What are marketing (Definition):-<br /><ul><li>Marketing is about identifying and meeting human and social needs. -Kotler
The aim of marketing is to identify customer needs – and to meet those needs so well that the product almost sells itself.
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchangethat satisfying individual and organizational goals. -The American Marketing Association
Marketing is the act of connecting customers to products.
Marketing is a process by which an idea is converted into a product or service and putting it into hand of the final consumer, for satisfying their needs and gain profit by satisfying them.</li></ul>firstname.lastname@example.org<br />
Definition of Marketing Management<br />email@example.com<br />
MARKETING management<br />Marketing Management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.<br />firstname.lastname@example.org<br />
Operational Model of Marketing<br />email@example.com<br />
Analyzing Need<br />Idea to Satisfy<br />Feasibility Analysis<br />Yes<br />No<br />Developing the Actual product/Service<br />Sale/Distribution/Other<br />In Consumer’s Hand<br />Measuring Satisfaction Level<br />Dissatisfy<br />Satisfy<br />Complete<br />Complete<br />firstname.lastname@example.org<br />
The Marketing Process<br />email@example.com<br />
The MARKETING PROCESS<br />Understanding the Market Place and Customer Needs & wants<br />Design a Customer-driven marketing Strategy<br />Create Value for Customers and build Customer Relationships.<br />Construct a Marketing Program that delivers superior value.<br />Build profitable relationships and create Customer Delight.<br />Capture value from customer to create profits and Customer Equity.<br />Capture Value from Customers to create profits and Customer Equity.<br />firstname.lastname@example.org<br />
Marketplace, Marketspace and Metamarket<br />email@example.com<br />
Marketplace, Marketspace, Metamarket:-<br /><ul><li>Marketplace</li></ul>The Marketplaces is physical market such as a store where you shop.<br />An open area or square in a town where a public market or sale is set up. <br /><ul><li>Marketspace</li></ul> Marketspace is Digital, as when you shop on the internet. E.g. Amazon.<br /><ul><li>Metamarket</li></ul>Metamarket describes a cluster of complementary products and services that are closely related in the minds of consumers, but spread across a diverse set of industry.<br />Example:-<br /> The automobile metamarket consists of automobile manufacturers, new car and used car dealers, financing companies, insurance companies, mechanic, spare part dealers, service shop, auto magazines, classifies auto ads, in newspapers, and auto sites on the internet. <br />firstname.lastname@example.org<br />
What is Product<br />email@example.com<br />
What is Product:-<br /><ul><li>Product means the need-satisfying offering of a firm. A product may be a physical good or a service or a blend of both.
The end result of the manufacturing process, to be offered to the Marketplace to satisfying a need or want.
Product is tangible or intangible goods which any market offers for transaction purpose.</li></ul>Let’s look the ten types of categories which any Marketer can offer:-<br />firstname.lastname@example.org<br />
1.) Services<br />Services include the work of airlines, hotels, car rental firms, barbers and beauticians, maintenance and repair people, accountants, bankers, lawyers, engineers, doctors, software programmers, management consultant and teachers.<br />“At a fast food restaurant the customer consumes both a product and a service”.<br />2.) Events<br />Major trade shows, artistic performance, global sporting events such as the Olympics and the world cup are promoted aggressively to both companies and fans.<br />3.) Goods<br /> Physically visible or tangible like Food product, cars, refrigerators, television. <br />email@example.com<br />
4.) Experience<br />This kind of product allowing a customer to gain some experience for example in Walt Disney you can visit a fairy kingdom, a pirate ship, or a haunted house.<br />5.) Persons<br />Artists, musicians, Ceos, physician, high profile lawyer and financers and other professionals all get help from the celebrity marketers. <br />6.) Places<br /> Cities, state, region and whole nations, historical places egg Tajmahal etc, compete actively to attract tourist. <br />7.) Properties<br /> Intangible rights of ownership of either real property or financial property.<br />firstname.lastname@example.org<br />
