Marketing by amir nasry printed ver 3

  • 315 views
Uploaded on

 

  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
315
On Slideshare
0
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
28
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. MARKETING Marketing: Creating and Capturing Customer Value Prof: Amir Nasry
  • 2. What Is Marketing? Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others PHILIP KOTLER Simply put: Marketing is the delivery of customer satisfaction at a profit.
  • 3. What Is Marketing? The Marketing Process
  • 4. Understanding the Marketplace and Customer Needs Core Concepts  Customer needs, wants, and demands  Market offerings (P&S)  Value and satisfaction  Exchanges and relationships  Markets
  • 5. Needs, Wants And Demands • NEED : A state of felt deprivation of some basic satisfaction (Food, Clothing, Shelter, Belonging etc. ) • WANTS : Wants are desires for specific satisfiers of the deeper needs. Needs are few and wants are many . • DEMANDS : are wants backed by -----Ability to buy and Willingness to buy
  • 6. Understanding the Marketplace and Customer Needs Customer Needs, Wants, and Demands Needs •States of deprivation •Physical—food, clothing, warmth, safety •Social—belonging and affection •Individual—knowledge and self-expression Wants •Form that needs take as they are shaped by culture and individual personality Demands •Wants backed by buying power
  • 7. Products / Offers / Satisfiers / Resources  Anything that can be offered to someone to satisfy a need or want is a product .  Product refers to physical object  Services refer to intangible object
  • 8. Value and Satisfaction • Value is the customers’ estimate of the Product’s capacity to satisfy a set of goals • Value is the ratio between what the customer gets and what he gives (V=B/C) • Customer gets benefits & assume costs • WHEN :Customer Expectance=Performance (satisfied) • Customer Expectance>Performance (dis-satisfied) • Customer Expectance<Performance (Highly satisfied)
  • 9. Understanding the Marketplace and Customer Needs  Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want  Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs
  • 10. Understanding the Marketplace and Customer Needs Customer Value and Satisfaction Expectations Customers • Value and satisfaction Marketers • Set the right level of expectations • Not too high or low
  • 11. Three Basic Principles Of Marketing (1) The Customer Value and Value Equation: V=B/P Where; V=Value B= Perceived Benefits P= Price
  • 12. Value Map
  • 13. Designing a Customer-Driven Marketing Strategy Choosing a Value Proposition The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs
  • 14. Value Proposition
  • 15. Value Proposition Involving all benefits Favourable points of difference Resonating focus
  • 16. Understanding the Marketplace and Customer Needs Exchange is the act of obtaining a desired object from someone by offering something in return
  • 17. Exchange and Transaction • Exchange is the act of obtaining a desired product by offering something in return . • Exchange takes place when 5 conditions are satisfied: (a) Two parties should be there (b) Each party must have something of value to the other (c) Each party is capable of communication & delivery (d) Each party is free to accept or reject the offer (e) Each party believes that it is appropriate to deal with the other party
  • 18. Exchange and Transaction  Exchange is a process rather than event. It is a value creating process because it normally leaves both parties better off.  A transaction is a trade of values between two or more parties ( A BARTER TRANSACTION OR A MONETARY TRANSACTION ).
  • 19. Understanding the Marketplace and Customer Needs Markets are the set of actual and potential buyers of a product
  • 20. Strategic Concept of Marketing • Shifted the focus of Marketing from Product or customer to the CUSTOMER IN THE CONTEXT OF THE BROADER EXTERNAL ENVIRONMENT . • To succeed, marketers must know the customer in a context including the competition, Govt. Policy& regulation and the broader economic, social and political macro forces that shape the evolution of market.
  • 21. Strategic Concept of Marketing  Shifted the Marketing Objectives from PROFIT TO STAKEHOLDER BENEFITS.  Stakeholders are individuals or groups who have an interest in the activity of a company . They include-----The employees and management, Customers, Society, Shareholders, Financiers/ Bankers, Government etc.
  • 22. Strategic Concept of Marketing  Strategic Marketing Concept is Strategic Management, which integrates marketing with the other management functions. ( Major task is Profit for Stakeholders’ benefits ).
