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What is a Market?

Meeting
Meeting place
place for
for
exchange
exchange

Two
Two or
or more
more
parties
parties
Face
Face to
to face
face (not
(not
necessary)
necessary)

Necessary
Necessary
Conditions
Conditions

Ownership
Ownership
transfer
transfer through
through
exchange
exchange

Competition
Competition
among
among sellers
sellers &
&
buyers
buyers
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Area
Area of
of operation
operation
(Local
(Local nation
nation or
or
international
international ))

Articles
Articles handled
handled
(( Cotton,
Cotton, Tea,
Tea,
Coffee)
Coffee)
End
End use
use of
of the
the
goods
goods sold
sold (Cons
(Cons
// Industry
Industry

Types
Types of
of
markets
markets

Nature
Nature &
&
magnitude
magnitude
(w-sale
(w-sale &
& retail)
retail)

Nature
Nature of
of
exchange
exchange dealing
dealing
(cash
(cash // future)
future)
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Defining Marketing

Marketing is the process of ascertaining consumer


needs,

converting them into a product or service and then


moving the product or service to the final consumer,

to satisfy such needs & wants of specific consumer


segment(s) with emphasis on profitability,

ensuring the optimal use of the resources available to


the organisation
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Core Concepts of Marketing


Target
Target Markets
Markets &
& Segmentation
Segmentation
Marketers
Marketers &
& Prospects
Prospects
Needs, Wants, and Demands
Product
Product or
or Offering
Offering
Value
Value and
and Satisfaction
Satisfaction
Exchange
Exchange and
and Transactions
Transactions
Relationships
Relationships and
and Networks
Networks
Marketing
Marketing Channels
Channels
Supply
Supply Chain
Chain
Competition
Competition
Marketing
Marketing Environment
Environment

Target Market &


Segmentation
Every product or service contains
features which a marketer must
translate into benefits for a target
market.

It is these benefits the


consumer perceives to be
available in a product and
directly impacts the
perceived ability to meet the
consumer need(s) or 6

Simple Marketing System


Communication

Industry
(a collection
of sellers)

Goods/services
Money

Information

Market
(a collection
of Buyers)

Structure of Flows
Resources
Money

Resource
markets

Services,
money
Services,
money

Manufacturer
markets

Government
markets

Taxes,
goods
Services,
money
Money

Goods, services

Taxes,
goods

Resources
Money

Taxes

Consumer
markets

Services
Taxes,
goods
Money

Intermediary
Goods, services
markets
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Marketers & Prospects

A marketer is someone actively


seeking one or more prospects
for an exchange of values.

A
prospect
has
been
identified as willing and
able to engage in the
exchange.
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Needs, Wants, and Demands


To need is to be in a state of felt
deprivation
of
some
basic
satisfaction.
Wants are desires for specific
satisfiers of needs.
Demands are wants for specific
products that are backed by an
ability and willingness to buy
them.

10

Product or Offering
Anything offered for sale that satisfies a
need or want.
Products
consist
components:

of

three

primary

goods,
services
and ideas.
Physical product provides the desired
service or action.

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Value and Satisfaction


Value is the consumers estimate of the
products overall capacity to satisfy his or her
needs determined according to the lowest
possible cost of acquisition, ownership and use.

12

Exchange & Transaction


Exchange means obtaining
a desired product by
offering something
desirable in return.

13

Conditions for Exchange


At
At Least
Least Two
Two
Parties
Parties

Necessary
Necessary
Conditions
Conditions
for
for Exchange
Exchange

Desire
Desire to
to Deal
Deal
With
With Other
Other Party
Party

Something
Something of
of
Value
Value
Ability
Ability to
to
Communicate
Communicate
Offer
Offer
Freedom
Freedom to
to
Accept
Accept or
or Reject
Reject

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A Transaction is the
trade of values

15

Relationships and Networks


R.M.
seeks
long-term,win-win
transactions between marketers and key
parties (suppliers, customers, distributors).

The ultimate outcome of


relationship marketing is a unique
company asset called a marketing
network of mutually profitable
business relationships.
16

Marketing Channels
Reaching the target market is critical.

Marketer
can
use
two-way
communication channels (medianewspapers
through
the
Internet), versus more traditional
means.
Marketer also must decide on the
distribution
channel,
trade
channels and selling channels (to
effect transactions).

17

Supply Chain
Long
channel
process
that
reaches from the raw materials
and components to the final
product / buyers.

Perceived as a
delivery system.

value

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Competition
Includes actual & potential rival offerings & substitutes.

Broad view of competition


assists the marketer to
recognize the levels of
competition.

