Music to a Marketer’s Ears“They’re the best.”“I always eat there.”“I only fly with that airline.”“I buy my electronics at that store.”“I will prefer to go in that school.”
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Marketing: DefinitionThe process of creatingconsumer value in the form ofgoods, services, or ideas thatcan improve the consumer’slife.
What is marketing ?More than selling and advertisingIdentifying and satisfying customersneedsRange of activities (marketing mix –4P’s)
What is Marketing?Learning to make what you can sell vs. selling what you can make. Identifying and satisfying customer needs and wants.
Peter Drucker Goal of all organizations is to gain and retain customers Innovation and marketing are the only two ways to achieve the goal “The rest only adds cost”
The AMA managerial 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.”
Marketing Involves having the Right Product available in the Right Place at the Right Time and making sure that the customer is Aware of the Product .
Marketing: Comprehensive Defination“Marketing is a continuous process ofassessment of needs & requirements ofcustomers, translating these requirements into aproduct, deciding a reasonable price, placing inthe right market to the right customers, promotingas this is the best choice amongst all, offering ata right time of minimum political, legal &economic crises for the value creation &satisfaction of customers.”
Marketing Focus States that the public, the customer, and the client determine the marketing program. Emphasizes creating and maintaining relationships with customers. Finally applies for both non-profit organizations and profit- oriented businesses.
Marketing Includes...Personal sellingAdvertisingMaking products available in storesMaintaining inventories etc
What Can Be Marketed?Goods PlacesServices PropertiesExperiences OrganizationsEvents InformationPersons Ideas
Identifying customer needs Designing goods and services that meet those needs Communicating information about those goods and services to prospective buyers
Cont… Making the goods or services available at times and places that meet customers’ needs Pricing goods and services to reflect costs, competition, and customers’ ability to buy Providing for the necessary service and follow-up to ensure customer satisfaction after the purchase
Marketers Develop and Implement a Marketing Plan Based on the Following Information: Organization’s Strengths Organization’s Strengths and Weaknesses and Weaknesses Opportunities and Threats to the Opportunities and Threats to the Organization in the Marketplace Organization in the MarketplaceOrganization’s Overall ObjectivesOrganization’s Overall Objectives
Peter F. Drucker Said:If we want to know what a business is, we have tostart with its purpose. And its purpose must lieoutside the business itself. In fact, it must lie insociety since a business enterprise is an organ ofsociety. There is one valid definition of businesspurpose: To create a customer.
Costs CareersAbout 50% of total About 33 to 45% ofproduct costs are the work force holdmarketing costs. marketing positions. Why Study Marketing ? Contributions to Society Contributions to Marketing decisions affectIndividual Organizations the lives of individualCritical to the success consumers and society asof a firm. a whole.
Why Study Marketing?Plays an important role insocietyVital to businessOffers outstanding careeropportunitiesAffects your life every day
Ex: Open a Book shop in Campus Is there a need? Who is my target market? What is my product? How can I produce and deliver a “product” better than my competitors? How will I promote my product? How can I insure customer loyalty?
Marketing is....Getting the rightproducts to the rightpeople at the right priceand at the right placewith the right promotion& in the right time.
Marketing is a social andmanagerial process by whichindividuals and groups obtain whatthey need and want throughcreating, offering and exchangingproducts of value with others. Kotler 1994
More simply:Marketing is the delivery ofcustomer satisfaction at a profit.
Simple Questions, Hard Answers•Who are our customers?•What important & uniquebenefits do we provide?•Are these benefits sustainable?