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Marketing concept of today



The Concept of Marketing and its Evolution

The Concept of Marketing and its Evolution



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    Marketing concept of today Marketing concept of today Presentation Transcript

    • Marketing Concept
      Evolution of Marketing & Customer Orientation….
    • Marketing Concept
      Concept of Marketing is essentially a Customer Orientation concept.
      ‘Customer is King’- customer/services are bought not because of their quality, packaging or brand name, but because they satisfy a specific need of the customer.
      Marketing is ‘understanding’ & ‘responding’ to the customer’s needs.
    • Marketing Concept involves-
      Customer Orientation
      Competitive Orientation
      Ability to respond to Environmental changes.
    • Marketing Orientation
      Consumer Orientation: continuously monitoring customer needs, wants and preferences. E.g., Asian Paints.
      Integrated approach to Exploiting Market Opportunities: integrate all elements of Marketing Mix, not merely advertising and selling, into a sound business plan. E.g., Maggi noodles.
      Futuristic Approach: money spent on above mentioned tasks are not as expenditure but as investments, to reap profits later. Investment in Market Share development.
    • (d) Highly Developed Marketing Systems: all major marketing decisions are taken on the basis of market information emerging from the developed marketing systems.
      (e) Marketing Culture: the customer is given key importance and, accordingly, his interests override organizational interests. E.g., Windsor Manor- Hospitality Industry.
      (f) Speed: speed at which the customer’s problems are solved.
    • Marketing Orientation vis-à-vis Selling Orientation
      Selling approach is more transaction based.
      Selling approach generally, undermines the research.
      E.g., Hindustan Motors and Premier Automobiles are the classic cases of selling concept.
      Marketing is emphasized on customer management.
      Customer is the focal point of the marketing orientations.
      Ultimate aim here is to maximize profits through increased customer satisfaction.
      E.g., Maruti in 1984.
    • Relationship Marketing
      Relationship Marketing emphasizes aspects of product reliability,
      use of interactive technologies,
      retail stores,
      human interactions and thereby work on dependability issues among salespersons, service personnel, intermediaries and so forth.
      The underpinning of Relationship Marketing is CUSTOMER LOYALTY.
    • Role of Marketing in Modern Organization
    • The Marketing Mix
      The concept of Marketing Mix involves a deliberate and careful choice of strategies and policies for org's, product, price, place and promotion.
      The Task of Marketing Manager is to develop the most appropriate and creative marketing mix for his organization.
      E.g., HMV loosing its share to T-series.
    • Marketing mix and Forces Impacting It
      Government Policy
      Target Customer
      Socio-economic factors
      External Environment
      Taxes & Tariffs
      Political Factors
      Marketing Mix
    • Three Stages of Marketing Practice
      Entrepreneurial Marketing- often characterized by high risk taking and innovative way to reach out to the customers. E.g., Reliance in its textile fabrics under the brand Vimal.
      Formulated Marketing- is research centric and well planned. Firms spend money on advertising, sales persons, marketing research, and product planning.
      Intrapreneurial Marketing- firms pushing their managers to understand the consumers and improve their lifestyle, or add value to their lives. E.g., HUL.
    • Social Cause and Non Profit Marketing
      Non Profit Marketing- propagating non profit causes like- family planning, child care, immunization, abolition of child marriages, etc.
      Cause Marketing- implies marketing skills to effect social changes which would benefit the individual and the society. E.g., Tata Tea’s ‘Jaago Re’, P & G’s Project Drishti (supported by Brand Whisper), save Tiger campaign, etc.
    • Questions for Discussion
      You have been hired by a Five Star deluxe hotel in Goa. This hotel has been experiencing uneven demand for its facilities. The management has asked you to develop a marketing plan to even out this demand.