On October 23rd, 2014, we updated our
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The Scope of Marketing• Marketing: typically seen as the task of creating, promoting, and delivering goods and services to consumers and businesses.
Demand States and Marketing Tasks• 1. Negative demand A major part of the market dislikes the product and may even pay a price to avoid it—vaccinations, dental work, and gallbladder operations, for instance.Employers have a negative demand for ex-convicts and alcoholics as employees.The marketing task is to analyze why the market dislikes the product and whether a marketing program consisting of product redesign, lower prices, and more positive promotion can change beliefs and attitudes.
Demand States and Marketing Tasks cont...• 2. No demand Target consumers may be unaware of or uninterested in the product. Farmers may not be interested in a new farming method, and college students may not be interested in foreign-language courses. The marketing task is to find ways to connect the benefits of the product with people’s natural needs and interests.
The Scope of Marketing cont...• Places• Properties• Organizations• Goods• Services• Experiences• Information• Ideas• Events• Persons
The Decisions Marketers Make• Consumer Markets• Business Markets• Global Markets• Nonprofit and Governmental Market
Marketing Concepts and Tools• Defining Marketing management• Core Marketing Concepts Target Markets and Segmentation
Marketing Concepts and Tools cont...
Marketing Concepts and Tools cont...• Marketplace, Marketspace, and Metamarket• Marketers and Prospects• Needs, Wants, and Demands• Product, Offering, and Brand• Value and Satisfaction• Customer value triadValue = Benefits / Costs = (Functional benefits + Emotional benefits) /(Monetary costs + Time costs + Energy costs +Psychic costs)• Exchange and Transactions
Marketing Concepts and Tools cont...• Relationships and Networks• Relationship marketing• Marketing network• Marketing Channels• Supply Chain
Marketing Concepts and Tools cont...• CompetitionBrand competition Industry competition Form competition Generic competition• Marketing environment Task environment Broad environment• Marketing Program Marketing program Marketing mix
Role of Marketing department in an organization• ASSIGNMENT-1
Company Orientations Toward the Marketplace• Production Concept• Product concept• Selling Concept• Marketing Concept
Company Orientations Toward the Marketplace cont...• Target Market• Customer NeedsStated needs Real needs Unstated needs Delight needs Secret need
Company Orientations Toward the Marketplace cont...• Integrated Marketing External marketing Internal marketing
Company Orientations Toward the Marketplace cont...• Profitability Sales decline Slow growthChanging buying patterns Increasing competition Increasing marketing expenditures
Company Orientations Toward the Marketplace cont...• Societal Marketing Concept Cause-related marketing
Trends & Changing nature of marketing• Company responses and adjustments Reengineering Outsourcing Partner-suppliersMarket-centered E-commerce Benchmarking AlliancesGlobal and local Decentralized
Trends & Changing nature of marketing• Marketer Responses and Adjustments Customer relationship marketing Integrated marketing communicationsCustomer lifetime value Customer share Target marketing Customization Customer databaseChannels as partners Every employee a marketer Model-based decision making
Gathering information & analyzing macro environment• Marketing information system: People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
The Components of a Modern Marketing Information System• What decisions do you regularly make?• What information do you need to make these decisions?• What information do you regularly get?• What special studies do you periodically request?
The Components of a ModernMarketing Information System cont...• What information would you want that you are not getting now?• What information would you want daily? Weekly? Monthly? Yearly?• What magazines and trade reports would you like to see on a regular basis?• What topics would you like to be kept informed of?• What data analysis programs would you want?• What are the most helpful improvements that could be made in the present marketing information system?
MIS• Assessing Information needs• Developing needed information (Internal databases, Marketing intelligence, Marketing research)• Analyzing and using information(For Decision making —eg. CRM, distribution of marketing information)• Decision makers--Marketing managers and other information users• Marketing environment---(Target markets, Marketing channels, Competitors, Public, Macroenvironment forces)
Internal Record Systems• The Order-to-Payment Cycle• Sales Information Systems• Databases, Data Warehouses And Data- Mining