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Marketing basics

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The very Basics of Marketing Fundamentals.

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Marketing basics

  1. 1.   Group of people sharing a common need. In marketing, market refers to the group of consumers or organizations that is interested in the product, has the resources to purchase the product and is permitted by law and regulations to acquire the product.
  2. 2. Marketing is a process of creation, stimulation and fulfillment of wants and demands profitably. Marketing is a never ending cyclic process; it starts before manufacturing of product and does not end even after consumption. .
  3. 3.  Marketing is about identifying and meeting human and social needs. “meeting needs profitably”.  Marketing is to identify a product for a market. It is not a battle among products it’s a battle among perception.
  4. 4. Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging goods and services of values with others.
  5. 5. Market research MIS After sales /customer support services Selling of Product Distribution Price Market Planning Financing Product designing Packaging & labeling
  6. 6.  Product is a need satisfier , set of values that companies offer to satisfy the needs. “every product is a bundle of features”.
  7. 7. Characteristics: degree of a product. - basic things. Features: when we talk about any specific individual. Eg. Maggi. Attributes: they are those features which delivers benefits to one defined group of consumers. For eg.maggi
  8. 8. Quality : it is the ability of any product to satisfy its user. - Fitness of use.   Satisfaction: It is a felt mental stage which is a result of actual performance and expected performance.
  9. 9.   A marketer is someone who seeks a response – attention, a purchase, a vote- from another party, called the prospect. One that sells goods or services in or to a market, especially one that markets a specified commodity. Someone who promotes or exchanges goods or services for money.
  10. 10. COMMUNICATION MONEY INFORMATION INDUSTRY (collection of sellers) GOODS/SERVICES MARKET (collection of buyers)
  11. 11. Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas
  12. 12. Consumer Markets Global Markets Business Markets Nonprofit/ Government Markets
  13. 13.  Consumer markets are the markets for products and services bought by individuals for their own or family use. It can be categorized as: Consumer Durable goods  White goods  Brown goods  Grey goods Non durables Goods- FMCG, semi durables Transportation/ Service Market-Postal Services, Courier Services, Dentist, Logistic Services
  14. 14.  Business organization other business.  Not sell to to final consumer.  These other businesses use what they have bought to make new products.
  15. 15.    Selling finished goods. E.g. Office furniture, ACs, computer systems, Inverters. Selling raw materials. E.g.- steel, coal, gas, timber, engine, computer parts etc. Selling services to business. E.g.- waste disposal, legal services , security, accounting.
  16. 16.  Companies selling goods to global marketplaces. Faces additional decisions and challenges. Which country to enter, how to enter (exporter, joint venture partner, contract manufacturer, solo manufacturer), how to adapt their products and services’ features to each country, what marketing mix strategies to use. Which decisions to be made according to legal, cultural and political system of that country. 
  17. 17.  Companies selling their goods to nonprofit organization such as temples, universities, charitable organizations or govt. agencies. Carefully pricing has to be done as these organizations have limited purchasing power. Much govt. purchasing calls for bids with the lowest bid being favored.
  18. 18. Production Product Selling Marketing
  19. 19. Production Concept    One of the oldest concept. It holds that consumers will prefer products that are widely available and inexpensive. Believes in high production efficiency , low costs and mass distribution.
  20. 20.   Consumers favors products that offer the most quality , performance or innovative features. Focus is on making superior products and improving them overtime.
  21. 21.  Consumers will buy products only if the company aggressively promotes/ sells these products.
  22. 22.  Focuses on needs/wants of target market & delivery value better than competitor.
  23. 23. Understanding customer Needs and wants and marketing environment Design a customer –driven market Strategy Construct a Market Program Build Profitable Relationship Capture value from customers
  24. 24. o o o o o o o Research consumers and the marketplaces. Manage Marketing information and customer data PEST Analysis Laws and regulations Demand trend Competitors Analysis Internal audit (resources and manpower) Tools for external/ internal audit- SWOT, PEST, Marketing Environment analysis
  25. 25. o o Select Consumers to serve- Market segmentation , targeting. Value proposition – Differentiation and positioning.
  26. 26.     Product and service design- Build strong brand Price- create real value Place-manage demand and supply chain Promotion –create value proposition
  27. 27. Marketing Mix Place Product Customer Solution Convenience Price Cost Promotion Communication
  28. 28.   Customer relationship management with chosen customers Product relationship management with chosen suppliers
  29. 29.      Generate revenue, earn profit Create loyal, satisfied customers. Capture customer , life time value. Increase Market Share. Feedbacks for improvements and new product development. Controlling of the marketing plan is done simultaneously. “Remember that there is no planning without control. Control is vital”
  30. 30. “MIS consists of people, equipment and procedure to gather, sort , analyze, evaluate and distribute needed timely and accurate information to marketing decision makers.” A MIS relies on Internal company records, Marketing Intelligence system and MR.
  31. 31. Internal Environment Micro Environment Macro Environment
  32. 32.      Management Men Money Material Machine As marketers we call the purpose of managing internal change as Internal Marketing. Marketer has to make changes in 5 M s according to his marketing decision.
  33. 33. It refers to the forces that are close to the company and affects its ability to serve its customers. It includes:  The company itself- All departments of the company.  Its suppliers- material suppliers, services supplier like MR agency.      Intermediaries- All those people who help the company to promote , sell and distribute its product to final consumer. egFinancial intermediaries (banks , insurance companies), marketing intermediaries (Advertising agencies) Customers- consumer mrkt, Govt mrkt, Business mrkt, International mrkt, Reseller mrkt. Stakeholders Competitors Public- Financial public, media public, Govt public, Citizen Action public (environmentalists, socialist), General Public.
  34. 34.       Demographic Political Economical Socio-cultural Technological Natural (ecological) Environment
  35. 35. When dealing with the marketing environment it is important for a company to become proactive. By doing so, they can create the kind of environment that they will prosper in and can become more efficient by marketing in areas with the greatest customer potential. It is important to place equal emphasis on both the macro and microenvironment and to react accordingly to changes within them.
  36. 36. Thank You

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