Introduction To Marketing Mm I


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  • Steel – Cold rolled steel – Bearings – axle assembly - trucks
  • Introduction To Marketing Mm I

    1. 1. Introduction to Marketing
    2. 2. What is Marketing? <ul><li>Social definition </li></ul><ul><li>A societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others </li></ul>
    3. 3. What is Marketing? <ul><li>Management definition </li></ul><ul><li>It is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. </li></ul>
    4. 4. Needs and Wants <ul><li>Needs are basic human requirements </li></ul><ul><li>Wants are needs directed to specific objects/services that might satisfy the need </li></ul>
    5. 5. Product <ul><li>A product is any offering catered to satisfy needs and wants. </li></ul><ul><li>A brand is when the product is from a known source. </li></ul>
    6. 6. Demand <ul><li>This is the wants for specific products backed by an ability to pay. </li></ul>
    7. 7. Target Market <ul><li>Very rarely does a product cater to the entire market. Most products are designed to cater to a group of customers who specifically want such a product. This group of customers is the target market which is a slice of the total market. We say it is the market segment. </li></ul>
    8. 8. Value and Satisfaction <ul><li>Value = Benefits/Costs </li></ul><ul><li>Benefits = Functional Benefits + Emotional benefits </li></ul><ul><li>Costs = Monetary costs + Time + Energy + </li></ul><ul><li>Psychic costs </li></ul>
    9. 9. Exchange <ul><li>Get something (product /service) by offering something in return. </li></ul><ul><li>Eg. kind (barter) or money (value ) </li></ul><ul><li>Exchange is a value creating process because it leaves both parties better off </li></ul><ul><li>(win – win situation) </li></ul>
    10. 10. Transaction and Transfer <ul><li>A transaction is an exchange between two things of value on agreed conditions and a time and place of agreement. </li></ul><ul><li>A transfer is a one way exchange without receiving anything in return. </li></ul>
    11. 11. Relationship Marketing <ul><li>Building long term mutually satisfying relations with customers, suppliers, distributors in order to retain their long term preference and business </li></ul>
    12. 12. Marketing Network <ul><li>A marketing network is the relationships built with its stakeholders. Effective relationships make up an effective and strong network. </li></ul>
    13. 13. Marketing Channels <ul><li>Marketing channels are used to reach the target segment. </li></ul><ul><li>Communication channels </li></ul><ul><li>eg. Advertising, telephone enquiry system </li></ul><ul><li>Distribution channels – trade, direct sales </li></ul>
    14. 14. Supply Chain <ul><li>The supply chain represents a value delivery chain – from procurement of raw materials to final delivery of product to consumer. </li></ul>
    15. 15. Competition <ul><li>Potential and rival substitutes and offerings a buyer might consider. </li></ul><ul><li>Competition can be viewed in various perspectives – brand, industry, form, generic </li></ul>
    16. 16. Marketing Environment <ul><li>Competition </li></ul><ul><li>Customers </li></ul><ul><li>Govt. policies </li></ul><ul><li>Suppliers </li></ul><ul><li>Trade </li></ul><ul><li>Product </li></ul><ul><li>Import tariffs </li></ul><ul><li>Trends </li></ul><ul><li>Technology </li></ul><ul><li>Politics </li></ul>
    17. 17. Marketing Mix <ul><li>It is the tools that an organization employs to pursue its marketing objectives in the target market </li></ul><ul><li>Product, Price, Place, Promotion </li></ul><ul><li>4 C’s – Customer solution, Cost, Convenience, Communication </li></ul>
    18. 18. Concepts under which firms conduct marketing activities <ul><li>Production concept </li></ul><ul><li>Product Concept </li></ul><ul><li>Selling Concept </li></ul><ul><li>Marketing Concept </li></ul><ul><li>Societal marketing Concept </li></ul>
    19. 19. Customer needs <ul><li>Stated needs </li></ul><ul><li>Real needs </li></ul><ul><li>Unstated needs </li></ul><ul><li>Delight needs </li></ul><ul><li>Secret Needs </li></ul>
    20. 20. Company Responses and Adjustments <ul><li>Reengineering </li></ul><ul><li>Outsourcing </li></ul><ul><li>E – Commerce </li></ul><ul><li>Bench marking </li></ul><ul><li>Alliances </li></ul><ul><li>Partner – supplies </li></ul><ul><li>Market centered </li></ul><ul><li>Global/local </li></ul><ul><li>Decentralization </li></ul>