Understanding marketing function
Features of marketing function
Characteristics of marketing function
Tools and benefits of marketing function
Marketing plans and strategies
MARKETING CAN BE DESCRIBED IN VARIOUS WAYS.
IT COULLD BE UNDERSTOOD NOT IN OLD SENSE OF MAKING A SALE„SELLING‟, BUT IN THE NEW SENSE OF SATISFYING CUSTOMERS.
MARKETING FUNCTION REFERS TO THE SET OF PROCESSES FOR
MAKING, COMMUNICATING AND TO GIVE VALUE TO BUYERS AND FOR
MANAGING CUSTOMERS RALATIONSHIPS IN WAYS THAT BENEFIT
ORGANIZATION AND ITS STAKEHOLDERS.
IT BEGINS WITH DISCOVERING UNMET CUSTOMERS AND CONTINUES
WITH RESEACHING THE POTENTIAL MARKET.
PRODUCING A GOOD OR SERVICE CAPABLE OF SATISFYING THE
TARGETED CUSTOMERS, AND PROMOTING, PRICING, AND DISTRIBUTING
THAT GOODS AND SERVICES.
MARKETING IS IDENTIFYING AND MEETING HUMAN AND SOCIAL NEEDS.
IN SHORT, MARKETING IS “MEETING NEEDS PROFITABLY.”(SHIVENDU
IT THEN REFERS TO THE IDENTIFICATION, SELECTION AND
DEVELOPMENT OF A PRODUCT, THE DERTEMINATION OF THE PRICE,
CHANEL TO REACH CUSTOMERS PLACE AND THE DEVELOPMENT AND
THE IMPLEMENTATION OF PROMOTIONAL STRATEGY.
FEATURES OF MARKETING FUNCTION
OVERALL BUSINESS PHILOSOPHY 12. PRODUCT DEVELOPMENT AND
4. LONG TERM SURVIVAL
13. RISK BEARING
5. MUTUAL BENEFITS
6. BUSINESS OBJECTIVE
15. AFTER SALE SERVICE
16. STANDARDIZATION AND GRADING
CHARECTERISTICS OF MARKETING FUNCTION
Setting and communicating the value of products
and services. E.g. price setting at right level
Designing, developing, maintaining, improving and
acquiring products and services that meet
Determine the quality manners for consumers to
locate and use services and products of the entity.
They care for organization’s budgeting, provision
of financial assistance to customers
Obtaining, managing and using information
about what consumers want to improve entity
decision making activities, and determining
what will sell.
Clear communication with the buyers about
goods and services to achieve desire results.
Good communication with the customers
determine and satisfy their needs
SIX STEPS OF MARKETING PROCESS
STEP 1…DEVELOP MARKETING STRATEGY
STEP 2…CREATE AND MAINTAIN POWERFUL WEBSITE
STEP 3…GENERATE MORE TRAFFIC
STEP 4…CONVERT TRAFFIC TO LEADS
STEP 5…CONVERT LEADS INTO SALES
STEP 6…MEASURE EVERYTHING
THE 4 P‟S IN THE MARKETING-MIX
marketing mix is the set of controllable
variables that the firm can use to influence
the customer‟s response
marketing mix and 4 Ps of marketing
are used as synonyms for each other. In fact
they not necessarily the same things.
Refers to the goods and services offered to
Product can be subdivided into quality levels,
special features, styling, branding. Product range
or mix. Service back-up, warranty/ durability
Combination of above used for product. E.g. low
quality product backed by a high service element.
Price refers to the amount charged for the
offered product or services. The right product
should be offered at right place.
Price is a mechanism of exchange between firm
and customer. It incorporates credit terms,
discounts, margins, resources and financial
Promotion refers to advertising and selling part of
marketing i.e. informing potential customers of the
availability of the product, its price and place.
Promotion includes two broad areas of advertising and
Advertising – media/display/classified
Merchandizing – promotional support for the retailer
Personal selling – salesman is special discounts
Publicity – press and public relations
Place refers to distribution channels used to get your
product to your customers.
Place make the product physically available. It includes
distribution channel, outlet, warehouse, factory location,
coverage stocks and freight.
The essence of managing the marketing mix lies in
providing each group of customers with the mix of
product, price, place and promotion which suits their
Integrated marketing, the marketer‟s task is to devise marketing
activities and assemble marketing programs that maximize the
ability to create, communicate, and deliver the value of
McCarthy said the marketing mix tools in terms of four Ps. Such as
Product, Price, Place, and Promotion.
Marketing mix decisions must be made for influencing the trade
channels as well as the final customers.
Marketing mix is a set of controllable tactical and represents the
seller’s view of marketing tools like product, price, place, and
promotion that the firm blends to produce the response it wants
in the target market.
BENEFITS AND TOOLS……….
EFFECTIVE LEARNING TOOL
EASY TO SHARE
VIRAL MARKETING TOOL
HIGHLY EFFECTIVE FO SEO
IMPORTANCE OF MARKETING
IT HELPS THE ORGANIZATION IN PLANNING
IT ESTABLISH BALANCE IN DEMAND AND SUPPLY
IT HELPS TO ESTABLISH A COMMUNICATION SYTEM BETWEEN THE PRODUCER
AND THE CONSUMER
IT ENSURING THE MAXIMUM PRODUCTION AT MINIMUM COST
MAKES GOODS AVAILABLE TO BUYERS AT COMPETITIVE PRICES
IMPROVE STANDARD OF LIVING
ECONOMIC DEVELOPMENT OF THE COUNRTY