing Management

marketing, types of markets, 4p, 7p, 8p, stages of marketing, scope of marketing, selling and marketing, marketing concept

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Marketing Management

  1. 2. <ul><li>Marketing ? </li></ul><ul><li>Identifying and meeting human and social needs. </li></ul><ul><li>Meeting needs profitably. </li></ul><ul><li>Flow of goods and services from producers to customers. </li></ul>
  2. 3. <ul><li>The term was first academically defined in 1937 when the newly born American Marketing Association (AMA) asserted: </li></ul><ul><ul><li>“ Marketing consists of those activities involved in the flow of goods and services from the point of production to the point of consumption. [2] &quot; </li></ul></ul>
  3. 4. <ul><li>Adding to Kotler's and Norris' definitions, the Chartered Institute of Marketing 's (CIM) definition claims marketing to be the &quot; ...management process of anticipating, identifying and satisfying customer requirements profitably . </li></ul>
  4. 5. <ul><li>For a marketing plan to be successful, the mix of the four &quot;Ps&quot; must reflect the desires of the consumers in the target market </li></ul>
  5. 6. Types of markets <ul><li>Consumer markets. </li></ul><ul><li>Business markets. </li></ul><ul><li>Global markets. </li></ul><ul><li>Non-profit and governmental markets. </li></ul>
  6. 7. Marketing mix product promotion place price
  7. 8. Core marketing concepts. <ul><li>Market segmentation. </li></ul><ul><li>Market place. </li></ul><ul><li>Market space. </li></ul><ul><li>Meta market. </li></ul>
  8. 9. Seven p’s
  9. 10. <ul><li>In addition to the traditional four p’s three more p’s are added by Booms and Britner. </li></ul><ul><li>people </li></ul><ul><li>process </li></ul><ul><li>physical evidence </li></ul>
  10. 11. Eighth p <ul><li>packaging </li></ul>
  11. 12. <ul><li>People : </li></ul><ul><li>all people that are directly or indirectly involved in the consumption of a service. </li></ul><ul><li>e.g.: knowledge workers, employees ,management. </li></ul><ul><li>process : </li></ul><ul><li>procedures ,mechanisms and flow of activities by which the flow of services is consumed </li></ul><ul><li>physical evidence </li></ul><ul><li>the ability and environment in which service is delivered. </li></ul>
  12. 13. <ul><li>Segmentation based on demographic, physiographic and behavioral differences among buyers. </li></ul><ul><li>Market place is physical – shopping in a store. </li></ul><ul><li>Market space is digital – shopping on the internet. </li></ul><ul><li>Meta market – is a cluster of complementary goods and services. </li></ul><ul><li>e.g.: automobile –insurance ,loan ,accessories, dealers. </li></ul>
  13. 14. <ul><li>Needs ,wants and demand. </li></ul><ul><li>Brand image. </li></ul><ul><li>Offering. </li></ul><ul><li>Marketing channels. </li></ul><ul><li>Competition. </li></ul>
  14. 15. <ul><li>Needs become wants when they are directed to specific objects that satisfy the need. </li></ul><ul><li>Wants are shaped by the one’s society. </li></ul><ul><li>Demands are wants for specific products backed by an ability to pay. </li></ul><ul><li>E.g.: many people want mercedez . </li></ul>
  15. 16. <ul><li>Competition - </li></ul><ul><li>Brand competition. </li></ul><ul><li>Industry competition. </li></ul><ul><li>Form competition. </li></ul><ul><li>Generic competition. </li></ul><ul><li>Offering – combination of products, services, information, experience. </li></ul><ul><li>E.g. :offer from the Mercedes Benz </li></ul>
  16. 17. <ul><li>Brand competition :a company sees its competitors as other companies that offer similar products and services to the same customers at similar prices. </li></ul><ul><li>E.g.: wagon r from Maruti and santro from Hyundai. </li></ul><ul><li>Industry competition : a company sees its competitors as all companies that make the same product or class of products. </li></ul><ul><li>MARUTI AGAINST HYUNDAI </li></ul>
  17. 18. <ul><li>Form competition : a company sees its competitors as all companies that manufacture products that supply the same service. </li></ul>
  18. 19. <ul><li>Generic competition: </li></ul><ul><li>a company sees its competitors as all companies that compete for the same consumer group. </li></ul><ul><li>e.g. :Volkswagen would see itself competing with companies that sell major consumer durables , foreign vocations, new homes. </li></ul>
  19. 20. Stages in marketing . <ul><li>Entrepreneurial marketing. </li></ul><ul><li>Formulated marketing . </li></ul><ul><li>Intrepreneurial marketing . </li></ul>
  20. 21. The scope of marketing.
  21. 22. <ul><li>The scope of marketing . </li></ul><ul><li>marketing people are involved in marketing 10 types of entities. </li></ul><ul><li>goods. </li></ul><ul><li>services. </li></ul><ul><li>experiences. </li></ul><ul><li>events. </li></ul><ul><li>persons. </li></ul><ul><li>places. </li></ul><ul><li>properties. </li></ul>
  22. 23. <ul><li>Organizations. </li></ul><ul><li>Information. </li></ul><ul><li>Ideas. </li></ul>
  23. 24. <ul><li>Ideas . </li></ul><ul><li>Every market offering includes a basic idea at its core. </li></ul><ul><li>e.g.: Charley Revson of Revlon: in the factory we make cosmetics in the store we sell hope. </li></ul>
  24. 25. Marketing management ?
  25. 26. <ul><li>Marketing management ? </li></ul><ul><li>Is 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. </li></ul>
  26. 27. Evolution of marketing.