  • 23. Designing a Customer-Driven Marketing Strategy Marketing management is the art and science of choosing target markets and building profitable relationships with them  What customers will we serve?  How can we best serve these customers?
  • 24. Marketing System  Marketing is concerned with the flow of goods and services from the points of production to the points of consumption.  There is a systematic arrangement of these functions of marketing to move the goods and services to the needy persons. This system is essential to the creation of time, place and possession utilities.
  • 25. Marketing System • A dynamic marketing system must be willing to undertake the following specific activities: 1. 2. 3. 4. Define market area. Research consumer wants and needs. Develop and redevelop product / service. Select, train, motivate and control human resources. 5. Develop sales approach and advertising support.
  • 26. Goals Of The Marketing System 1. Maximize Consumption 2. Maximize Consumer Satisfaction 3. Maximize Choice 4. Maximize Life Quality
  • 27. Three Basic Principles Of Marketing The essence of marketing can be summarized in three great principles.  first identifies the purpose and task of marketing,  second is the competitive reality of marketing  Third is the principal means for achieving the first two.
  • 28. Three Basic Principles Of Marketing Competitive or Differential Advantage : The total offer must be more attractive than that of the competition in order to create a competitive advantage. Focus or the Concentration of Attention : The task of creating Customer Value at a Competitive advantage.
  • 29. Customer As The Controlling Function Production Finance CUSTOMER Marketing Personnel
  • 30. Marketing As The Integrative Function Production Marketing CUSTOMER HR Finance
  • 31. Three Levels Of Marketing  Responsive Marketing  Anticipative Marketing  Need Shaping Marketing
  • 32. Responsive Marketing It is the form of marketing when some company defines an existing clear need and prepare an affordable solution. (Recognizing that women wanted to spend less time for cooking and cleaning, led to the invention of modern washing machine, microwave oven etc.)
  • 33. Anticipative Marketing It is a form of marketing when a company recognize an emergent or latent need, and come out with an affordable solution. Evian, Perrier anticipated growing market for bottled drinking water as the quality of water deteriorated in many places. Anticipative marketing is more risky than responsive marketing; companies may come into market too early or too late, or may even be totally wrong about thinking that such a market would develop.(eg. Dish washers in India)
  • 34. Need Shaped Marketing The broadest level of marketing occurs when a company introduces product that nobody asked for and often could not even conceive of. (e.g. Sony Walkman, Sony Compact Disc ) Late Akio Morita, founder and chairman of Sony, who introduced these and many other new products, summarized his marketing philosophy in these words: “ I don’t serve markets. I create them.”
  • 35. WHAT IS MARKET ?  A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.
  • 36. WHAT IS MARKETING ?  Marketing is the management process which identifies, anticipates, and supplies customer requirements efficiently and profitably.  In other words, it is the process of understanding, creating, and delivering profitable value to targeted customers better than the competition.
  • 37. WHAT IS MARKETING ?  Its aim is to establish, maintain, enhance long term relationship with customers at a profit so that the objectives of the parties involved are met.  In short marketing consists of attracting, developing, and retaining profitable customers.
  • 38. BUSINESS IS MARKETING  Marketing can not be considered as a separate function , it is the whole business, seen from the point of view of its final results.................that is profit, through customer satisfaction PETER DRUCKER
  • 39. A SIMPLE MARKETING SYSTEM Communication Goods & Services Market Industry Money Information/Feedback
  • 40. Designing a Customer-Driven Marketing Strategy Selecting Customers to Serve Market segmentation refers to dividing the markets into segments of customers Target marketing refers to which segments to go after
  • 41. Designing a Customer-Driven Marketing Strategy Selecting Customers to Serve Demarketing is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it
  • 42. Designing a Customer-Driven Marketing Strategy Marketing Management Orientations Production concept Product concept Selling concept Marketing concept Societal concept
  • 43. (1) THE PRODUCTION CONCEPT Company Produce more & more Consumers Practically sells itself  Consumers will favor those products that are widely available and low in cost.  Therefore increase production and cut down costs.  And build profit through volume.
