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Marketing Manahement

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Marketing Mgt Modul 1 and chapter 1 according to GTU syllabus

Marketing Mgt Modul 1 and chapter 1 according to GTU syllabus

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  • Service and Relationship Marketing

Marketing Manahement Marketing Manahement Presentation Transcript

  • Marketing Management Module:1 Chapter:1 – Nature & Scope of Marketing
  • Introduction to Marketing MM/M1/SS
  • From the time you wake up.. MM/M1/SS View slide
    • Turn off that alarm – brush your teeth – take a shower – have breakfast – get dressed – travel to work – use the copier – go out for dinner at ____ - fall asleep
    • We use more than 250 brands by the time our day ends !!
    MM/M1/SS View slide
  •  
  • Marketing is omnipresent ..!
    • “ The average person in a metro-city is exposed to over 3,000 advertising messages a day…!!”
    • ...consciously or otherwise.
    • Source: http://www.superprofile.com
    MM/M1/SS
    • We are constantly being targeted !!
    MM/M1/SS
  • Marketing is natural…
    • Analogy of marketing with the nature’s law of “survival of the fittest”
    MM/M1/SS
  • MM/M1/SS What is sold What is marketed A grocery shop sells ‘Channa’ Commodity A restaurant sells ‘Channa-Bhatura’ Product MDH , a food company sells ready to eat channa masala Brand Tata Consultancy Service sells TCS Certainity Solution
  • What is Marketed? MM/M1/SS Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas
  • Good Marketing is No Accident The roaring success of four-wheeler Tata Ace, in a market earlier dominated by three-wheeler load carriers, was due to a deep understanding of the market needs and customer requirements. MM/M1/SS
  • Let’s define… MM/M1/SS
  • What is Marketing? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. MM/M1/SS
  • What is Marketing Management? Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. MM/M1/SS
    • ‘ Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably’
    • The Chartered Institute of Marketing
    MM/M1/SS
  • ‘ The right product, in the right place, at the right time, and at the right price’ Adcock et al
  • ‘ Marketing is the human activity directed at satisfying human needs and wants through an exchange process’ Philip Kotler MM/M1/SS
    • The AMA definition:
      • “ Marketing 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 objectives.”
    MM/M1/SS
  • No single definition or approach
    • But the c ommon subject matters:
      • The ability to satisfy customers,
      • The identification of favorable marketing opportunities
      • The need to create an edge over competitors
      • The aim to increase market share mainly in target markets
    MM/M1/SS
  • Some marketing Gurus.. MM/M1/SS
  • Selling is only the tip of the iceberg “ There will always be a 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 MM/M1/SS
  • Key Customer Markets MM/M1/SS Consumer Markets Business Markets Global Markets Nonprofit/ Government Markets
  • Desire + Willingness + Purchasing Power Need, Want, Demand MM/M1/SS
    • Consumer :
    • A consumer is one who consumes goods and services.
    • Customer :
    • Customer are those who buy goods and services.
    Consumer , Buyer & Customer MM/M1/SS
  • Demand States MM/M1/SS Nonexistent Latent Declining Irregular Full Unwholesome Overfull Negative
  • Demand
    • Negative Demand :
    • * consumers dislike the product and may even pay a price to avoid it.
    • * Eg. : vaccinations
    • * Marketing Task : Market Analysis, Positive promotion, change belief & attitude of people, product redesign, lower price
    MM/M1/SS
  • Demand
    • Nonexistent Demand :
    • * consumers may be unaware of or uninterested in the product.
    • * foreign language courses
    • * Marketing Task : connect the benefits of the product with people’s needs and interests
    MM/M1/SS
  • Demand
    • Latent Demand :
    • * consumers may share a strong need that cannot be satisfied by an existing product
    • * Harmless Cigarettes, More fuel efficient car
    • * Measure the size of potential market, analyze strength of the company, develop goods and services to satify the demand
    MM/M1/SS
  • Demand
    • Declining Demand :
    • * consumers begin to buy the product less frequently or not at all.
    • * Typewriter
    • * analyze the causes of the decline and determine whether demand can be restimulated by new target markets, by changing product features or by more effective communication.
    • * reverse declining demand through creative remarketing
    MM/M1/SS
  • Demand
    • Irregular Demand :
    • * consumer purchases vary on a seasonal, monthly, weekly, daily or even hourly basis.
    • * tours and travels… peak in weekends…
    • * Marketing Task : Synchromarketing
    • Flexible pricing, promotion and other incentives
    MM/M1/SS
  • New Consumer Capabilities
    • A substantial increase in buying power
    • A greater variety of available goods and services
    • A great amount of information about practically anything
    • Greater ease in interacting and placing and receiving orders
