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Prof. (Dr.) Rakesh Premi rpremi@jpr.amity.edu 9828270302

Definition MarketingMarketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customers relationships in ways that benefit the organisation and its stake holders. -American Marketing Association.

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.

Concepts of Marketing 1. The exchange concept 2. The production concept 3. The product concept

4. The sales concept

5. The marketing concept 5.a. Consumer Orientation

5.b. Integrated Management

5.c. Consumer satisfaction 5.d. Realizing organizational goals 5.e. Customer value

Selling Preoccupied with the need of seller Emphasis on saleable surplus Convert product into cash

Marketing Focuses on the needs of the buyers Emphasis on market opportunity Converts needs into products

Goods producing process

Exchange aspect no value satisfaction Marketing mix determined by the seller Cost determines the price Transportation, storage, distribution as extension of production function Production is central function Emphasis on existing technology and reducing cost for profit Customer as the last link

Customer satisfying process

Value satisfaction to customer from the exchange Marketing mix determined by the buyer Consumer determines the price Transportation, storage, distribution as vital services for customers convenience Marketing is central function Innovation driven providing better value to customers Customer as the very purpose

Marketing Mix/ Four Ps of Marketing PRODUCT PLACE PRICE PROMOTION

PRODUCT Product design, features, brand name, models, style, appearance Product Quality, warranty.

Package: design type, material, size, appearance and labeling

Service: Pre-sale and after sale service, service standards, service charges


Physical distribution: Transportation, warehousing, Inventory management, processing of orders.

Channels of distribution: Channel design, types of intermediaries, location of outlets, commission paid to channel members, Companydealer relationship.

Pricing policies, margins, payment terms, discounts, credit facility etc.

PROMOTION Sales Promotions Personal selling: selling process, expertise, kind & size of sales force, organizational structure, forecast, training and development, recruitment and selection etc. Advertising: Advertising objectives, message strategy & tactics, media strategy and tactics etc. Publicity and PR.

STRATEGIC PLANNING PROCESS 1. Clarifying the mission of the corporation. 2. Defining the business. 3. Surveying the environment. 4. Internal appraisal of the firm. 5. Setting the corporate objective.

6. Formulating the corporate strategy.