  • 44. (2) THE PRODUCT CONCEPT Practically sells itself, if it gives most quality for money Consumers Buyers admire well-made products and can appraise product quality and performance.  Consumers will favor 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.
  • 45. (3) SELLING CONCEPT  Consumers have normal tendency to resist. Aggressive selling & promotion efforts Consumers Making sales becomes primary function and consumer satisfaction secondary .  Consumers , if left alone , will not buy enough of company’s products.  Therefore, promote sales aggressively.  Build profit through quick turnover.
  • 46. (4) MARKETING CONCEPT “ LOVE THE CUSTOMER , NOT THE PRODUCT ” Learn what they want(MR) Consumers Sell what they want(Satisfy needs of customers)  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.
  • 47. (5) THE SOCIETAL MARKETING CONCEPT It is Marketing Concept (+) Society’s well being.  Balancing of following three considerations while setting marketing policies : Customer’s want satisfaction Society’s well being Company’s profits  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.  It addresses conflicts between consumer’s and firm’s short run wants and long term welfare.
  • 48. Marketing Strategy
  • 49. Designing a Customer-Driven Marketing Strategy Marketing Management Orientations Marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do
  • 50. Designing a Customer-Driven Marketing Strategy Marketing Management Orientations Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s longrun interests
  • 51. Designing a Customer-Driven Marketing Strategy
  • 52. Ansoff Matrix
  • 53. The BCG Matrix Product Portfolio Method
  • 54. Porter model for Competitive Forces
  • 55. Preparing an Integrated Marketing Plan and Program The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy. it includes product, price, promotion, and place. Integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers.
  • 56. The Marketing Environment
  • 57. Microenvironment  Customers : individuals & households -Business Markets; Government Markets; -International Markets;  Competitors  Intermediates: Resellers transportation, warehousing, financing  Suppliers: supply problems that affect the marketing can be supply shortage, or delays, labor strikes , supply costs …etc  Public: comprises of consumers, labor unions, press & media, Govt. officials etc.
  • 58. Macro environment  Demographic Environment: age, gender, income, religion  Economic Factors: Changes in Income, Changing customer spending patterns, Unemployment, Inflation  Political / Legal Factors: Governmental regulations & rules, Tax regime, Trade policies, Special interests  Technological Factors: forces that create new technologies, creating new products and opportunities, Examples mobiles; laptops, robotic surgery ..etc  Natural Factors: involves the natural resources needed as inputs by marketers and may affect marketing activities; as : Shortage of raw materials, Increased pollution, Energy Sources
  • 59. Marketing Mix
  • 60. The Marketing Mix  The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives  7Ps – Price, Product, Promotion, Place, People, Process, Physical Environment  Traditional 4Ps extended to cope with today's changing environment
  • 61. The Marketing Mix
  • 62. Product
  • 63. Product Product Variety •Quality •Design •Brand name •Packaging •Services •Warranties  The firm must come up with a product or service that people will want to buy.  It must fulfil some need or want.  It must be (or at least seem) unique.
  • 64. Product  Methods used to improve/differentiate the product and increase sales or target sales more effectively to gain a competitive advantage e.g.       Extension strategies Specialised versions New editions Improvements – real or otherwise! Changed packaging Technology, etc.
  • 65. Augmented Product Product or service Core Product Actual Product CAR Transportation A motor car Hotel Accommodation Rooms Airline Transportation An air plane A Football Club Entertainment An Insurance Company Safety Insurance policy Online availability Air Condition Cooling AC Warranty Finance Availability Room service In flight Entertainment T-shirts – photos with players
  • 66. Price
  • 67. Price •List Price •Discounts •Allowances •Payment period •Credit Terms • The price must be one that the customer thinks is good value for money. • This is not the same as  Pricing Strategy being cheap! - International • Prices have a great psychological effect on  Comparative customers.  Cost plus
  • 68. Price  Maximize short term profit  Maximize current market share  Market skimming  Product quality leadership  Survival
  • 69. Place
  • 70. Place  The means by which products and services get from producer to consumer and where they can be accessed by the consumer  The more places to buy the product and the easier it is made to buy it, the better for the business (and the consumer?)
