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Importance of marketing

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Importance of marketing

  2. 2. Importance of Marketing  Financial Success often depends on marketing ability  All business functions will not really matter if there is no sufficient demand for products and services  Companies at greatest risk are those that fail to carefully monitor their customers and competitors  Skillful marketing is a never-ending pursuit -
  3. 3. What is Marketing? What is Marketed? Who Markets? Marketing in Practice Scope of Marketing
  4. 4. What is Marketing  Marketing deals with identifying and meeting human and social needs  It means “meeting needs profitably”  AMA formal definition of Marketing: Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customer and for managing customer relationships in ways that benefit the organization and its stakeholders.
  5. 5. What is Marketing  Marketing Management- the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value  Social definition: 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  Managerial definition: “the art of selling products”
  7. 7. Who Markets?  Marketers and Prospects  A Marketer is someone seeking a response from another party, called the prospect.  Marketing managers seek to influence the level, timing, and composition of demand to meet the organization’s objectives. Eight demands states are possible: 1. Negative Demand 2. Non-existent demand 3. Latent demand 4. Irregular demand 5. Declining demand 6. Irregular demand 7. Full demand 8. Overfull demand 9. Unwholesome demand
  8. 8. Markets  Markets pertains to a collection of buyers and sellers who transact over a particular product or product class  Five basic markets and their connecting flows:
  9. 9. Markets  A simple Marketing System
  10. 10. Markets Key Customer Markets:  Consumer Markets  Business Markets  Global Markets  Non-Profit Governmental Markets
  11. 11. Markets  Marketplace – physical  Marketspace – digital  Metamarket – (Shawhney) a cluster of complementary products and services that are closely related in the minds of the consumers but are spread across a diverse set of industries
  12. 12. Marketing in Practice  Marketing is not done only by the marketing department-it needs to affect every aspect of the customer experience  Companies now know that every employee has an impact on the customer  Marketing follows a logical process
  13. 13. Marketing in Practice  Five key functions for a CMO in leading marketing within an organization: 1. Strengthening the brands 2. Measuring Marketing Effectiveness 3. Driving new product development based on customer needs 4. Gathering meaningful customer insights 5. Utilizing new marketing technology
  14. 14. Needs, Wants, and Demands Target Markets, Positioning, and Segmentation Offerings and Brands Value and Satisfaction Marketing Channels Supply Chain Competition Marketing Environment Core Marketing Concepts
  15. 15. Needs, Wants, and Demands  Needs are the basic human requirements (food, air, water, clothing and shelter + recreation, education, and entertainment)  Needs become wants when they are directed to specific objects, and are shaped by one’s society  Demands are wants for a specific product backed by an ability to pay
  16. 16. Five types of needs  Stated Needs  Real Needs  Unstated needs  Delight needs  Secret Needs
  17. 17. Target Markets, Positioning and Segmentation  A marketer can rarely satisfy everyone in a market  Marketers start by dividing the market into segments (demographic, psychographic, and behavioral differences)  The marketer chooses its target markets – the segments which present the greatest opportunity  For each chosen target market, the firm develops a market offering  The offering is positioned in the minds of the target buyers as delivering some central
  18. 18. Offerings and Brands  Offering is a combination of products, services, information and experiences- a set of benefits firms offer to customers to satisfy their needs  Brand is an offering from a known source.
  19. 19. Value and Satisfaction  Value reflects the perceived tangible and intangible benefits and costs to customers  Can be seen as primarily a combination of quality, service and price (QSP)  Value increases with quality and services and decreases with price  Value is a central marketing concept  Satisfaction reflects a person’s comparative judgments resulting from a product perceived performance in relation to his or her expectations
  20. 20. Marketing Channels To reach a target market, the marketer uses three kinds of marketing channels:  Communication Channels (newspapers, magazines, television, radio, mail, t elephone, billboards, etc.)  Distribution Channels – used to display, sell, or deliver the physical product or services to the buyer or user (distributors, wholesalers, retailers, and agents)  Service Channel – used to carry out transactions with potential buyers (warehouses, transportation companies, banks, and insurance companies)
  21. 21. Supply Chain  The supply chain is a longer channel stretching from raw materials to component to final products that are carried to final buyers.  Represents a value delivery system
  22. 22. Competition  Includes all the actual and potential rival offerings and substitutes that a buyer might consider. There are several possible levels of competitors
  23. 23. Marketing Environment  Task Environment – includes immediate actors involved in producing, distributing, and promoting the offering  Broad Environment – consists of 6 components: demographic environment, economic environment, physical environment, technological environment, political-legal environment, and social-cultural environment.
  24. 24. “Change or die” -Jack Welch, GE’s former CEO The End...... Thanks for tuning in Reference: Kotler, et al(2009), Marketing Management – An Asian Perspective 5th ed.
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