MARKETING MANAGEMENT Ms. Kiran Sharma K.J.Somaiya Institute of Management Studies and Research
QUESTIONS TO BE ANSWERED…. <ul><li>Importance of marketing </li></ul><ul><li>Scope of marketing </li></ul><ul><li>Company ...
WHAT IS MARKETING? <ul><li>Marketing  is an organizational function  </li></ul><ul><li>and a set of processes for creating...
<ul><li>Marketing Defined: </li></ul><ul><li>“ Marketing is a social and managerial process by which individuals and group...
WHAT IS MARKETING MANAGEMENT? <ul><li>Marketing   management  is the  </li></ul><ul><li>art and  science   </li></ul><ul><...
Selling is only the tip of the iceberg “ There will always be need for  some selling. But the aim of marketing is to make ...
What is Marketed? Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas
DEMAND STATES <ul><li>Negative Demand  – dislike the product, may even pay a price to avoid it </li></ul><ul><li>Nonexiste...
Structure of Flows in a Modern Exchange Economy
Key Customer Markets <ul><li>Consumer markets </li></ul><ul><li>Business markets </li></ul><ul><li>Global markets </li></u...
Simple Marketing System
Core Marketing Concepts
Understanding the Marketplace <ul><li>Needs, wants, and demands </li></ul><ul><li>Marketing offers: including products, se...
Understanding the Marketplace <ul><li>Needs, wants, and demands </li></ul><ul><li>Marketing offers: including products, se...
Understanding the Marketplace <ul><li>Needs, wants, and demands </li></ul><ul><li>Marketing offers: including products, se...
Value and Satisfaction <ul><li>Perceived Value </li></ul><ul><ul><li>The customer’s evaluation of the difference between b...
Understanding the Marketplace <ul><li>Needs, wants, and demands </li></ul><ul><li>Marketing offers: including products, se...
For an exchange to occur…. <ul><li>There are at least two parties. </li></ul><ul><li>Each party has something that might b...
Understanding the Marketplace <ul><li>Needs, wants, and demands </li></ul><ul><li>Marketing offers: including products, se...
A MARKET  People  or  Organizations Money to Spend Willingness to Spend Needs to  Satisfy Market
I want it, I need it….. <ul><li>5 Types of Needs </li></ul><ul><li>Stated needs </li></ul><ul><li>Real needs </li></ul><ul...
The marketplace isn’t what it used to be… Changing technology Globalization Deregulation Privatization Customization Consu...
NEW CONSUMER CAPABILITIES <ul><li>Substantial Increase in Buying power </li></ul><ul><li>Greater variety of available good...
Company Orientations Production Selling Marketing Product
Production Concept Product Concept Selling Concept Marketing Concept Marketing Management Philosophies <ul><li>Widely avai...
HOLISTIC MARKETING CONCEPT <ul><li>Based on development, design and implementation of marketing programs, processes and ac...
Holistic Marketing Dimensions
The Selling and Marketing  Concepts Contrasted
Marketing Mix and the Customer <ul><li>Four Ps </li></ul><ul><li>Product </li></ul><ul><li>Price </li></ul><ul><li>Place <...
The Four P’s
The Four Ps Marketing Mix The Four Cs Customer Solution Customer Cost Communication Conven- ience Product Price Promotion ...
Marketing-Mix Strategy
Marketing Management Tasks <ul><li>Developing marketing strategies </li></ul><ul><li>Capturing marketing insights </li></u...
