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Chapter 1 DEFINING MARKETING FOR THE 21st CENTURY

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DEFINING MARKETING FOR THE 21st CENTURY
WHAT IS MARKETED?
DEMAND STATES
Core MARKETING CONCEPTS
MARKETING CONCEPTS
Company orientation
Towards marketplace
COMPANY ORIENTATION
Holistic Marketing Concept
Understand four Ps (Marketing Mix)
MARKETING TASKS

Published in: Education

Chapter 1 DEFINING MARKETING FOR THE 21st CENTURY

  1. 1. DEFINING MARKETING FOR THE 21st CENTURY Prepared By, Mr. Nishant Agrawal
  2. 2. Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others Social 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 goals. Definition Marketing is about identifying and Meeting human and social needs
  3. 3. 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. Kotler Definition
  4. 4. GOODS SERVICES EVENTSEXPERIENCES PERSONS PLACES PROPERTIES ORGANIZATIONS INFORMATION IDEAS
  5. 5.  Goods • Physical goods. • Indian Market cars , trucks, television sets, machines tools, machines, watches, cosmetics etc  Service  It includes work of airlines, hotels, accounts, bankers, lawyers, engineers, doctors, software programmers etc  Events  Market promotes time based events. Such as trade show, artists performance, workshops, exhibition etc  Experience  Several services and goods amusement park or water park, customer enjoy thrill provided by these experience
  6. 6.  Persons  Artist, CEO, musicians, financiers, lawyers also get help from celerity marketers. Ex. Salman Thumps Up  Places  Cities, states, nations compete to attract tourists, residents and factories, etc. Tourism is Best Example of Place Marketing  Properties  They are bought and sold and these exchange required marketing.
  7. 7.  Organization  It works to build a strong , favorable and unique image in the mind of their target public.  Information  The production, packaging and distribution information are major industries. Information is essential.  Ideas  Every market offering includes a basic idea. Product and service are platforms for delivering some ideas.  Marketing has important role in influencing attitude and behaviors.
  8. 8. •Consumer dislike the product and may even pay to avoid itNegative Demand •Consumer may be unaware of or uninterested in the productNo Demand •Consumer may share a strong need that cannot be satisfied by an existing products.Latent Demand •Consumer begin to buy the product less frequently or not at allDeclining Demand •Consumer purchase vary on a seasonal, monthly, week, daily, or even hourly basisIrregular Demand •Consumer are adequately buying all product put into the marketplaceFull Demand •More consumers would like to buy the product than can be satisfies.Overfull Demand •Consumer may be attracted to products that have undesirable social consequences.Unwholesome Demand
  9. 9. Marketplace Physical Store Marketspace Digital Internet Metamarket Cluster of complementary products Spread across a diverse set of industries Automobile Metamarket describe a cluster of complementary Product and service closely related in minds of consumers
  10. 10. Needs, Wants and Demands • Needs – Basic Human Requirements • Wants – Directed at specific objects • Demands – Backed by ability to pay Target Markets, Positioning & Segmentation Offerings and Brands • Offering – Value Proposition made Tangible • Brand – Offering from a known source Value & Satisfaction • Value – Benefits • Customer Value Triad (Combination of QSP) – Quality, Service and Price • Satisfaction – Product’s perceived performance Marketing Channel • Communication Channel – Deliver & Receive message • Distribution Channel – Display, sell & Deliver • Service Channel – Carry out transactions
  11. 11. Needs, Wants and Demands • Needs become wants when they are directed to specific objects that might satisfy demand. • Indian needs foods but may want chapattis, rice etc. American needs food but may want rice, carrot, Salad etc. • Wants are shaped by our society. • Demands are wants for specific products backed by ability to pay. Many people want BMW but only few are able to buy one.
  12. 12. • Oldest Concept • Consumers will prefer products that are widely available & Inexpensive • Concentrate on achieving high production efficiency, low costs and mass distribution • Eg: - Largest PC maker Lenovo The Production Concept • Consumers favor products that offer most quality, performance and innovative features. • Make superior products and improve them over time. The Product Concept
  13. 13. • Consumers, if left alone, wont buy enough of the organization’s products. • Must undertake an aggressive selling and promotion effort. • Practiced most aggressively with unsought goods. • Eg:- Insurance • Aim is to sell what they make rather than make what the market wants. The Selling Concept • Customer Centered instead of Product Centered. • Not to find right customers for your products, but to find right products for your customers. • Eg:- Dell • Reactive Market Orientation – Understanding and meeting customers’ expressed needs • Proactive Market Orientation - Understanding and meeting customers’ hidden needs The Marketing Concept
