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SESSION 01
Introduction to Marketing
Management
Session 01
Session outline
 Define the marketing and the marketing process
 Explain the importance of understanding customers and the
market place
 Identify five market place concepts
 Identify the key elements of a customer driven marketing
strategy
 Discuss customer relationship management & ways of creating
& obtaining value
 Describe the major trends & forces changing today’s market
place
Background to the study
“Good marketing is no an accident, but a result of careful
planning and execution”
-Philip Kotler-
 Marketing plays a vital role in today’s market place
 Success or the failure of an organization heavily depend
on marketing
 It enriches value of organizations as well as individuals in
the society
What is Marketing?
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.
-Philip Kotler-
Marketing is the management process responsible for
identifying, anticipating, and satisfying customer requirements
profitably.
-Chartered Institute of Marketing-
Marketing Process
A simple model of the marketing process:
 Understand the marketplace and customer needs and wants.
 Design a customer-driven marketing strategy.
 Construct an integrated marketing program that delivers
superior value.
 Build profitable relationships and create customer delight.
 Capture value from customers to create profits and customer
quality.
Importance of Marketing
Ever growing competition in the market place
Customers tendency to become more and more
demanding
Financial success often depends on the marketing
ability
To ensure profitability and survival
What is marketed?
 Places
 Properties
 Organizations
 Information
 Ideas
 Goods
 Services
 Experiences
 Events
 Persons
All these things can be marketed
Events
Experience
Persons
Places
Core marketing concepts
 Needs, Wants and Demands
 Target Markets, Positioning and Segmentation
 Offerings and Brands
 Value and Satisfaction
 Marketing Channels
 Supply Chain
 Competition
 Marketing Environment
Needs, wants and demands
 State of felt deprivation including physical, social, and
individual needs.
 Needs become wants when they are directed to specific
objects that might satisfy the need.
 Demands are wants for specific products backed by an
ability to pay.
Target Markets, Positioning and Segmentation
 Differences in needs, behavior, demographics or
psychographics are used to identify segments.
 The segment served by the firm is called the target
market.
 The market offering is customized to the needs of the
target market.
 Once the market offering is created firm should build a
unique position in the minds of customers
Offerings and Brands
 A Product is any offering that can satisfy a need or want.
 A brand is a specific offering from a known source. A
brand name carries many associations in people’s mind.
Value and Satisfaction
• Customer value: Difference between the
values that the customer gains from owning and
using a product versus the costs of obtaining the
product.
• Customer satisfaction: The extent to which a
product’s perceived performance in delivering value
matches a buyer’s expectations.
• Quality: the characteristics of a product or service
that bear on its ability to satisfy stated or implied
customer needs.
Perceived > Expected
Performance Performance
Delighted Customer
Perceived = Expected
Performance Performance
Satisfied Customer
Dissatisfied Customer
Perceived < Expected
Performance Performance
Marketing channels
 Communication channels-
 Distribution Channels-
 Service Channels-
Supply chain
A supply chain stretches from raw materials to
components to final products that are carried to final
buyers.
Each company captures only a certain percentage of
the total value generated by the supply chain.
Competition
 Competition includes all actual and potential rival offerings and
substitutes a buyer might consider.
 Four levels of competition can be distinguished by the
level of product substitutability:
Brand competition-These are the most obvious
competitors. They are other firms which are similar
in size to ourselves and who offer similar products to
similar customers.
Industry competition - Offer similar products or
services to ourselves but differ in some important
way such as organization size or the precise type of
product offering or target market.
Form competition  offer products or services which
fulfill the same customer needs as ourselves even though
the products or services are very different in form or
technology.
Generic competition All consumers have limited
incomes. Therefore, every firm is a potential competitor,
at least for expenditures of similar magnitude.
Company orientations towards market place
The orientation or philosophy of the firm typically guides
marketing efforts. Several competing orientations exist:
 Production concept
 Product concept
 Selling concept
 Marketing concept
 Societal marketing concept
Product and Production Approach
Start Focus Means Ends
Factory Production
efficiency
Profits through
sales volume & low cost
Product
Product
Quality
Improveme
nt &
Innovation
Profits through
better product features
Output
PRODUCTION
PRODUCT
Marketing and Sales Concepts
The idea is that the organization should determine the needs,
wants and interests of target markets and deliver the desired
satisfaction more effectively and efficiently than competitors in a
way that maintains or improves the consumer’s and society’s
well-being.
The Societal Marketing
Concept
Society (Human welfare)
Consumers
(Want satisfaction)
Company
(Profits)
Societal
Marketin
g
Concept
Shifting business paradigim
Sellers’ markets
Buyers’ markets
Holistic Marketing
Internal
Marketing
Senior Management
Marketing Dept
Other Dept
Performance
Marketing
Sales Revenue
Brand & Customer
Equity
Ethics
Environment
Community
Integrated
Marketing
Products and Services
Communications
Channels
Relationship
Marketing
Channels
Customers
Partners
Holistic
Marketing
Outcomes of creating customer value
 Customer loyalty and retention
Delighted customers remain loyal and talk favorably
to others about the company and it’s products and
turn to be life time value.
 Share of market & share of customer
Many companies are increasing their variety of
products and services to increase their profits from
existing customers
 Customer Equity
Total combined customer life time values of all the
company’s customers. They view customers as an
assets need to be maximized.
Types of Loyal Customers

