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Marketing management basics

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Marketing management basics

Marketing management basics

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  • 1. MARKETING MANAGEMENT BASIC CONCEPTS
  • 2. WHAT IS MARKETING ?
    • Marketing is a economic process by which goods and services are exchanged between the producers and consumers and their values is determined in terms of money prices.
  • 3. Needs ,wants and demands
    • Needs are basic human requirements people need food ,air,water clothing and shelter.
    • Marketing do not create the needs.
    • Infact they influence the demand by making the product appropriate ,attractive,affordable.
  • 4. This is a Need
    • Needs - state of felt deprivation including physical, social, and individual needs
  • 5. Wants
    • Needs become wants they are directed to specific objects that might satisfy their needs.
  • 6. This is a Want
    • Wants – Needs become wants when they are directed to specific objects that might satisfy the need.
  • 7. Demands
    • Demands are wants for products that are bagged by an ability and willingness to buy them.
  • 8. This is Demand “ Demand” Buying Power Wants
  • 9. Products
    • “ A product is anything that can be offered to satisfy a need or want”
  • 10. Product as an idea
    • Products do not have to be physical objects.
    • Here the “product” is an idea—protecting
    • animals.
  • 11. Markets
    • Consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy the need or want.
  • 12. Marketplace, Marketspace
      • The Marketplace is physical, as when one goes for shopping in a store .
      • Marketspace is digital, as when one goes shopping on the internet .
  • 13.
    • Available Market (who have interest, income and access to a particular offer)
    • Target Market or Served Market (a co. can go for serving whole available market or can concentrate on certain segments)
    • Penetrated Market (set of buyers who are buying the co.’s product)
  • 14. Marketing
    • Marketing is a economic process by which goods and services are exchanged between the producers and consumers and their values is determined in terms of money prices.
    • “ Marketing is managing profitable customer relationship”
  • 15. What is Marketing
    • Simple Definition: Marketing is managing profitable customer relationships.
    • Goals:
    • Attract new customers by promising superior value.
    • Keep and grow current customers by delivering satisfaction.
  • 16. Relationship Marketing
    • The practice of building long-term satisfying relations with key parties-such as customers, suppliers , distributors- in order to retain their long term preference and business
  • 17. Imp Note
    • If you are in marketing field then you have to see from the point of view of final result. i.e, from the point of view of customer.
  • 18. Selling vs. Marketing
    • Selling focuses on the needs of the seller, marketing on the needs of the buyer.
    • “ Selling is nothing but converting product into cash”.
    • Marketing includes creating , delivering & finally consuming it.
    • Selling is “push”, Marketing is “pull”.
  • 19. FIVE CONCEPTS
    • The Production Concept
    • Product Concept
    • The Selling Concept
    • The Marketing Concept
    • The Societal Marketing Concept
  • 20. Production Concept
    • Consumers will favour those products that are widely available and low in cost.
    • Therefore increase production and cut down costs.
  • 21. Product Concept
    • Consumers will favour those products that offer the most quality, performance, or innovative features.
    • Therefore, improve quality, performance and features.
    • This would lead to increased sales and profits.
  • 22. The Selling Concept
    • Consumers , if left alone , will not buy enough of company’s products.
    • Therefore, promote sales aggressively.
    • And,build profit through quick turnover.
  • 23. The Marketing Concept
    • The key to achieving organizational goals consist in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors.
    • And build profit through customer satisfaction and loyalty.
  • 24. 4 PILLARS
    • The marketing concept rests on 4 pillars, namely
    • 1. Target Market
    • 2. Customer Needs
    • 3. Integrated marketing
    • 4. Profitability
  • 25.  
  • 26. Marketing and Sales Concepts Contrasted
  • 27. The 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 the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well being.
    • Societal Marketing =
    • Consumer Satisfaction + Company ‘ s Profits + Society’s well being.
  • 28. MARKETING MIX
    • It is defined as the set of marketing tools that the firm uses to pursue its marketing objectives in the target market.
    • Which includes
    • Product
    • Price
    • Promotion
    • Place
    • All these are also known as 4 p’s of marketing.
  • 29.  
  • 30. PRODUCT
    • Variety
    • Quality
    • Design
    • Features
    • Brand name
    • Packaging
    • Sizes
    • Warranties
  • 31. PRICE
    • List price
    • Discounts
    • Allowances
    • Payment period
    • Credit terms
  • 32. PROMOTION
    • Sales promotion
    • Advertersing
  • 33. PLACE
    • Channels
    • Coverage
    • Locations
    • Invertory
    • transport
  • 34. 4 C’s
    • We also have 4c’s they are
    • Customer needs/wants
    • Cost to customer
    • Convenience
    • communication
  • 35. 4 P’s vs. 4 C’s
    • Product – Customer needs/wants
    • Price – Cost to customer
    • Place – Convenience
    • Promotion – communication.
  • 36.
    • THE END

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