What is Marketing• Marketing is the science and art of identifying, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services
What is Marketing• Marketing is often performed by a department within the organization. This is both good and bad. It’s good because it unites a group of trained people who focus on the marketing task. It’s bad because marketing activities should not be carried out in a single department but they should be manifest in all the activities of the organization.
What is MarketingMarketing is the social process by whichindividuals and groups obtain what they needand want through creating and exchangingproducts and value with others.KotlerMarketing is the management process thatidentifies, anticipates and satisfies customerrequirements profitably The Chartered Institute of Marketing(CIM)
What is MarketingThe right product, in the right place, at theright time, at the right priceAdcock.
Industrial marketing• The basic concept of marketing remain the same for both the consumer marketing and industrial marketing. However there are differences between consumer markets and industrial markets. These differences must be understood well by industrial marketers, who want to reach and satisfy the customer batter and faster then their competitors in order to achieve the corporate objective.
What is Industrial Marketing• Industrial marketing is also referred to as business to business (B2B) marketing or business marketing or organizational marketing. Industrial marketing is the marketing of products and services to business organizations. Business organizations include manufacturing companies, educational institutions, hospital, distributors and dealers.
Difference between Industrial Consumer MarketingSr. Areas Industrial Consumer marketNo Marketing1 Market Geographically Geographically Characteristics concentrated disbursed Relatively fewer Mass market buyer buyers2 Product Technical complexity Standardized Characteristics Customized3 Service Service, timely Service, timely delivered Characteristics delivered & & availability somewhat availability very important important
Difference between Industrial Consumer MarketingSr. Areas Industrial Marketing Consumer marketNo4 Buyer Behaviour Involvement of various Involvement of family functional areas in both members buyer & supplier firms Purchase decisions are Purchase decisions are mostly made on mainly made on physiological/social/ rational/performance physiological needs basis Less technical expertise Technical expertise Non-personal relationship
Difference between Industrial Consumer MarketingSr. Areas Industrial Consumer marketNo Marketing5 Channel More direct Indirect Characteristics Fewer Multiple layers of intermediaries/middle intermediaries men6 Promotional Emphasis on Emphasis on Characteristics personal Advertising selling7 Price Characteristics Competitive bidding & List prices or negotiated prices maximum retail price (MRP) List prices for standard products