  • 71. People
  • 72. People  People represent the business  The image they present can be important  First contact often human – what is the lasting image they provide to the customer?  Extent of training and knowledge of the product/service concerned  Do staff represent the desired culture of the business?
  • 73. People  People represent the business  The image they present can be important  First contact often human – what is the lasting image they provide to the customer?  Extent of training and knowledge of the product/service concerned  Mission statement – how relevant?  Do staff represent the desired culture of the business?
  • 74. Process
  • 75. Process  How do people consume services?  What processes do they have to go through to acquire the services?  Where do they find the availability of the service?       Contact Reminders Registration Subscription Form filling Degree of technology
  • 76. Physical Environment
  • 77. Physical Environment  The ambience, mood or physical presentation of the environment  Packaging.  Internet/web pages.  Paperwork (such as invoices, tickets,…..).  Brochures.  Furnishings.  Uniforms.  Business cards.  The building itself (such as prestigious offices or scenic headquarters).  Mailboxes and many others . . . . . .
  • 78. Promotion
  • 79. Promotion 1.Advertising 2.Sales Promotion 3.Public Relations 4.Personal Selling 5.Direct Marketing  Strategies to make the consumer aware of the existence of a product or service  NOT just advertising
  • 80. Marketing communication MIX 1.Advertising  Popular means of reaching a target audience.  Cost effective way to build awareness.  To create a good ad, the marketer must create a message that is distinct, meaningful and credible.  There are many advertising 'media' such as newspapers, magazines and journals, television, cinema, outdoor advertising (such as posters, bus sides).
  • 81. Marketing communication MIX 2. Sales Promotion  Short term incentive to encourage customers to make a purchase.  There are many sales promotion types as : a. Advertising Specialties: A product imprinted with a logo as mugs, T shirts..etc b. Cash Rebates: A partial refund to the buyer c. Discounting : reducing the listed price for a limited period of time d. Coupons e. Samples N.B Advertising offers reasons to buy a product or service, sales promotion offers reasons to buy now
  • 82. Marketing communication MIX 3. Public Relations  Used to obtain favorable publicity, building good corporate image and handling unfavorable rumors, stories and events  Influence the public beliefs, feelings and opinions about the company .  Mass promotion tool & cheap  There are several types of public relations : a. Written material as brochures, magazines, articles..etc b. Special Events as presentations, conferences c. Public Service Activities as donating money, volunteers or resources to activities designed to a social cause d. Speeches as giving talks
  • 83. Marketing communication MIX 4. Personal Selling  Personal presentation by the firm’s sales force for the purpose of making sales & building customer relations  The sales message can be customized to meet the needs of the customer.  Involves 2 way personal communication as faceto-face, by telephone, through video or web conference.
  • 84. Marketing communication MIX 5. Direct Marketing  The Direct marketing is a type of advertising campaign that seeks to elicit an action (such as an order, a visit to a store or Web site, or a request for further information) from a selected group of consumers in response to a communication from the marketer.  Types of direct marketing:  Direct Mail  Telemarketing  Email Marketing  Catalogs  Websites
  • 85. The promotional message should Grab Attention I Stimulate nterest Create Desire Promote Action
  • 86. The Marketing Analysis
  • 87. SWOT analysis It is a marketing analysis tool that involves monitoring the external and internal marketing environment. Internal environment  Strength is something a firm does well or a characteristic that enhances its competitiveness.  Weakness is something a firm lacks, does poorly, or a condition placing it at a disadvantage External environment  opportunity is a factor that the company may be able to exploit to its advantage.  Threat is current and emerging external factors that may challenge the company’s performance.
