Introduction to marketing management


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Introduction to marketing management

  1. 1. UNIT –IUNIT –I Introduction to Marketing Mgt.Introduction to Marketing Mgt. Sandeep VatsSandeep Vats
  2. 2. ContentsContents Definition and Concepts of MarketingDefinition and Concepts of Marketing --Need, Want, Demand, Exchange & TransactionsNeed, Want, Demand, Exchange & Transactions -Defining Marketing for 21st century-Defining Marketing for 21st century - Scope of Marketing- Scope of Marketing -Core Marketing Concepts-Core Marketing Concepts -Holistic Marketing Concept-Holistic Marketing Concept -Different Types of Markets-Different Types of Markets
  3. 3. Definitions of MarketingDefinitions of Marketing ‘‘Marketing is the management process thatMarketing is the management process that identifies, anticipates and satisfies customeridentifies, anticipates and satisfies customer requirements profitably’requirements profitably’
  4. 4. ‘‘The right product, in theThe right product, in the right place, at the right time,right place, at the right time, and at the right price’and at the right price’ Adcock et alAdcock et al
  5. 5. ‘‘Marketing is the human activityMarketing is the human activity directed at satisfying humandirected at satisfying human needs and wants through anneeds and wants through an exchange process’exchange process’ Kotler 1980Kotler 1980
  6. 6. ‘‘Marketing is a social andMarketing is a social and managerial process by whichmanagerial process by which individuals and groups obtainindividuals and groups obtain what they want and needwhat they want and need through creating, offering andthrough creating, offering and exchanging products of valueexchanging products of value with others’with others’ Kotler 1991Kotler 1991
  7. 7. What is Marketing?What is Marketing? 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. Kotler & Keller 2006
  8. 8. What is Marketing Management?What is Marketing Management? 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.
  9. 9. Scope of MarketingScope of Marketing  GoodsGoods Ex.-Food Products,CarsEx.-Food Products,Cars  ServicesServices Ex.-Work of Airlines,HotelsEx.-Work of Airlines,Hotels  EventsEvents Ex.-Olympics, World CupEx.-Olympics, World Cup  ExperiencesExperiences Ex.-Walt Disney KingdomEx.-Walt Disney Kingdom  Persons (Celebrity)Persons (Celebrity) Ex.-Amitabh, DhoniEx.-Amitabh, Dhoni  PlacesPlaces Ex.-Cities,StatesEx.-Cities,States  PropertiesProperties Ex.-Real estateEx.-Real estate  Organizations (Philips)Organizations (Philips) Ex.-Let’s Make things betterEx.-Let’s Make things better  InformationInformation Ex.-Universities,EncyclopediasEx.-Universities,Encyclopedias  Ideas (Revlon)Ideas (Revlon) In the factory, we make cosmetics,In the factory, we make cosmetics, In the store we sell hope.In the store we sell hope.
  10. 10. Production ConceptProduction Concept Product ConceptProduct Concept Selling ConceptSelling Concept Marketing ConceptMarketing Concept Consumers prefer products that are widely available and inexpensive Consumers favor products that offer the most quality, performance, or innovative features Consumers will buy products only if the company aggressively promotes/sells these products Focuses on needs/ wants of target markets & delivering value better than competitors Company Orientations TowardsCompany Orientations Towards the Marketplacethe Marketplace
  11. 11. When Did Marketing Begin?When Did Marketing Begin? Product OrientationProduct Orientation Selling OrientationSelling Orientation Customer OrientationCustomer Orientation •Most Efficient Production & Distribution •Seller’s Market •Satisfies Customers’ Needs and Wants •Total Quality New Era OrientationNew Era Orientation •Benefits to Customers, Plus Firm’s Employees, Shareholders, and Communities. •Marketing as a Sales Function •Buyer’s Market
  12. 12. Market Integrated marketing Profits through customer satisfaction Customer needs (b) The marketing concept Factory Existing products Selling and promotion Profits through sales volume Starting point Focus Means Ends (a) The selling concept Customer Delivered ValueCustomer Delivered Value
  13. 13. The Four Ps: The ToolsThe Four Ps: The Tools Marketing Mix Product Price Promotion Place
  14. 14. Evolving Views of Marketing’s RoleEvolving Views of Marketing’s Role a. Marketing as an equal function FinanceProduction Marketing Human resources b. Marketing as a more important function Finance Human resources Marketing Production
  15. 15. Evolving Views of Marketing’s RoleEvolving Views of Marketing’s Role c. Marketing as the major function Marketing Finance Human Resources Production d. The customer as the controlling factor Customer H um an R esources Finance Production M arketing
  16. 16. Evolving Views of Marketing’s RoleEvolving Views of Marketing’s Role e. The customer as the controlling function and marketing as the integrative function Customer Marketing Production Human Resources Finance
  17. 17. Marketing for 21Marketing for 21stst CenturyCentury Two Challenges Facing Indian Companies :Two Challenges Facing Indian Companies : • Will Indian companies be able to defend theirWill Indian companies be able to defend their market against the growing invasion of foreignmarket against the growing invasion of foreign global brands?global brands? • Can Indian companies develop strong globalCan Indian companies develop strong global brands?brands?
  18. 18. Can Indian CompaniesCan Indian Companies Defend the Domestic Market?Defend the Domestic Market?  Foreign competitors will not only go after theForeign competitors will not only go after the high end market in India. They will target thehigh end market in India. They will target the middle and eventually the low end.middle and eventually the low end.  The main defense for India will be developingThe main defense for India will be developing stronger skills in innovation, differentiation,stronger skills in innovation, differentiation, branding, and service.branding, and service.
  19. 19. But India NeedsBut India Needs Stronger MarketingStronger Marketing  Sometimes ads appear before the product is in distribution.Sometimes ads appear before the product is in distribution.  Some companies over-spend on advertising.Some companies over-spend on advertising.  Little use of marketing research.Little use of marketing research.  Therefore little segmentation of market and poor targeting.Therefore little segmentation of market and poor targeting.  Over focus on winning through low price; neglectingOver focus on winning through low price; neglecting differentiation.differentiation.  Retailers carry the same goods and their service is poor.Retailers carry the same goods and their service is poor.
  20. 20. Five C’s Favoring IndiaFive C’s Favoring India  Capital: India has and can attract capital.Capital: India has and can attract capital.  Cost: Another 50 years of low cost productionCost: Another 50 years of low cost production  Capability: Large number of trained workers,Capability: Large number of trained workers, engineers, scientists, and business peopleengineers, scientists, and business people  Consumers: Immense domestic marketConsumers: Immense domestic market  Calm and stability: in a world of turmoil andCalm and stability: in a world of turmoil and uncertaintyuncertainty