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Marketing management 01

  1. 1. MARKETING MANAGEMENT Ms. Kiran Sharma K.J.Somaiya Institute of Management Studies and Research
  2. 2. QUESTIONS TO BE ANSWERED…. <ul><li>Importance of marketing </li></ul><ul><li>Scope of marketing </li></ul><ul><li>Company orientations towards marketplace </li></ul><ul><li>Fundamental marketing concepts </li></ul><ul><li>Changes in Marketing Management </li></ul>
  3. 3. WHAT IS MARKETING? <ul><li>Marketing is an organizational function </li></ul><ul><li>and a set of processes for creating, communicating, and delivering value </li></ul><ul><li>to customers and for managing </li></ul><ul><li>customer relationships </li></ul><ul><li>in ways that benefit the </li></ul><ul><li>organization and its stakeholders. </li></ul>
  4. 4. <ul><li>Marketing Defined: </li></ul><ul><li>“ Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others” </li></ul><ul><li>Marketing is about managing profitable customer relationships </li></ul><ul><li>Attracting new customers </li></ul><ul><li>Retaining and growing current customers </li></ul>
  5. 5. WHAT IS MARKETING MANAGEMENT? <ul><li>Marketing management is the </li></ul><ul><li>art and science </li></ul><ul><li>of choosing target markets </li></ul><ul><li>and getting, keeping, and growing customers through </li></ul><ul><li>creating, delivering, and communicating superior customer value. </li></ul>
  6. 6. Selling is only the tip of the iceberg “ There will always be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available.” Peter Drucker
  7. 7. What is Marketed? Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas
  8. 8. DEMAND STATES <ul><li>Negative Demand – dislike the product, may even pay a price to avoid it </li></ul><ul><li>Nonexistent Demand – Unaware or uninterested in the product </li></ul><ul><li>Latent Demand – Share a strong need cannot be satisfied by any existing product. </li></ul><ul><li>Declining demand – Buy the product less frequently or not at all. </li></ul><ul><li>Irregular demand – Purchases vary on a seasonal, weekly, daily or even hourly basis. </li></ul><ul><li>Full demand – Buy all products put into the marketplace </li></ul><ul><li>Overfull demand – larger number of consumers would like to buy the product than can be satisfied. </li></ul><ul><li>Unwholesome demand – Attracted to products that have undesirable social consequences </li></ul>
  9. 9. Structure of Flows in a Modern Exchange Economy
  10. 10. Key Customer Markets <ul><li>Consumer markets </li></ul><ul><li>Business markets </li></ul><ul><li>Global markets </li></ul><ul><li>Nonprofit/Government markets </li></ul>
  11. 11. Simple Marketing System
  12. 12. Core Marketing Concepts
  13. 13. Understanding the Marketplace <ul><li>Needs, wants, and demands </li></ul><ul><li>Marketing offers: including products, services and experiences </li></ul><ul><li>Value and satisfaction </li></ul><ul><li>Exchange, transactions and relationships </li></ul><ul><li>Markets </li></ul><ul><li>Need </li></ul><ul><ul><li>State of felt deprivation </li></ul></ul><ul><ul><li>Example: Need food </li></ul></ul><ul><li>Wants </li></ul><ul><ul><li>The form of needs as shaped by culture and the individual </li></ul></ul><ul><ul><li>Example: Want a Big Mac </li></ul></ul><ul><li>Demands </li></ul><ul><ul><li>Wants which are backed by buying power </li></ul></ul>Core Concepts
  14. 14. Understanding the Marketplace <ul><li>Needs, wants, and demands </li></ul><ul><li>Marketing offers: including products, services and experiences </li></ul><ul><li>Value and satisfaction </li></ul><ul><li>Exchange, transactions and relationships </li></ul><ul><li>Markets </li></ul>Core Concepts <ul><li>Marketing offer </li></ul><ul><ul><li>Combination of products, services, information or experiences that satisfy a need or want </li></ul></ul><ul><ul><li>Offer may include services, activities, people, places, information or ideas </li></ul></ul>
  15. 15. Understanding the Marketplace <ul><li>Needs, wants, and demands </li></ul><ul><li>Marketing offers: including products, services and experiences </li></ul><ul><li>Value and satisfaction </li></ul><ul><li>Exchange, transactions and relationships </li></ul><ul><li>Markets </li></ul><ul><li>Value </li></ul><ul><ul><li>Customers form expectations regarding value </li></ul></ul><ul><ul><li>Marketers must deliver value to consumers </li></ul></ul><ul><li>Satisfaction </li></ul><ul><ul><li>A satisfied customer will buy again and tell others about their good experience </li></ul></ul>Core Concepts
