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Marketing

Course Objectives
 This is an introductory course emphasizing
on fundamentals of marketing concepts
and practices applicable to business
organizations. The framework has been
designed to assure groundwork for the
further specializations in the functional
areas of marketing management.
Topics
 Introduction to Marketing
 Marketing Segmenting, Targeting
 Introduction of Product, Product Positioning & Brand building
 Promotion & advertising
 Pricing & Distribution
 Marketing of Industrial Product also called (B2B)
 Marketing Services
 Sales and Field force Management
 Presonal Selling
 Case Study & Assignment
Text Book
Introduction to Marketing

To prepare to be a marketer,
one needs to understand

 What Marketing is?


 How it works?
 What is Marketed?
 Who does the Marketing?
What Marketing is?
 Marketing deals with identifying and
meeting human and social needs.

 One of the shortest definitions of


marketing is “meeting needs profitably.”
Defining Marketing
“Marketing is a societal 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.”

- Philip Kotler
Some more Definitions:
 “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 stake holders”
-- American Marketing Association
Some more Definitions:
 William Stanton: “Marketing is a total
system of business activities designed to
plan, price, promote and distribute want-
satisfying products to target markets to
achieve organizational objectives.”
Features/Characteristics
of Marketing
 Regular and continuous activity
 Facilitates satisfaction of human
wants
 Relates to goods and services
 Brings transfer of ownership
 Creates utility
Features/Characteristics
of Marketing
 Wider socio-economic
significance
 Importance of 4 Ps
 Evolutionary concept
 Precedes and follows production
Conditions of Exchange
 There are at least two parties
 Each party has something of value to the other
party
 Each party is capable of communication and
delivery
 Each party is free to accept or reject the
exchange offer
 Each party believes it is appropriate or
desirable to deal with the other party
Adding Degrees of
Satisfaction
o n Possession utility To
t i tal
ac Sa
ti sf Place utility tis
S a f ac
t al ti on
To Time utility

Form utility

Oriental rug

Store has it in
stock
Delivered to your
home
Pay with your VISA
card
4 P’s of Marketing
Importance of
Marketing
Business Organization
 Accomplishment of Objectives
 Widens Markets
 Reputation
 Develop Brand Loyalty
 Introduce New Products
 Face Competition
 Growth and Stability
 Economization of storage
 Decision Making
Consumers and Society
 Qualityproducts
 Reasonable Prices
 Higher Standard of Living
 Creation of utility
 Spread effect
 Economic Growth and Prosperity
Core Concepts of Marketing
Target
Target Markets
Markets &
& Segmentation
Segmentation
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
Simple Marketing System

Communication

Goods/services
Industry Market
(a collection (a collection
of sellers) Money of Buyers)

Information
Structure of Flows Resources
Resources
Money Resource Money
markets
Services,
money Taxes,
goods
Services, Taxes
money
Manufacturer Government Consumer
markets markets markets
Taxes,
goods Services
Services, Taxes,
money goods
Money Money
Intermediary
Goods, services markets Goods, services
Traditional Organization
Chart

Top
Management

Middle Management

Front-line people

Customers
Customer-Oriented
Organization Chart

Customers

Front-line people

Middle management

s
C

er
us

om
t

Top
om

t
us
manage-
er

C
s

ment
Evolving Views of
Marketing’s Role

Finance
Production
Production Finance
Human
resources
Marketing Human
resources Marketing

a. Marketing as an b. Marketing as a more


equal function important function
Evolving Views of
Marketing’s Role

Production on
cti

Fi
du

na
ro

nc
P

e
Marketing Customer
re
Hu ur

ce M
so

ur an
n ar

s
ma ces

ce
ke

so m
in tin
F

re Hu
n

c. Marketing as the d. The customer as the


major function controlling factor
Evolving Views of
Marketing’s Role
Production

Marketing

Customer
re
Hu ur
so

e
m ces

n c
an

n a
Fi

e. The customer as the controlling


function and marketing as the
integrative function
Concepts of Marketing
(Company Orientations Towards
the Marketplace)
Company Orientations Towards
the Marketplace ( Concepts of
Marketing)
 Exchange Concept
 Production Concept
 Product Concept
 Selling Concept
 Marketing Concept
 Societal Concept
 Holistic Marketing Concept
Company Orientations
Towards the Marketplace
( Concepts of Marketing)

Focuses on exchange of goods


Exchange
Exchange Concept
Concept and services

Supply of Goods

Producers Consumers

Money Flow
Company Orientations
Towards the Marketplace
( Concepts of Marketing)