    • An ability to compare notes on products and services
    • An amplified voice to influence public opinion
    MM/M1/SS
  • Evolution of the marketing concept MM/M1/SS
  • Company Orientations Towards the Marketplace Production Concept Product Concept Selling Concept Marketing Concept Consumers prefer products that are widely available and inexpensive
    • Consumers favor products that
    • offer the most quality, performance,
    • or innovative features
    Consumers will buy products only if the company aggressively promotes/sells these products Focuses on needs/ wants of target markets & delivering value better than competitors MM/M1/SS
  • Societal Marketing Concept Societal Marketing Concept Company (Profits) Consumers (Want Satisfaction) Society (Human Welfare) MM/M1/SS
  • Figure 1.4 Holistic Marketing Dimensions MM/M1/SS
  • Modern Marketing Concept Traditional Organization Chart Customers Front-line people Middle Management Top Management MM/M1/SS
  • Modern Marketing Concept Customer-Oriented Organization Chart MM/M1/SS Customers Front-line people Middle management Top manage- ment Customers Customers
  • Figure 1.1 Structure of Flows in a Modern Exchange Economy MM/M1/SS
  • Figure 1.2 A Simple Marketing System MM/M1/SS
  • Core Marketing Concepts
    • Needs, wants, and demands
    • Target markets, positioning, segmentation
    • Offerings and brands
    • Value and satisfaction
    • Marketing channels
    • Supply chain
    • Competition
    • Marketing environment
    MM/M1/SS
  • The Marketing Mix
    • Developed to achieve the company’s objectives.
    • Also called:
    • 4 P’s of
    • Marketing
    MM/M1/SS
  • Product MM/M1/SS
  • What is a Product?
    • A product is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.
    MM/M1/SS
  • Product Mix
    • Total sum of all products and variants offered by an organization
    MM/M1/SS
  • Product Differentiation
    • Product form
    • Features
    • Customization
    • Performance
    • Conformance
    • Durability
    • Reliability
    • Repairability
    • Style
    MM/M1/SS
  • Service Differentiation
    • Ordering ease
    • Delivery
    • Installation
    • Customer training
    • Customer consulting
    • Maintenance and repair
    MM/M1/SS
  • Product Life Cycle MM/M1/SS
  • PRICE MM/M1/SS
  • Definition:
    • In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods or services.
    MM/M1/SS
  • Objectives of Pricing
    • Short-term profit maximization
    • Short-term revenue maximization
    • Maximize quantity
    • Maximize profit margin
    • Differentiation
    • Survival
    Source: http://entrepreneurs.about.com/od/salesmarketing/a/pricingstrategy.htm MM/M1/SS
  • Place MM/M1/SS
  • Marketing Channels and Supply Chain Management The fourth ‘P’ of marketing (place)
  • Consumer Marketing Channels MM/M1/SS Wholesaler Distributor Retailer Consumer     Consumer Retailer Consumer  Manufacturer 0-level channel Wholesaler Retailer Consumer   Mfg 2-level channel Mfg 3-level channel 1-level channel Manufacturer
  • Promotion MM/M1/SS
  • Concept of ‘Promotion’
    • Promotion is all personal and impersonal efforts by a seller to
      • Inform
      • Persuade or
      • Remind a target audience .
    MM/M1/SS
  • MM/M1/SS
  • Personal Selling
    • Direct presentation of a product to a prospective customer by a representative of the organization selling it.
      • Face to face
      • Over the phone
    MM/M1/SS
  • Advertising
    • The non-personal communication of information usually paid for & usually persuasive in nature, about products (goods & services) or ideas by identified sponsor through various media.
      • Broadcast media (TV, Radio)
      • Print media (newspapers, magazines)
      • Outdoor media (billboards)
      • Internet
      • Mobile phones
      • Other media
    MM/M1/SS
  • Sales Promotion
    • Incentives given to encourage sales and help personal selling.
      • Premiums
      • Event sponsorships
      • Contests
      • Trade shows
      • In-store displays, samples, rebates
      • Discounts and coupons
      • If given to channel partners: Trade Promotion
    MM/M1/SS
  • Public Relations
    • Efforts to develop favorable attitudes and opinions about products/organizations
      • Newsletters
      • Annual reports
      • Lobbying, charitable events etc.
    • Publicity
      • News stories about organization & products
    MM/M1/SS
  • Marketing Concept - The 4 P’s & The 4 Cs Marketing Mix Customer Solution Customer Cost Communication Convenience MM/M1/SS Product Price Promotion Place
  • Acoording to customer point of view- SIVA MM/M1/SS Product S olution Promotion I nformation Price V alue Place A ccess
  • Marketing Concept - The 4 P’s MM/M1/SS
  • The extended marketing mix
    • Also called the service marketing mix
    • People
    • Process
    • Physical Evidence
    MM/M1/SS
  • Glimpse of Marketing Specializations
      • Consumer Behavior
      • Marketing Research
      • Sales and distribution
      • Integrated Marketing Communications
      • Services Marketing
      • International Marketing
      • Brand Management
    MM/M1/SS