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Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
Teaching slides,principles of marketing,dr.manishankar chakraborty
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Teaching slides,principles of marketing,dr.manishankar chakraborty

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Teaching-learning notes on Principles of Marketing

Teaching-learning notes on Principles of Marketing

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  • 1. Principles ofMarketingDr. Manishankar ChakrabortyBusiness Studies DepartmentIbra College of Technology
  • 2. Introducing Marketing Marketing video of Earth-wool Insulation- http://www.youtube.com/watch?v=BS1g09QEWVs Marketing, Dr. Manishankar Chakraborty
  • 3. Course overview Need for the course How it can assist you in your career How this course is related to other courses How this course is different from other courses Approach required to understand this course Mark oriented approach to knowledge centric approach How the practical activities in this course is different from others How the practical activities contribute towards learning Importance of continuous learning Handling wrong perceptions/myths about the subject Career Opportunities Marketing, Dr. Manishankar Chakraborty
  • 4. Assessments Objective type surprise quiz-I=5 Marks Library based handwritten activity within deadline(questions/situations/case- lets/secondary literature review on assigned topics)= 5 Marks Midterm exam= 20 Marks Objective type surprise quiz-II=5 Marks Presentation on a topic within the deadline= 5 Marks Report submission on the topic of presentation within the deadline= 5 Marks Attendance= 3 Marks (Deduction of 1 Mark for 1st warning, 2 Marks for 2nd warning and 3 Marks for 3rd warning) Class participation= 2 Marks (To be done on the basis of the complete semester observation) Final Exam= 50 Marks TOTAL = 100 Marks Thumb rules to succeed Punctuality, Interaction with teacher and peers , Daily scheduling, Daily Revision, Additional reading and writing. Marketing, Dr. Manishankar Chakraborty
  • 5. Background Visiting a Mall/Souq- Sharing experiences Buying a car- Sharing experiences Offers during Ramadan Word-of-Mouth Advertising in newspapers, magazines, TV Brand endorsement- Ali Al Habsi Marketing, Dr. Manishankar Chakraborty
  • 6. Outcome-1Marketing Concepts Introduction Marketing is an important function of business. Marketer sells and earns profits. Mainly deals with customer relationship and satisfaction. Understanding needs and requirements of customer and satisfying them by delivering quality products and services. Marketing is not only selling and advertising, however they are parts of marketing. Marketing consists of product design, pricing, distribution, promotions etc. Marketing is used to identify, satisfy and keeping the customers. Marketing, Dr. Manishankar Chakraborty
  • 7. Outcome-1 Market – Derived from latin word “Marcatus” meaning merchandise, trade or a place where business is done. It is a geographical area where materials are sold, but these days its possible over the internet as well. Marketing- It is an act or process of purchasing and selling in the market. OR It is the process or technique of promoting, selling and distributing products/services. OR It consists of many functions involved in moving goods from producers to consumers. Need- It is something that is essential for living. E.g. Food, Clothing, Water and Clothing. Want- It is something you would like to have, but it is not essential for living. E.g. Car, Laptop, GSM phones. Demand- It is something that you want to have. It is always backed by purchasing power. Marketing, Dr. Manishankar Chakraborty
  • 8. Outcome-1 Nature of Marketing It deals with products, pricing, distribution and promotion. It tries to satisfy and delight the customers. It aims at creating relationship with the customers by delivering offerings(products/services) of good quality. It deals with the identification of customers needs and requirements and satisfying them by suitable products/services. Objectives of Marketing Basic objective is to satisfy customer needs and wants. Other objectives are as follows- (1) Increase in consumption- To increase the consumption or usage of goods and services a company produces. (2) Creation of goodwill- It helps in building a good name (goodwill) by selling quality goods at reasonable/affordable/right prices to the customer. (3) Profit through customer satisfaction- Profit by selling goods/services which would satisfy the customer by fulfilling their needs and wants. (4)Providing wide choice of goods- Aims at providing a wide range of offerings. (5) Improving the quality of life- Aims to improve the quality of life of the customer by offering good products/services. Marketing, Dr. Manishankar Chakraborty
  • 9. Outcome 1 Marketing Management- It is an art and science of choosing target markets and building profitable relation with them. Marketing management orientation- There are five orientations which companies implement to conduct marketing related activities- (1) Production concept- It states that consumers will buy whatever is available and affordable. So, company should look into improving production and distribution. (2) Product concept- Consumers will buy products that offer most in quality, performance and innovative features. Organization should focus on product improvements. (3) Selling concept- Consumers will not buy enough of the product unless large scale selling and promotional effort is done. This concept is practiced for goods which consumers do not think of buying. (4) Marketing concept- Providing better customer satisfaction by knowing consumer needs than competitors forms the marketing concept. Here organizations provide the right product to the customers. (5) Societal Marketing- It states that the organization should relate their marketing activities for the welfare of the society. Marketing, Dr. Manishankar Chakraborty
  • 10. Outcome 1 Customer Satisfaction- The extent to which a product satisfies the buyers expectations. Customers are dissatisfied when product performance falls short of customer expectations. De-marketing- Marketing to reduce demand. Goal is not to destroy demand, but reduce or shift it. E.g.- De-marketing of petroleum products in India. Marketing offer- These are the benefits provided by the marketers to encourage or motivate customers to purchase the products. It includes discounts in prices, products guarantee, and warrantee, free samples etc. Exchange- Process of obtaining a desired object from someone by offering something in return. Marketing environment- Factors and forces outside marketing affecting the ability to build and maintain successful relationships with the target customers. Marketing environment provides opportunities and threats. Marketing, Dr. Manishankar Chakraborty