  • 88. SWOT  Build on your Strengths  Evaluate your Opportunities  Research your Threats  Recognize your Weakness
  • 89. Identifying Market Segments and Targets
  • 90. Segmenting Consumer Markets  Geographic Segmentation Calls for dividing the market into geographical units such as nations, states, regions, countries, cities or neighborhoods  Demographic Segmentation Divides a market into groups based on variables as age, gender, family size, income, education, occupation, generation and nationality.  Psychographic Segmentation Divides buyers into different groups based on social class, lifestyle, or personality characteristics.  Behavioral Segmentation Divides buyers into groups based on their knowledge, attitudes, uses or responses to a product.
  • 91. Segmenting International Markets  Companies can segment international markets using one or a combination of several variables, ex. Geographic location, grouping countries by region as Asia, Middle East or Western Europe.  •Geographic segmentation assumes that nations close to one another have common traits and behaviors, example: United States and Canada.  •World markets can be segmented on the basis of economic factors . Ex. Countries might be grouped by population income levels or overall level of economic development
  • 92. Requirements for Effective Segmentation  Measurable  Accessible  Substantial  Differentiable  Actionable
  • 93. Market Targeting  Evaluating Market Segments  Segment Size and Growth:  Segment Structural Attractiveness:  Company Objectives and Resources  Selecting Target Market Segments Target Market Definition: consists of a set of buyers who share common needs or characteristics that the company decides to serve.
  • 94. Differentiation and Positioning  Differentiation: to be branded, products must be differentiated from competitors‟ ones. (size, shape or physical structure Features Performance quality, Durability, Reliability, Style  Dimensions of service differentiation: Ordering ease, Delivery, Installation, Customer Training, Maintenance and repair  Product Position : the place the product occupies in consumer's minds relative to competing products. A product must have a unique identity. Toyota Yaris & Honda positioned as Economy Mercedes and Cadillac positioned as Luxury BMW & Porsche positioned as Performance
  • 95. Marketing Plan
  • 96. Importance of Marketing Plan  Forces the marketing personnel to look internally in order to fully understand the results of past marketing decisions.  Forces the marketing personnel to look externally in order to fully understand the market in which they operate.  Sets future goals and provides direction for future marketing efforts that everyone within the organization should understand and support.  Marketing plan is a key component in obtaining funding to pursue new initiatives.
  • 97. Purpose of the Marketing Plan  Offer brief explanation for why this plan was produced  –e.g., introduce new product, enter new markets, continue growth of existing product, yearly review and planning document, etc.  Suggest what may be done with the information contained in the plan  –e.g., set targets to be achieved in the next year, represents a departmental report to be included in larger business or strategic plan, etc.
  • 98. Marketing Plan Structure Executive Summary Vision & Mission Statements –Pre defined Situation Analysis SWOT Analysis Marketing Goals & Objectives Marketing Strategies (Market penetration, Market development, Product development, Diversification)  Marketing Implementation (marketing activities)  Budgeting  Evaluation & Control (assessing and correcting actions)      
  • 99. Marketing Myopia
  • 100. What is Myopia • Nearsightedness--not inherited. It can be prevented. • Short sighted and inward looking approach to marketing that focuses on the needs of the firm instead of defining the firm and its products in terms of the customers' needs and wants.
