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Introduction to marketing
 

Introduction to marketing

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    Introduction to marketing Introduction to marketing Presentation Transcript

    • Presented by: Ms. Deepali Mhatre
    • CHAPTER-I INTRODUCTION TO MARKETING  Definition:  Marketing is the management process responsible for identifying, anticipating and satisfying consumers’ requirements profitably.  Definition by Boone and Kurtz:  Marketing is the process of planning and undertaking the conception, pricing, promotion & distribution of goods and services to create and maintain relationships that will satisfy individual and organizational objectives.
    •  Introduction:  Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.  Marketing is used to identify the customer, satisfy the customer, and keep the customer. With the customer as the focus of its activities, marketing management is one of the major components of business management. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries.[ The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable.  The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions. It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors. Marketing includes all activities for transferring goods from producer to consumers. Its main aim is to sell and satisfy the consumers. Today, market’s king is consumer. So, marketing provides you good technique to handle customers. Marketing’s best technique is marketing mix. Marketing mix has four P
    •  1. Product which is made by producer must be made quality basis. 2. Price is fixed by market but marketer should take low price than market for increasing of sale. 3. Promotion is done by advertising; it must be used at proper time for target audience. 4. Placement is relating to distribution activities, marketer should reach by proper channel of distribution.
    • Marketing Research:  Marketing research involves conducting research to support marketing activities, and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge the nature of a firm's marketing environment and attain information from suppliers. Marketing researchers use statistical methods such as quantitative research, qualitative research, hypothesis tests, Chi-squared tests, linear regression, correlations, frequency distributions, Poisson distributions, binomial distributions, etc. to interpret their findings and convert data into information. The marketing research process spans a number of stages, including the definition of a problem, development of a research plan, collection and interpretation of data and disseminating information formally in the form of a report. The task of marketing research is to provide management with relevant, accurate, reliable, valid, and current information.
    • Evolution of Marketing:  An orientation, in the marketing context, related to a perception or attitude a firm holds towards its product or service, essentially concerning consumers and end-users. Throughout history, marketing has changed considerably in conjunction with consumer tastes.  Earlier approaches  The marketing orientation evolved from earlier orientations, namely, the production orientation, the product orientation and the selling orientation
    •  Orientation  Profit driver  Western European timeframe  Description  Production  Production methods  until the 1950s  A firm focusing on a production orientation specializes in producing as much as possible of a given product or service. Thus, this signifies a firm exploiting economies of scale until the minimum is reached. A production orientation may be deployed when a high demand for a product or service exists, coupled with a good certainty that consumer tastes will not rapidly alter (similar to the sales orientation).  Product  Quality of the product  until the 1960s  A firm employing a product orientation is chiefly concerned with the quality of its own product. A firm would also assume that as long as its product was of a high standard, people would buy and consume the product.  Selling  Selling methods  1950s and 1960s  A firm using a sales orientation focuses primarily on the selling/promotion of a particular product, and not determining new consumer desires as such. Consequently, this entails simply selling an already existing product, and using promotion techniques to attain the highest sales possible.  Such an orientation may suit scenarios in which a firm holds dead stock, or otherwise sells a product that is in high demand, with little likelihood of changes in consumer tastes that would diminish demand.
    •  Marketing  Needs and wants of customers  1970 to present day  The 'marketing orientation' is perhaps the most common orientation used in contemporary marketing. It involves a firm essentially basing its marketing plans around the marketing concept, and thus supplying products to suit new consumer tastes. As an example, a firm would employ market research to gauge consumer desires, use R&D to develop a product attuned to the revealed information, and then utilize promotion techniques to ensure persons know the product exists.
    • Marketing Mix Target Market Product Product: Variety Quality Design Features Brand name Packaging sizes Services Warranties Returns Price List price Discounts Allowances Payment Period Credit item Promotion Sales promotion Advertising Sales force Public relations Direct Marketing Place Channels Coverage Assortments Locations Inventory Transport
    • Features/ Nature of Marketing Orientation:- 1. Consumers Consumers are the king of market and all salesmen who want to sell goods to consumers, should create good relationship with consumer and also solve their problems for enhancing the product branding in market. 2. Organizational Capability Before marketing, it is very necessary that company should see his organizational capability which is available to fulfill the order of sale. If not, then create the limit of marketing. 3. Competitors It is also nature of marketing that you will see competitors in the your market. Never ignore them and create advance strategy to fight and defeat your competitors. Some time, new competitors may be your friends for increasing sale because every new competitor helpful to make a physical market for you where consumer can come and buy. 4. Co-ordination It is also nature of marketing that it is connected with other activities. It is the duty of marketing manager to do co-ordination with other department. 5. Performance Marketing should be based on performance. We have to pay for all cost on the basis of past selling. If any branch’s sale value is high. We should promote that branch by increasing the salary that branch’s salesmen and advertising cost.
    • Main Marketing Concept:  1. Production Concept This concept guides us that we should produce the products at minimum production cost. 2. Product Concept This concept guides us that we should sell the best quality product to consumers. 3. Selling Concept Selling concept guides us that we should take minimum selling price from consumer. For this we have to decrease our selling cost. 4. Marketing Concept Marketing concept guides us that in this era, consumer is king of market and all marketing activities main target should be to satisfy the consumers.
    • Scope of Marketing  1. Marketing in New Company
    •  2. Marketing in Old Company It is also the part of scope of marketing. In old company , we see that there are already large number of consumer are buying goods. There is no need to invest high amount on advertising but company can find his scope for improving the quality of product which will be sold to existing consumers. Old company should concentrate his mind for maintaining the stable his level in market by providing quality products, continuing researching and decreasing the cost.
    •  3. Marketing in NGO
    • Orientation Profit driver Western European timeframe Description Production Production methods until the 1950s A firm focusing on a production orientation specializes in producing as much as possible of a given product or service. Thus, this signifies a firm exploiting economies of scale until the minimum is reached. A production orientation may be deployed when a high demand for a product or service exists, coupled with a good certainty that consumer tastes will not rapidly alter (similar to the sales orientation). Product Quality of the product until the 1960s A firm employing a product orientation is chiefly concerned with the quality of its own product. A firm would also assume that as long as its product was of a high standard, people would buy and consume the product. Selling Selling methods 1950s and 1960s A firm using a sales orientation focuses primarily on the selling/promotion of a particular product, and not determining new consumer desires as such. Consequently, this entails simply selling an already existing product, and using promotion techniques to attain the highest sales possible. Such an orientation may suit scenarios in which a firm holds dead stock, or otherwise sells a product that is in high demand, with little likelihood of changes in consumer tastes that would diminish demand. Marketing Needs and wants of customers 1970 to present day The 'marketing orientation' is perhaps the most common orientation used in contemporary marketing. It involves a firm essentially basing its marketing plans around the marketing concept, and thus supplying products to suit new consumer tastes. As an example, a firm would employ market research to gauge consumer desires, use R&D to develop a product attuned to the revealed information, and then utilize promotion techniques to ensure persons know the product exists.