8.) Organizations<br />Organizations actively work to build a strong, favorable, and unique image in the mind of their target publics. E.g. Sony, Apple, Samsung etc.<br />9.) Information<br />Information is essentially what books, schools, and universities produces, magazines such as Road and Track, PC world and vogue supply info about the car, computer, and fashion worlds.<br />10.) Ideas<br /> Every market offering includes a basic idea.<br />Charles Revson of Revelon once observed: “In the factory, we make cosmetic; in the store we sell hope”.<br />email@example.com<br />
Company Orientation toward the Marketplace (Core Marketing Concepts):-<br />1.) The Production Concept<br />The Production Concept is one of the oldest concepts in business, it holds that consumer will prefer product that are widely available and Inexpensive. Managers of production oriented businesses concentrate on achieving high production efficiency, low cost and mass distribution. This orientation makes sense in developing countries such as China, where the largest PC manufacturer, Lenovo and domestic appliances giant Haier take advantages of the country’s huge inexpensive labor pool to dominate the market. This concept also used where company want to increase their markets.<br />2.) The Product Concept<br /> The Product Concept proposes that consumers favor product that offer the most quality performance, or innovative features. Managers in these organizations focus on making superior products and improving them over time. <br />firstname.lastname@example.org<br />
3.) The Selling Concept<br /> The Selling Concept holds that consumers and businesses, if left alone, won’t buy enough of the organization’s products. The organizations must, therefore, undertake an aggressive selling and promotion effort. The selling concept is practiced most aggressively with unsought goods, such as insurance, encyclopedias etc.<br />4.) he Marketing Concept<br /> The Marketing Concept holds that the key to achieving organizational goals is being more effective than competitors in creating, delivering, and communicating superior customer value. Instead of a product-centered, “make and sell” philosophy, business shifted to a customer-centered, “sense and respond” philosophy. According to this philosophy the job is not to find the right customers for your product, but to find the right product for your customer.<br />This Philosophy is follow by the following companies:-<br /> <br />Dell Computers doesn’t prepare a perfect product for its target market. Rather, it provides product platform on which each person customize the features he/she desires in the computer.<br />Hewlett Packard and Motorola have made a practice of researching latent needs through a “probe-and-learn” process. <br />email@example.com<br />
5.) The Holistic Marketing Concept<br /> The Holistic Marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognizes their breadth and interdependencies. Holistic marketing recognizes” everything matters” in marketing. Holistic Marketing is thus an approach that attempts to recognize and reconcile the scope and complexities of marketing activities.<br />Difference between The selling Concept and the Marketing concept:- <br />firstname.lastname@example.org<br />
The Marketing Mix4Ps <br />email@example.com<br />
The Marketing Mix: Four Ps:-<br /> The Marketer’s task is divides the different marketing activities and assemble fully integrated marketing program to create, communicate, and deliver value for consumer. McCarthy classified marketing activities as Marketing Mix tools of four broad kinds, which we are called ad The Four Ps of marketing: Product, Price, Place and Promotion. The four Ps represents the seller’s view of the marketing tools available for influencing buyers.<br />Marketers make Marketing mix decision for influencing their trade channel as well as their final consumers. Once they understand these groups, marketers make or customize an offering solution, inform customers-recognize that many other sources of information also exist- set of price that offers real value, and choose places where the offering will be accessible.<br />firstname.lastname@example.org<br />
The Marketing Mix : Four Ps<br />email@example.com<br />
Four Dimensions SIVA Model<br />firstname.lastname@example.org<br />
Today’s Marketers are emphasizing what solutions consumers are looking for, not what products we are trying to sell them. The four Ps represents the seller’s view of the marketing tools available for influencing buyers. From a buyer’s point of view, each marketing tool is designed to deliver a customer benefit. A complementary breakdown of Marketing activities has been proposed that centers on customers. Its four dimensions (SIVA) and the corresponding customer questions these are designed to answer are:<br /><ul><li>Solution: How can I solve my problem?
Consumer Behavior<br />Consumer behavior is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.<br />email@example.com<br />