  • 101. Marketing Myopia Today  Airline Industry  - IndiGo V/s Kingfisher  - Private carriers v/s National Carriers
  • 102. Marketing Myopia Today • Technology Industry ▫ More focused on the customer today than in 1960 ▫ Apple ▫ E-commerce and E-Business ranked high in customer satisfaction report
  • 103. “There is no such thing as a growth industry, what we have is growth opportunities.” -Theodore Levitt
  • 104. Guarantee a Self-Deceiving Cycle • Believe growth is guaranteed by an expanding population • Believe there is no competitive substitutes • Have too much faith in mass production • Preoccupation with a product: focus on product instead of customer
  • 105. Assured Growth by Expansion • Belief that increases in population and affluence ensure growth • Lack of innovation – A common characteristic ▫ Companies focus on efficiency, not innovation • Petroleum industry ▫ A prime example of this fallacy ▫ Reinforces Levitt’s caution of myopically defining one’s industry
  • 106. No Threat of Obsolescence • The fallacy of believing competitive substitutes don’t exist • Petroleum industry ▫ A history of obsolete products due to competitive substitutes  Kerosene Lamp  Kerosene Space Heater
  • 107. Mass Production • Lower product’s unit costs as output increases • Focus on production, neglect marketing • Selling is not marketing • Focus on company’s needs, not customer’s needs
  • 108. Henry Ford Brilliant Marketer Senseless Marketer • Created a product customer’s needed • Refused to make cars in any other color but black • Created a product customer’s could afford • Created production system to fit market needs
  • 109. Preoccupation with Product • Industry declines instead of growing • Example – Oil Companies • Survival entails change
  • 110. Creative Destruction • When something new eliminates something old • Must become innovative – reinvent business • Must change business strategy to survive
  • 111. Customer Relationships
  • 112. Model of Consumer Decision Making Stages in the Consumer Decision-Making Process Relevant Internal Psychological Processes
  • 113. External Factors Influencing the Consumer Buying Behavior  Culture  Social Class  Reference Group and Opinion Leader  Family
  • 114. Building Customer Relationships Customer Relationship Management (CRM)  The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
  • 115. Building Customer Relationships Relationship Building Blocks: Customer Value and Satisfaction Customer perceived value Customer satisfaction • The difference between total customer value and total customer cost • The extent to which a product’s perceived performance matches a buyer’s expectations
  • 116. Building Customer Relationships Customer Relationship Levels and Tools Basic Relationships Full Partnerships
  • 117. Building Customer Relationships The Changing Nature of Customer Relationships  Relating with more carefully selected customers uses selective relationship management to target fewer, more profitable customers  Relating more deeply and interactively by incorporating more interactive two way relationships through blogs, Websites, online communities and social networks
  • 118. Building Customer Relationships Partner relationship management involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers
  • 119. Building Customer Relationships Partner Relationship Management  Partners inside the company is every function area interacting with customers  Electronically  Cross-functional teams  Partners outside the company is how marketers connect with their suppliers, channel partners, and competitors by developing partnerships
  • 120. Building Customer Relationships Partner Relationship Management  Supply chain is a channel that stretches from raw materials to components to final products to final buyers  Supply management  Strategic partners  Strategic alliances
  • 121. Capturing Value from Customers Creating Customer Loyalty and Retention  Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage
  • 122. Capturing Value from Customers Growing Share of Customer Share of customer is the portion of the customer’s purchasing that a company gets in its product categories
  • 123. Capturing Value from Customers Customer equity is the total combined customer lifetime values of all of the company’s customers
  • 124. Capturing Value from Customers Building Customer Equity  Building the right relationships with the right customers involves treating customers as assets that need to be managed and maximized  Different types of customers require different relationship management strategies  Build the right relationship with the right customers
  • 125. The New Marketing Landscape Major Developments Digital age Rapid globalization Ethics and social responsibility Not-for-profit marketing
  • 126. So, What Is Marketing? Pulling It All Together
  • 127. Customer Satisfaction and Customer Retention  Customer satisfaction is the key to customer retention 1 in 4 unhappy Customers switch 1 in 27 unhappy customers complain 5 times easier and cheaper to keep a customer than to have a new one  Fully satisfies customers are more likely to become loyal customers.  Customer satisfaction is a big challenge for marketers. “It is no longer enough to satisfy customers. You must delight them.”-Philip Kotler
  • 128. The key question – “what business are you in?”
  • 129. Summary of Modern Marketing  Modern marketing is consumer oriented.  It begins and ends with Consumers.  It precedes & succeeds production.  It is competition oriented.  Its strategy is target marketing  The distribution policy under modern marketing is direct marketing and direct selling.
  • 130.  Modern marketing relies on information.  It emphasizes mutuality of benefit.  Business networks.  Emphasis on retaining customers  Marketing on the net.  Shifting from international to borderless world marketing.  Innovation.  Business Process Outsourcing.  Branding shifting values.
  • 131. Conclusion “Organizations must learn to think of itself not as producing goods or services but as buying customers, as doing the things that will make people want to do business with it.” Theodore Levitt