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Analogy of marketing with the nature’s law of “survival of the fittest”
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
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 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.”
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
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.