Treats large scale production


as the base of marketing.
Consumers prefer products that are
Production
Production Concept
Concept widely available and inexpensive

Production cost is reduced


Producers Consumers
Large Scale Goods,
Production Imposed
Wide Choice of Goods
Company Orientations
Towards the Marketplace
( Concepts of Marketing)

Consumers favor products that


offer the most quality,
Product
Product Concept
Concept performance,
or innovative features

Product Excellence
Producers
Products with Consumers
Better quality Likes & Dislikes
& performance considered
Better Quality attracts
Company Orientations
Towards the Marketplace
( Concepts of Marketing)

Consumers will buy products only if


Selling
Selling Concept
Concept the company aggressively
promotes/sells these products

Producers
Consumers
Company Orientations
Towards the Marketplace
( Concepts of Marketing)

Focuses on needs/ wants of target


Marketing
Marketing Concept
Concept markets & delivering value
better than competitors

Production cost is reduced


Producers Consumers
Large Scale Goods,
Production Imposed
Wide Choice of Goods
Company Orientations
Towards the Marketplace
( Concepts of Marketing)

Equal weightage to three parties


Societal
Societal Concept
Concept Consumers, Company and Society

Society

Producers Consumers
Large Scale Goods,
Production Imposed
Company Orientations
Towards the Marketplace
( Concepts of Marketing)

Attempts to recognize and


Holistic
Holistic Marketing
Marketing reconcile
Concept
Concept The scope and complexities
of marketing activities
Internal Integrated
Marketing Marketing

Holistic
Marketing

Socially
Relationship
Responsible
Marketing
Marketing
Internal Marketing

 Marketing Department
 Senior Management
 Other Departments
Integrated Marketing
 Communication
 Products and Services
 Channels
Relationship Marketing
 Customers
 Channel
 Partners
Socially Responsible
Marketing

 Ethics
 Environment
 Legal
Framework
 Community
Relations between a business firm and its
primary stakeholders

Employees
(Unions) Stockholders
Wholesalers Distribute Sell
(Retailers) products labor
Invest
Business capital

Buy firm Creditors


products Lend
(Managers) money

Customers Sell
materials
Suppliers
Relations between a business firm and some of
its other (secondary) stakeholders
Local
The Communities Central/State
General Positive, and Local
Public negative Jobs, Governments
opinion environment
Regulation,
Advice, Business taxes
Business research
Support Firm Governments
Image, Friendly,
Groups
publicity (Managers) hostile

Social Social
Media demands Activist
Groups
Selling and
Marketing
Selling Marketing
• Selling starts with • Marketing starts
seller & is with the buyer and
preoccupied all the focuses constantly
time with the on the needs of the
needs of the seller buyer
• Emphasizes on
saleable surplus • Emphasizes on
available with the identification of
company market opportunity
Selling and
Marketing
Selling Marketing
• Seeks to convert • Seeks to convert
products in to cash customer needs in
to products
• Views business as – • Views business as –
goods producing a customer
process satisfying process
• Selling views the • Marketing views
customer as the the customer as
last link in the the very purpose of
business business
What is Marketed?
Goods
Services
Events
Experiences
Persons
What is Marketed?
Places
Properties
Organizations
Information
Ideas
Changing face of Marketing
Changing Technology
Globalization
Deregulation
Privatization
Customer Empowerment
Changing face of Marketing
Customization
Heightened Competition
Industry Convergence
Retail Transformation
Online Selling
Shifts in Marketing
Management
 From marketing does marketing to
everyone does the marketing
 From organizing by product units to
organizing by customer segments
 From making everything to buying more
goods and services from outside
 From using many suppliers to working
with fewer suppliers in a “Partnership”
Shifts in Marketing
Management
 From relying on old market positions to
uncovering new ones
 From emphasizing tangible assets to
emphasizing intangible assets (brands,
customer base, employees, distributors
and supplier relations and intellectual
capital)
 From building brands through advertising
to building brands through performance
and integrated communications (IMC Mix)
Shifts in Marketing
Management
 From attracting customers through stores
and salespeople to making products
available online
 From selling to everyone to trying to be
the best firm serving well defined target
markets
 From focusing on profitable transactions
to focusing on customer lifetime value
Shifts in Marketing
Management
 From a focus on gaining market share to a focus
on building customer share
 From being local to being “Glocal” – both global
and local
 From focusing on the financial scorecard to
focusing on the marketing scorecard (market
share, customer loss rate, customer satisfaction,
product quality etc)
 From focusing on shareholders to focusing on
stakeholders

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