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Introduction to Marketing Management

  • 1. SESSION 01 Introduction to Marketing Management Session 01
  • 2. Session outline  Define the marketing and the marketing process  Explain the importance of understanding customers and the market place  Identify five market place concepts  Identify the key elements of a customer driven marketing strategy  Discuss customer relationship management & ways of creating & obtaining value  Describe the major trends & forces changing today’s market place
  • 3. Background to the study “Good marketing is no an accident, but a result of careful planning and execution” -Philip Kotler-  Marketing plays a vital role in today’s market place  Success or the failure of an organization heavily depend on marketing  It enriches value of organizations as well as individuals in the society
  • 4. What is Marketing? 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. -Philip Kotler- Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably. -Chartered Institute of Marketing-
  • 5. Marketing Process A simple model of the marketing process:  Understand the marketplace and customer needs and wants.  Design a customer-driven marketing strategy.  Construct an integrated marketing program that delivers superior value.  Build profitable relationships and create customer delight.  Capture value from customers to create profits and customer quality.
  • 6. Importance of Marketing Ever growing competition in the market place Customers tendency to become more and more demanding Financial success often depends on the marketing ability To ensure profitability and survival
  • 7. What is marketed?  Places  Properties  Organizations  Information  Ideas  Goods  Services  Experiences  Events  Persons
  • 8. All these things can be marketed Events Experience Persons Places
  • 9. Core marketing concepts  Needs, Wants and Demands  Target Markets, Positioning and Segmentation  Offerings and Brands  Value and Satisfaction  Marketing Channels  Supply Chain  Competition  Marketing Environment
  • 10. Needs, wants and demands  State of felt deprivation including physical, social, and individual needs.  Needs become wants when they are directed to specific objects that might satisfy the need.  Demands are wants for specific products backed by an ability to pay.
  • 11. Target Markets, Positioning and Segmentation  Differences in needs, behavior, demographics or psychographics are used to identify segments.  The segment served by the firm is called the target market.  The market offering is customized to the needs of the target market.  Once the market offering is created firm should build a unique position in the minds of customers
  • 12. Offerings and Brands  A Product is any offering that can satisfy a need or want.  A brand is a specific offering from a known source. A brand name carries many associations in people’s mind.
  • 13. Value and Satisfaction • Customer value: Difference between the values that the customer gains from owning and using a product versus the costs of obtaining the product. • Customer satisfaction: The extent to which a product’s perceived performance in delivering value matches a buyer’s expectations. • Quality: the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
  • 14. Perceived > Expected Performance Performance Delighted Customer Perceived = Expected Performance Performance Satisfied Customer Dissatisfied Customer Perceived < Expected Performance Performance
  • 15. Marketing channels  Communication channels-  Distribution Channels-  Service Channels-
  • 16. Supply chain A supply chain stretches from raw materials to components to final products that are carried to final buyers. Each company captures only a certain percentage of the total value generated by the supply chain.
  • 17. Competition  Competition includes all actual and potential rival offerings and substitutes a buyer might consider.  Four levels of competition can be distinguished by the level of product substitutability: Brand competition-These are the most obvious competitors. They are other firms which are similar in size to ourselves and who offer similar products to similar customers. Industry competition - Offer similar products or services to ourselves but differ in some important way such as organization size or the precise type of product offering or target market.
  • 18. Form competition  offer products or services which fulfill the same customer needs as ourselves even though the products or services are very different in form or technology. Generic competition All consumers have limited incomes. Therefore, every firm is a potential competitor, at least for expenditures of similar magnitude.
  • 19. Company orientations towards market place The orientation or philosophy of the firm typically guides marketing efforts. Several competing orientations exist:  Production concept  Product concept  Selling concept  Marketing concept  Societal marketing concept
  • 20. Product and Production Approach Start Focus Means Ends Factory Production efficiency Profits through sales volume & low cost Product Product Quality Improveme nt & Innovation Profits through better product features Output PRODUCTION PRODUCT
  • 22. The idea is that the organization should determine the needs, wants and interests of target markets and deliver the desired satisfaction more effectively and efficiently than competitors in a way that maintains or improves the consumer’s and society’s well-being. The Societal Marketing Concept Society (Human welfare) Consumers (Want satisfaction) Company (Profits) Societal Marketin g Concept
  • 23. Shifting business paradigim Sellers’ markets Buyers’ markets
  • 24. Holistic Marketing Internal Marketing Senior Management Marketing Dept Other Dept Performance Marketing Sales Revenue Brand & Customer Equity Ethics Environment Community Integrated Marketing Products and Services Communications Channels Relationship Marketing Channels Customers Partners Holistic Marketing
  • 25. Outcomes of creating customer value  Customer loyalty and retention Delighted customers remain loyal and talk favorably to others about the company and it’s products and turn to be life time value.  Share of market & share of customer Many companies are increasing their variety of products and services to increase their profits from existing customers  Customer Equity Total combined customer life time values of all the company’s customers. They view customers as an assets need to be maximized.
  • 26. Types of Loyal Customers

Editor's Notes

  1. https://www.youtube.com/watch?v=GOHvMz7dl2A