  16. 16. Value and Satisfaction <ul><li>Perceived Value </li></ul><ul><ul><li>The customer’s evaluation of the difference between benefits and costs. </li></ul></ul><ul><ul><li>Customers often do not judge values and costs accurately or objectively. </li></ul></ul><ul><li>Customer Satisfaction </li></ul><ul><ul><li>Product’s perceived performance relative to customer’s expectations. </li></ul></ul>
  17. 17. Understanding the Marketplace <ul><li>Needs, wants, and demands </li></ul><ul><li>Marketing offers: including products, services and experiences </li></ul><ul><li>Value and satisfaction </li></ul><ul><li>Exchange, transactions and relationships </li></ul><ul><li>Markets </li></ul><ul><li>Exchange </li></ul><ul><ul><li>The act of obtaining a desired object from someone by offering something in return </li></ul></ul><ul><ul><li>One exchange is not the goal, relationships with several exchanges are the goal </li></ul></ul><ul><ul><li>Relationships are built through delivering value and satisfaction </li></ul></ul>Core Concepts
  18. 18. For an exchange to occur…. <ul><li>There are at least two parties. </li></ul><ul><li>Each party has something that might be of value to the other party. </li></ul><ul><li>Each party is capable of communication and delivery. </li></ul><ul><li>Each party is free to reject the exchange offer. </li></ul><ul><li>Each party believes it is appropriate or desirable to deal with the other party. </li></ul>
  19. 19. Understanding the Marketplace <ul><li>Needs, wants, and demands </li></ul><ul><li>Marketing offers: including products, services and experiences </li></ul><ul><li>Value and satisfaction </li></ul><ul><li>Exchange, transactions and relationships </li></ul><ul><li>Markets </li></ul><ul><li>Market </li></ul><ul><ul><li>Set of actual and potential buyers of a product </li></ul></ul><ul><ul><li>Marketers seek buyers that are profitable </li></ul></ul>Core Concepts
  20. 20. A MARKET People or Organizations Money to Spend Willingness to Spend Needs to Satisfy Market
  21. 21. I want it, I need it….. <ul><li>5 Types of Needs </li></ul><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>
  22. 22. The marketplace isn’t what it used to be… Changing technology Globalization Deregulation Privatization Customization Consumer resistance Competition
  23. 23. NEW CONSUMER CAPABILITIES <ul><li>Substantial Increase in Buying power </li></ul><ul><li>Greater variety of available goods and services </li></ul><ul><li>Greater amount of information about practically anything </li></ul><ul><li>Greater ease in interacting and placing and receiving orders </li></ul><ul><li>Ability to compare notes on products and services </li></ul><ul><li>A voice to influence peer and public opinions </li></ul>
  24. 24. Company Orientations Production Selling Marketing Product
  25. 25. Production Concept Product Concept Selling Concept Marketing Concept Marketing Management Philosophies <ul><li>Widely available and expensive </li></ul><ul><li>High production efficiency </li></ul><ul><li>Low cost </li></ul><ul><li>Mass distribution </li></ul>Best quality performance Innovative features New innovative products from time to time ‘ Unsought goods ’ – Buyers normally do not buy these products ‘ Customer Centered ’ – Focus not on finding the right customers for the products but finding the right products for the customers.
  26. 26. HOLISTIC MARKETING CONCEPT <ul><li>Based on development, design and implementation of marketing programs, processes and activities. </li></ul><ul><li>Recognizes that “everything matters”. </li></ul>
  27. 27. Holistic Marketing Dimensions
  28. 28. The Selling and Marketing Concepts Contrasted
  29. 29. Marketing Mix and the Customer <ul><li>Four Ps </li></ul><ul><li>Product </li></ul><ul><li>Price </li></ul><ul><li>Place </li></ul><ul><li>Promotion </li></ul><ul><li>Four Cs </li></ul><ul><li>Customer solution </li></ul><ul><li>Customer cost </li></ul><ul><li>Convenience </li></ul><ul><li>Communication </li></ul>
  30. 30. The Four P’s
  31. 31. The Four Ps Marketing Mix The Four Cs Customer Solution Customer Cost Communication Conven- ience Product Price Promotion Place
  32. 32. Marketing-Mix Strategy
  33. 33. Marketing Management Tasks <ul><li>Developing marketing strategies </li></ul><ul><li>Capturing marketing insights </li></ul><ul><li>Connecting with customers </li></ul><ul><li>Building strong brands </li></ul><ul><li>Shaping market offerings </li></ul><ul><li>Delivering value </li></ul><ul><li>Communicating value </li></ul><ul><li>Creating long-term growth </li></ul>
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