  14. 14. Holistic Marketing Concept Internal Marketing Performance Marketing Relationship Marketing Integrated Marketing Customers Channel PartnersSales Revenue Brand & Customer Equity Ethics Environment Legal Commodity Communications Products & Services ChannelsMarketing Dept Senior Mgmt Other Depts
  15. 15. • Holistic marketing concept is a part of the series on concepts of marketing and it can be defined as a marketing strategy which considers the business as a whole and not as an entity with various different parts. • According to holistic marketing concept, even if a business is made of various departments, the departments have to come together to project a positive & united business image in the minds of the customer. • The process of holistic marketing takes into account the considerations of stakeholders, customers, employees, suppliers & the community as a whole when creating and implementing marketing strategies.
  16. 16. 1. Relationship Marketing • Build strong, long-lasting relationships with various stakeholders • It is a form of marketing that emphasizes customer retention and satisfaction • It differs from other forms of marketing in that it recognizes the long term value of customer relationships 2. Integrated Marketing • All activities within integrated marketing including advertising, public relations, direct marketing, online communications and social media marketing work in sync with one another to ensure the customers & business partners have the same
  17. 17. 3. Internal Marketing • Internal marketing ensures that employees are satisfied with the work they perform each day as well as the philosophy and direction of the organization as a whole. • Greater satisfaction among employees leads to increased customer satisfaction over time. • The objective is to reduce departmental conflicts among the various business arms within a single organization. 4. Performance Marketing • It require understanding of financial and nonfinancial return to business and Socially Responsive Marketing activities. • Company should take into consideration what is in the best interest of society in the present and long term. • Socially responsible companies should aspire to produce desirable products. • Desirable products provide immediate satisfaction and long term benefits.
  18. 18. Understand four Ps (Marketing Mix) 4Ps Product Price Place Promotion
  19. 19. 1. Product • A product is seen as an item that satisfies what a consumer demands. It is a tangible good or an intangible service. • marketer must also consider product development strategies and product life cycle. 2. Price • The amount a customer pays for the product. The price is very important as it determines the company's profit • The marketer should set a price that complements the other elements of the marketing mix.
  20. 20. 3. Place • providing the product at a place which is convenient for consumers to access. 4. Promotion • All of the methods of communication that a marketer may use to provide information to different parties about the product. • It comprises elements such as: advertising, public relations, sales organisation and sales promotion. 5. Physical evidence 6. People 7. Process
  21. 21. Developing Marketing Strategies & Plan Capturing Marketing Insights Connecting with Customers Building strong brands Shaping the market offering Delivering Value Communicating Value Creating Long-Term Growth
  22. 22. Nature of Marketing Management 1) It Combines the Fields of Marketing and Management • As the name implies, marketing management combines the fields of marketing and management. • Marketing consists of discovering consumer needs and wants, creating the goods and services that meet those needs and wants; and pricing, promoting, and delivering those goods and services. 2) Marketing Management is a Business Process • MM is a business process, to manage marketing activities in profit seeking and non profit organisations at different levels of management, i.e. supervisory, middle-management, and executive levels. • MM decisions are based on strong knowledge of marketing functions and clear understanding and application of supervisory & managerial techniques.
  23. 23. 3) Marketing Management is Both Science and Art • “Marketing management is art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.” . • Marketing management is a science because it follows general principles that guides the marketing managers in decision making. The Art of Marketing management consists in tackling every situation in an creative and effective manner. Marketing Management is thus a science as well as an art.
  24. 24. Assignments 1. What is marketing management? Explain different marketable entities with suitable examples. 2. What is Managing Holistic Marketing Organization? Explain in detail 3. Define Marketing. Differentiate between Marketing and Selling with suitable example(s). 4. Trends and forces defining the 21st century indicate that Holistic Marketing will be the future of Marketing. List and explain the four broad components of Holistic Marketing with relevant examples 5. Explain the basic philosophies of marketing. 6. Explain the nature and scope of marketing management
  25. 25. Thank You..!! “Success is walking from failure to failure with no loss of enthusiasm”

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