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Marketing management module 1 introduction of marketing

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Marketing management module 1 introduction of marketing

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Marketing management module 1 introduction of marketing

  1. 1. MODULE 1 Introduction to Marketing
  2. 2. MODULE 1 Introduction – Definition – Scope of marketing – Concepts of Need, Want and Demand- demands situations – Marketing philosophies and their evolution – Types of products - Difference between goods & services - key customer markets – Market Environment – Porter’s 5 Forces – PEST Marketing concepts – Introduction to Segmenting, target market, positioning – marketing mix (4 Ps & 7 Ps)– tasks of Marketing Managers. Marketing Myopia
  3. 3. What is marketed? • Goods • Services • Events • Experiences • Persons • Places • Properties • Information • Ideas
  4. 4. Who Markets? • Resource Markets • Manufacturer markets • Intermediatery markets • Government markets • Consumer markets • Market place and market space • Metamarket
  5. 5. Definition of Marketing • Marketing is organizational function and process for creating communicating and delivering value to customers and for managing customer relationship in a way that benefit organization and its stakeholders. • IKEA Furniture, eBay.
  6. 6. Core Marketing concepts • Needs and wants – Stated needs – Real needs – Unstated needs – Delight needs – Secret needs • Demands • Target markets, positioning and segmentation • Offerings and Brands • Value and satisfaction • Marketing channels • Supply chain • Competition • Marketing environment.
  7. 7. Scope of Marketing Marketing people are involved in marketing 10 types of entities: 1. Goods 2. Services 3. Experiences 4. Events 5. Persons 6. Places 7. Properties 8. Organizations 9. Information 10. Ideas
  8. 8. Company Philosophies and Evolution • The production concept • The product concept • The selling concept • The marketing concept • Relationship marketing
  9. 9. Types of Products Business Product Consumer Product A product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other consumers. Product bought to satisfy an individual’s personal wants
  10. 10. Difference between Goods & Services 1. Goods are tangible while services are intangible. 2. Customers participate in many service processes, activities, and transactions. 3. The demand for services is more difficult to predict than the demand for goods. 4. Services cannot be stored as physical inventory. 5. Service management skills are paramount to a successful service encounter. 6. Service facilities typically need to be in close proximity to the customer.
  11. 11. Market Environment • Demographics • Economic conditions – Prosperity – Recession – Recovery – Inflation & Interest rates • Competition • Social and cultural forces • Political and legal forces • Technology
  12. 12. Porter’s 5 Forces • Rivalry among existing players • Threat of new entrants • Threat of substitutes • Bargaining power of buyers • Bargaining power of suppliers
  13. 13. PEST concepts • Political • Economical • Sociological • Technological
  14. 14. Introduction to Segmentation • Variation in consumer response • Marketing mix • Dividing total market • Similar or homogeneous market • Diffused market. – Geographic – Demographic – Psychographic – Behavioural
  15. 15. Targetting and Positioning • Selection of segment • Market aggregation strategy • Single-segment concentration • Multiple-segment concentration • Products or brands image • Distinction from competition
  16. 16. Marketing Mix (4 Ps & 7 Ps) 7 P’s • Product • Price • Promotion • Place • People • Process • Physical evidence 4 P’s • Product • Price • Promotion • Place
  17. 17. 27 P’s of Marketing Mix 1. Product 2. Price 3. Promotion 4. Place 5. People 6. Process 7. Physical evidence 8. Purpose 9. Purchaser 10. Push/pull 11. Perceptions 12. Positioning 13. Packaging 14. Persuasion 15. Performance 16. Profitable 17. Proactive 18. Pull together 19. Perform 20. Permission 21. Pain 22. Pleasure 23. Periodic 24. Persistent 25. Partners 26. Psychology 27. Personal relationships
  18. 18. Tasks of Marketing Managers • Eight different marketing tasks can be distinguished each arising out of a unique state of demand. • Depending upon whether demand is negative, non existent, latent, irregular, faltering, full, overfull, or unwholesome, the marketer finds himself facing a unique challenge to his craft and his concepts.
  19. 19. Marketing Myopia Short sighted and inward looking approach to marketing that focuses on the needs of the firm instead of defining the firm and its products in terms of the customers' needs and wants.

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