  • 11. Outcome 1 Microenvironment- Factors close to the company that affects its ability to serve its customers. The main factors are- (1) Company- To design marketing plans factors like top management, research and development, purchase and accounts should be considered. (2) Suppliers- They supply raw materials required for making the finished goods/services. Organization should have good suppliers to avoid short supply and delay in raw materials, apart from bad quality of resources/raw materials. (3) Marketing intermediaries- They are „middle-men‟ and help companies to promote, sell and distribute the offerings(goods/services) to final buyers. It includes re-sellers, wholesalers, physical distribution firms, marketing services agencies and financial intermediaries. (4) Customers- They are of four types- (a) Consumer markets- Individuals and households for personal consumption. E.g. You, Me. (b) Business markets- Buy goods-services for further production. E.g. A restaurant, PDO. (C) Re-seller markets- Buy goods to re-sell at a profit. E.g. Lulu, Tauba. (d) Government market- Produce public service and transfer goods for the common man. E.g. MoMP buying computers for Colleges of Technologies. (e) International market- All the above markets at the international level. Marketing, Dr. Manishankar Chakraborty
  • 12. Outcome-1 Competitors- Companies selling same kind of products and services in the market. The company has to deliver products/services better than the competitors. Public- Groups having an interest in organizations ability to achieve its objectives. They are of four types- (a) Financial public- Companies get funds/money from them. E.g. Banks and Financial Institutions (b) Media public- They help in promotion. E.g. Newspapers, Magazines, TV. (C) General public- Image of the public in the mind of the common man affects buying. (d) Internal public- Employees are internal as their motivation affects external publics like customers and others. Macro environment- Larger societal forces affecting micro environment. These cannot be controlled by the company. They are of the following types- (1) Demographic- Study of human population, their size, density, location, age, gender, occupation. (2) Economic- Factors like purchasing power of customers, spending patterns as countries differ in distribution of income, so marketers should note the changes. (3) Natural- Consists of natural resources needed as inputs by marketers. They should be aware about pollution and shortage of raw materials. (4) Technological- New methods, techniques, technology affecting manufacturing and marketing. (5) Political- Government laws, political system affecting individuals and organizations (6) Cultural- Involves society‟s basic values, perceptions, preferences and behaviours. Marketing, Dr. Manishankar Chakraborty
  • 13. Knowledge reinforcement Scratch your mind Do you think marketing is important? What would you do you if you the marketing manager of Oman Air? Consumers and customers are the same. Comment. Situation for analysis Case-let Additional Reading Links http://en.wikipedia.org/wiki/Marketing_management http://www.scribd.com/doc/8939448/Marketing-Management http://www.wepapers.com/Papers/14123/Fundamentals_of_Marketing_Mana gement http://www.slideshare.net/BabasabPatil/marketing-management-basics- 11032256 Marketing, Dr. Manishankar Chakraborty
  • 14. Outcome-2Marketing Decision Making andConsumer Behaviour Definition Consumer behavior is defined as the behavior that consumers show in searching for purchasing, using, evaluating and disposing of products and services that they expect will satisfy their needs. E.g. Purchasing a CAR Types of buying decision behavior- It is based on the degree of buyer involvement and the degree of differences amongst the brands. (1)Complex buying behavior- Buyer passes through a learning process, developing beliefs, then attitudes about the product/service, followed by making a thoughtful choice of purchase. Consumers are highly involved when the product is expensive and purchased infrequently. E.g. Purchasing a CAR (2) Dissonance-Reducing buying behavior- This occurs when consumers are highly involved with an expensive, in-frequent purchase, but see little difference among brands. Consumers sometimes experience post purchase dissonance when they notice certain disadvantages of purchased brand or hear favourable things about brands not purchased. (3) Habitual buying behavior- It occurs under condition of low consumer involvement and little brand differences. Consumers goes to the store and purchases a brand. Continuously purchasing is because of habit, than strong brand loyalty. Marketing, Dr. Manishankar Chakraborty
  • 15. Outcome 2 Variety seeking buying behavior- Consumer switches brands frequently. Competing firms encourages variety amongst consumers through lower prices, coupons, free samples, advertising for trying new choices. Steps in buying decision behavior It has following five stages- (1) Need recognition- Buying process starts with need recognition, where buyer recognizes a problem/need. Marketers should research consumers to find out what kind of needs or problems arise. (2) Information search- Interested consumer search for product related information from personal, commercial and public sources. Consumer‟s awareness and knowledge of available brand increases. (3) Evaluation of alternatives- Consumer uses information to evaluate alternative brand in the choice set. (4) Purchase decision- Consumer ranks brands and form purchase intention. Consumers purchase decision will be to buy the most preferred brand. Post-purchase decision- Customer purchases the products and takes further action based on their satisfaction or dissatisfaction. Marketing, Dr. Manishankar Chakraborty
  • 16. Knowledge reinforcement Scratch your mind Give one example each with explanation for different types of buying decision behavior from your own life. What is the process followed by you while buying a car? What is dissonance? How can you prevent buying dissonance? Situation for analysis Case-let Additional Reading Links http://en.wikipedia.org/wiki/Consumer_behaviour http://www.newagepublishers.com/samplechapter/000160.pdf http://www.managementstudyguide.com/what-is-consumer-behaviour.htm http://www.swlearning.com/web_resources/consumer.htm Marketing, Dr. Manishankar Chakraborty

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