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Ch 1 marketing

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Ch 1 marketing

  1. 1. 1 Defining Marketing for the 21st Century
  2. 2. 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?
  3. 3. What Is Marketing?  Marketing deals with identifying and meeting human and social needs  One of the shortest definition of marketing is – “meeting needs profitably”  Ex: Tata Sky - Installation free if you are shifting at new home.
  4. 4. What Is Marketing?  The American Marketing Association defines- 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.  Value reflects the perceived tangible and intangible benefits and costs to customers.  Value can be seen primarily a combination of qsp
  5. 5. What Is Marketing Management?  The American Marketing Association defines- 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.
  6. 6. Social Definition of Marketing  The American Marketing Association defines- Marketing is a social 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.
  7. 7. Exchange  It is the process of obtaining a desired product from someone by offering something in return.  For exchange to exist, five conditions must be satisfied: 1. There are at least two parties. 2. Each party has something that might be of value to the other party. 3. Each party is capable of communication and delivery. 4. Each party is free to accept or reject the exchange offer. 5. Each party believes it is appropriate or desirable to deal with other party.
  8. 8. Marketing  For a managerial definition, marketing has often been described as “the art of Selling”, but people are surprised when they hear that the most important part of marketing is not selling!  Peter Drucker says – The aim of marketing is to know and understand the customer so well that the product or service fits him or her and sell itself.  Ex: Gillette Mach III razor
  9. 9. What Is Marketed?  Goods  Services  Events  Experiences  Places  Persons  Properties  Organizations  Information  Ideas
  10. 10. Figure 1.1 Structure of Flows in Modern Exchange Economy
  11. 11. Figure 1.2 A Simple Marketing System
  12. 12. Key Customer Markets  Consumer markets  Business markets  Global markets  Nonprofit/Government markets
  13. 13. Rural Markets in South Asia  Rural markets offer immense potential for market expansion and growth:  Consumption in rural markets predicted to grow at in the next two decades.  Size and growth rate for many products and product categories are very attractive.  48 percent of the rural population is below 20 years of age.
  14. 14. Core Concepts  Needs, wants, and demands  Target markets, positioning, segmentation  Offerings and brands  Value and satisfaction  Marketing channels  Supply chain  Competition  Marketing environment
  15. 15. Core Concepts Needs:  Needs are the basic requirements.  People need food, air, water, clothing, shelter to survive.  People also have strong needs for recreation, education, and entertainment. Wants:  These needs become wants when they are directed to some specific objects that might satisfy the need.
  16. 16. Core Concepts Ex:  To make presentations and prepare project reports I need laptop (Need).  To make presentations and prepare project reports I need laptop of Apple (want).  Understanding consumer needs and wants is not always simple.  Some consumers have needs of which they are not fully conscious, or they cannot articulate these needs, or they use word require interpretations.
  17. 17. Core Concepts Ex: Consider the consumer who says he wants an “inexpensive car”. The marketer must probe further. We can distinguish among five types of needs: 1. Stated Needs: The consumer wants an inexpensive car 2. Real Needs: The consumer wants a car whose operating cost is low, not initial price. 3. Unstated Needs: The consumer expects good service from dealer. 4. Delight Needs: The consumer would like the dealer to include an additional accessories of car. 5. Secret Needs: The consumer wants to be by friend as a savvy consumer.  “Make and Sell” is replaced by “Sense and Respond”
  18. 18. Core Concepts Segmentation:  Segmentation is the process of dividing market into various homogeneous groups which are having similar needs and wants. Targeting:  The marketer then decides which segments present the greatest opportunity-which are its target markets. Positioning:  Positioning is the act of designing company’s offering and image to occupy a distinctive place in the minds the target market.
  19. 19. Core Concepts Offerings  Companies addresses needs by putting a value propositions, set of benefits they offer to satisfy their needs in form of products or services or combinations of both. Brand:  A brand is an offering from known source.  A brand name carries many associations in the minds of people. Those associations make up the brand image. All companies strives to build brand strength – that is strong, favorable, and unique brand image.
  20. 20. Core Concepts Value  Value reflects perceived tangible and intangible benefits and costs to customers.  Value can be seen primarily as a combination of quality, service, and price (qsp) Satisfaction  Satisfaction reflects a person’s comparative judgments resulting from a product’s perceived performance in relation to his or her expectations.
  21. 21. Core Concepts Marketing Channels  Marketing channels deliver and receive message from target buyers, and include newspapers, magazines, radio, televisions, mail, telephones, billboards, posters, and the Internet. Distribution Channels  The marketer uses this channel to display, sell or deliver the physical product or service to the buyer or user. Service Channel  It is used to carry out transaction with potential buyers. It includes warehouses, transportation companies, bank and insurance firms that facilitate the transactions.
  22. 22. Core Concepts Supply Chain  Supply chain describes a longer channel stretching from raw materials to components to final products that are carried to final buyers. Competition  It includes all actual and potential rival offerings and substitutes that a buyer might consider.
  23. 23. Marketing Environment Demographic Economic Socio-cultural Political-legal Technological Natural
  24. 24. COMPANY ORIENTATIONS TOWARD THE MARKETPLACE  Production concept – products that are available and inexpensive  Product concept – quality, performance, or innovative features  Selling concept  Marketing concept – “Sense & Respond”  Societal marketing concept  Holistic marketing concept
  25. 25. COMPANY ORIENTATIONS TOWARD THE MARKETPLACE  Societal marketing concept The Societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well being.
  26. 26. The holistic marketing concept  It recognizes “Everything matters” with marketing – and that a broad, integrated perspective is often necessary.
  27. 27. Figure 1.3 Holistic Marketing
  28. 28. 1. Relationship Marketing Customers Employees Marketing Partners Financial Community The ultimate outcome of relationship marketing is a unique company asset called a marketing network
  29. 29. 2. Integrated Marketing Integrated marketing occurs when the marketer devises marketing activities and assembles marketing programs to create, communicate, and deliver value for consumers such that – “The whole is greater than the sum of its parts.”
  30. 30. 2. Integrated Marketing Key themes: 1. Many different marketing activities can create, communicate, and deliver value, and 2. Marketers should design and implement any one marketing activity with all other activities in mind.
  31. 31. 3. Internal Marketing  Marketing is no longer the responsibility of a single department.  when engineering designs the right products, finance furnishes the right amount of funding, purchasing buys the right materials, production makes the right products in the right time horizon, and accounting measures profitability in the right ways.
  32. 32. 3. Internal Marketing  Such interdepartmental harmony can only truly combine, however, when management clearly communicates a vision of how the company’s marketing orientation and philosophy serve customers.  Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well.
  33. 33. 4. Performance Marketing Financial Accountability Social Responsibility Marketing
  34. 34. 4. Performance Marketing  Top marketers are increasingly going beyond sales revenue to examine the marketing scorecard and interpret what is happening to market share, customer loss rate, customer satisfaction, product quality, and other measures.  They are also considering the legal, ethical, social, and environmental effects of marketing activities and programs.
  35. 35. Figure 1.4 The Marketing Mix
  36. 36. The New Four Ps People Processes Programs Performance
  37. 37. Marketing Management Tasks  Develop market strategies and plans  Assess market opportunities and customer value  Choose value  Design value  Deliver value  Communicate value  Sustain growth and value
  38. 38. For Review  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?