19

Marketing Environment
Includes the task (immediate
actors
in
the
production,
distribution
and
promotional
environments)

and the broad environments


(demographic,
economic,
natural,
technological,
political-legal and socialcultural)
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Marketing Management
Philosophies
Marketing concepts

21

Marketing Management
Philosophies
Production
Production
Product
Product
Selling
Selling

Competing
Competing
Philosophies
Philosophies

Marketing
Marketing
Societal
Societal Marketing
Marketing
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Marketing Management
Philosophies
Production
Orientation

Focus on internal
capabilities rather
than on desired
needs

Management
assesses resources
What is easy to produce,
given our equipment?

Mass production
Cutting prices
Customers prefer low
price pdts
Demand is greater than
supply
Pdts high cost to be
brought down
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Marketing Management
Philosophies
Product
Orientation

Focus on products
that offer the most
quality,
performance,

orgn improve pdts


Pdt excellence
Consumers favor
quality &
innovative features
Cos failed bec
ignored customer

or innovative
features

24

Marketing Management
Philosophies
Selling
Orientation
People will buy
more goods and
services when sales
are aggressive
High sales result in
high profits

Effect sales by any


means
Unsought gds like
medical insurance ,
holiday resorts
Overcapacity
High risk dissatisfaction
customer-bad mouth
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Marketing Management
Philosophies
Marketing
Orientation

Maximum satisfaction
greater than

Organizations exist
to satisfy the needs
and wants of their
customer

competitors
Customer is the king

Meeting the long


term goals.
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The Marketing Concept


Focus on
Customer Wants
and Needs

Integrate Organizations
Activities to Satisfy
Customer Needs and
Wants

Achieve Organizations
Long Term Goals by
Satisfying Customer
Wants and Needs

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Marketing Concept
Assumptions
Target
Target Market
Market
Customer
Customer needs
needs
Coordinated
Coordinated marketing
marketing

Profitability
Profitability
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Target
Target Market
Market

No company can operate in every


market

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Customer
Customer needs
needs

Company may define its target market but


fail to fully understand the customer needs
E.g. Citibank (customer retention more
critical than customer attraction)

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Buys
Buys more,
more, stays
stays longer
longer
Additional
Additional products-introduces
products-introduces upgrades
upgrades
Talks
Talks favourablyfavourably- company
company &
& products
products
Less
Less attention
attention to
to competing
competing brands
brands
Less
Less price
price sensitive
sensitive

Satisfied
Satisfied
Customer
Customer

Costs
Costs less
less to
to serve
serve new
new cus
cus
Ideas
Ideas to
to the
the company
company
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Hence companies..

Aims is to delight the customer


Delighted Customer are effective advertisers
Companies should regularly measure
customer satisfaction
Make it easy for customer to complain e.g.
hotline
Complaint properly resolvedtell many more
e.g. IBM report on lost cus
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Coordinated
Coordinated marketing
marketing

all of a companys departments must


work together to serve the
customers interests.

Begins among the various marketing


functions and carries out into other
departments.
33

Traditional Organization Chart


Top
Management
Middle Management
Front-line people
Customers
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Customer-Oriented
Organization Chart
Customers
Front-line people

er
om

s
us
to
m
er

t
us
s

Top
management

Middle management

35

Profitability
Profitability

Ultimate purpose of marketing is to


help

organizations

achieve

profitability goals.

36

Evolving Views of Marketings


Role

Production
Marketing

Finance
Human
resources

a. Marketing as an
equal function

Production

Finance
Human
resources

Marketing

b. Marketing as a more
important function
37

Evolving Views of Marketings


Role

Customer
e
c
n
a
n

c. Marketing as the
major function

M
ar

ke

tin
g

re Hu
so m
ur an
ce
s

n
ma ces
Hu ur
so
re

Fi

ce

Marketing

n
na
Fi

n
o
ti
c
u
d
o
r
P

Production

d. The customer as the


controlling factor
38

Evolving Views of Marketings


Role
Production
Marketing
n
ma ces
Hu ur
so
re

Customer

e
c
n
a
n
i
F

e. The customer as the controlling


function and marketing as the
integrative function

39

Marketers argument

e. Companies assets have little value without


existence of customers
Key tasks to attract & retain customers
Customers attracted to superior offers & retained
through satisfaction
Marketers tasks is to develop a superior offer &
deliver customer satisfaction
Customer satisfaction is affected by the
performance of other departments
Marketing needs to influence these other
depts.
To cooperate in delivering
customer
satisfaction

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Customer Delivered Value


Starting
point

Focus

Means

Ends

Factory

Existing
products

Selling and
promotion

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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Marketing Management
Philosophies
Societal
Orientation

Marketing that
preserves or
enhances an
individual's and
societys long-term
best interests.

Focus on satisfying
customers needs and
wants while considering
societal well being
Environmental
deterioration, world hunger
& poverty
e.g. fast food indy-fat
contents & packing
Auto industry-big
cars/used tyres
Soft drink industry

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The Four Ps
The Four Cs
Marketing
Mix
Promotion

Product
Customer
Solution

Price
Customer
Cost

Place

Communication

Convenience

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