  27. 28. <ul><li>The stage of barter. </li></ul><ul><li>The stage of money economy. </li></ul><ul><li>e.g. :pricing </li></ul><ul><li>The stage of industrial revolution. </li></ul><ul><li>The stage of competition . </li></ul><ul><li>The emergence of marketing . </li></ul>
  28. 29. <ul><li>Three stages in the evolution of marketing. </li></ul><ul><li>Product – orientation stage. </li></ul><ul><li>Sales – orientation stage. </li></ul><ul><li>Market – orientation stage. </li></ul>
  29. 30. <ul><li>Product orientation stage . </li></ul><ul><li>Focused on the quality, design and quantity of the product. </li></ul><ul><li>sales orientation stage. </li></ul><ul><li>consumer had limited resources and selling equipped more place through advertisement efforts. </li></ul>
  30. 31. <ul><li>Market orientation stage . </li></ul><ul><li>In this stage companies identify what the customers want and accordingly they will shape their products. </li></ul>
  31. 32. Orientation of management towards marketing.
  32. 33. The five distinct concepts of marketing
  33. 34. <ul><li>The exchange concept. </li></ul><ul><li>The production concept. </li></ul><ul><li>The product concept. </li></ul><ul><li>Marketing myopia. </li></ul><ul><li>Sales concept. </li></ul>
  34. 35. <ul><li>The exchange concept. </li></ul><ul><li> product exchange buyer-seller. </li></ul><ul><li>distribution, pricing concepts lies . </li></ul>
  35. 36. <ul><li>The production concept.. </li></ul><ul><li>focused on mass production and least price. </li></ul>
  36. 37. <ul><li>The product concept. </li></ul><ul><li>improved products , new products Focused on the quality, design and quantity of the product </li></ul>
  37. 38. <ul><li>Marketing myopia. </li></ul><ul><li>excessive preoccupation with the product , production or selling , ignoring the customer. </li></ul>
  38. 39. <ul><li>Sales concept.. </li></ul><ul><li>as promotional methods are having more importance ,advertising, personal selling, discounts ,sales promotion , public relations etc lies on this. </li></ul>
  39. 40. Selling and marketing
  40. 41. <ul><li>Selling revolves around the interests of seller whereas marketing around the buyer. </li></ul><ul><li>Views as a goods producing process. Whereas mktg views as a customer satisfying process. </li></ul><ul><li>Firm must make the product and figures how to sell it whereas mktg shape its products on the customers demand. </li></ul>
  41. 42. The marketing concept
  42. 43. <ul><li>The key to achieve the organizational goals consists of the company being more effective than its competitors in creating , delivering and communicating customer value to its chosen target markets. </li></ul>
  43. 44. <ul><li>Meeting needs profitably. </li></ul><ul><li>“You’re the boss” (united airlines). </li></ul><ul><li>“putting people first ” (British airways). </li></ul><ul><li>“Have it your way” . (burger king ) </li></ul>
  44. 45. <ul><li>The marketing concept </li></ul>Target market Customer needs Integrated marketing Profits through Customer satisfaction
  45. 46. <ul><li>Integrated marketing. </li></ul><ul><li>when all the company’s department work together to serve the customer’s interests the result is integrated marketing. </li></ul><ul><li>e.g. :sales dept, advertising , customer service , product mgmt, marketing research. </li></ul>
  46. 47. <ul><li>Traditional organization chart </li></ul>Top management Middle management Front-line people customers
  47. 48. <ul><li>Modern customer –oriented organization chart </li></ul>customers Front –line people Middle management Top management
  48. 49. <ul><li>E.g. of companies practice marketing concept.. </li></ul><ul><li>Mc Donald's, P&G , Wal- Mart </li></ul>
  49. 50. Limitations of marketing concept.
  50. 51. <ul><li>Proper attention is not there for employees and suppliers. </li></ul><ul><li>It gives priority to customer satisfaction secondary how to compete , how to perform marketing activities. </li></ul>
  51. 52. Value driven marketing
  52. 53. <ul><li>Value driven marketing is an orientation for achieving objectives by developing superior value to customers. </li></ul><ul><li>An extension of marketing orientation that attempts to overcome the problems of marketing orientation refers to value driven marketing. </li></ul><ul><li>Six principles lies for value driven marketing. </li></ul>
  53. 54. <ul><li>Customer principle. </li></ul><ul><li>Competitor principle. </li></ul><ul><li>Proactive principle. </li></ul><ul><li>Cross-functional principle. </li></ul><ul><li>Continuous improvement principle. </li></ul><ul><li>Stakeholder principle </li></ul>
  54. 55. <ul><li>Customer principle : focus marketing activities on creating and delivering customer value. (direct & indirect ) </li></ul><ul><li>Competitor principle : offers customers superior value to competitive alternatives. (icici bank ). </li></ul><ul><li>Proactive principle : change environments to improve the chances for success when appropriate. </li></ul>
  55. 56. <ul><li>Cross-functional principle :.use cross functional teams (bring people from other business functions i.e. finance , r&d ) when they improve efficiency and effectiveness of marketing activities. </li></ul><ul><li> </li></ul><ul><li>Continuous improvement principle: continuously improve marketing planning , implementation and control. </li></ul>
  56. 57. <ul><li>Stakeholder principle : </li></ul><ul><li>Stakeholders are individuals and groups who are influenced and can influence marketing decisions. </li></ul><ul><li>e.g. : customers, employees, suppliers , </li></ul>