ACCURATE INSTITUTE OF MANAGEMANT &TECHNOLOGYSubmitted to: Submitted By:Porf. Arun Kumar Singh Ankur Yadav(4031) Sujeet Kumar(4191)
MARKETING Marketing is a process that depends on customer‘s needs & demands. And needs & demands are dynamic that changes time to time so marketing definition change according to time period.
Marketing definition1 According to my opinion the best definition of marketing. ―Marketing is a process of identifying, satisfying and retaining customers profitably‖ 2 According to American Marketing Association new definition of marketing. “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
Marketing definition contd. American marketing association old definition for marketing. “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.”Another definition- The process of planning and executing the conception, pricing, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
ABOUT MARKETING* The marketing process is central to the business performance of companies, large and small, because it addresses the most important aspects of the competitive marketplace.* It’s a bit of a mouthful, but it highlights that the customer is at the heart of marketing, and businesses ignore this at their peril.* In essence, the marketing function is the study of market forces and factors and the development of a company’s position to optimise its benefits from them.
ABOUT MARKETING It is all about getting the right product or services to the customer at right price, in the place, at the right time. Both business history and current practice remind us that without proper marketing, companies cannot get close to customers and satisfy their needs. And if they don‘t, a competitor surely will.
ABOUT MARKETING successful marketing depends up on addressing a number of key issues. These include:- What a company is going to produce How much it is going to charge; How it is going to deliver its products or services to the customer; How it is going to tell its customers about its products and services. These consideration is known as 7 p‘s of marketing and it is also known as marketing mix
ABOUT MARKETING Marketing constitutes just one of the functions available to every business. Along with research, production, finance, accounting, and a myriad of other functions, marketing contributes to the ability of a business to succeed. There is a long-standing myth that marketing is easy. But after knowing the concept of marketing , you may conclude that marketing is interesting, fun challenging—even vague-but it is not easy.
About marketing Marketing is most successful when the philosophy, tasks, and manner of implementing available technology are coordinated and complementary. ―Find and keep customer‖ is the main motive of marketing.
Types Of Marketing Different author divides marketing in different way and here we are giving details about in two way. According to Tangibility, standardization, storage, production, involvement.1. Goods marketing – ex- manufacturing comapny2. Services marketing- ex – banking sector
Types Of Marketing According to nature of contact, information, process for purchasing and delivery.1. Mass marketing – ex- sony2. Direct marketing-ex- magazine3. Internet marketing- ex- flipkart.com
Types Of Marketing According to geographic area, extent of distribution, network, marketing variation commitment to country.1. Local marketing2.Regional marketing3.National marketing4.International marketing5.Global marketing
Details About Types Of Marketing1 .Mass Marketing- Mass marketing is distinguished from direct marketing in terms of the distance between the manufacturer and the ultimate user of the product. Mass marketing is characterized as having wide separation and indirect communication. A mass marketer, such as Nike, has very little direct contact with its customers and must distribute its product through various retail outlets alongside its competitors. Communication is impersonal, as evidenced by its national television and print advertising campaigns, couponing, and point-of-purchase displays. The success of mass marketing is contingent on the probability that within the huge audience exposed to the marketing strategy.. there exist sufficient potential customers interested in the product to make the strategy worthwhile.
Details About Types Of Marketing2. Direct Marketing- Direct marketing establishes a somewhat personal relationship with the customer by first allowing the customer to purchase the product directly from the manufacturer and then communicating with the customer on a first-name basis. This type of marketing is experiencing tremendous growth. Apparently, marketers have tired of the waste associated with mass marketing and customers want more personal attention. Also, modem mechanisms for collecting and processing accurate mailing lists have greatly increased the effectiveness of direct marketing.
Details About Types Of Marketing Internet Marketing - Internet marketing is a type of direct marketing, it has evolved so quickly and demanded the attention of so many companies that a separate section here is warranted. Essentially, Internet technology (which changes by the moment) has created a new way of doing business. Flipkart.com, Watchkart.com is the best example of e-business.
Marketing Mix & 4 p‘s It is the same with the marketing mix. The offer you make to your customer can be altered by varying the mix elements. So for a high profile brand, increase the focus on promotion and desensitize the weight given to price
Marketing Mix Customizing your offer to your customer by varying the mix elements. The Marketing Mix is like the artists palette. The marketer mixes the prime colors (mix elements) in different quantities to deliver a particular final color. Every hand painted picture is original in some way, as is every marketing mix.
Extended Marketing Mix Booms and Bitner included three additional Ps to accommodate trends towards a service or knowledge based economy: People Process Physical Evidence
7Ps & 7CsThe 7 Ps The 7 CsOrganisation Customer Facing Facing Product = Customer/ Consumer Price = Cost Place = Convenience Promotion = Communication People = Caring Processes = Co-ordinatedPhysical Evidence = Confirmation
The Marketing Mix The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives 7Ps – Price, Product, Promotion, Place, People, Process, Physical Environment Traditional 4Ps extended to encompass growth of service industry
PRICEA product is only worth what customers are preparedto pay for it. The price also needs to be competitive,but this does not necessarily mean the cheapest; thesmall business may be able to compete with largerrivals by adding extra services or details that willoffer customers better value for money. Your pricingmust also provide a profit. It is the only element ofthe marketing mix that generate revenue, everythingelse represents a cost.
PRICE Thinking of price as ‗cost‘ to the customer helps to underscore why it is so important. Price positions you in the market place – the more you charge, the more value or quality your customers will expect for their money. Existing customers are generally less sensitive about price than new customers, a good reason for looking after them well. If you decide in favour of a higher priced added- value approach, remember that price ‗positions‘ you in the marketplace.
Different parts of Pricing Price Skimming – An approach under which a producer sets a high price for a new high-end product (such as an expensive perfumes) or a uniquely differentiated technical product. Its objective is to obtain maximum revenue from the market before substitutes products appear. After that is accomplished, the producer can lower the price drastically to capture the low-end buyers and to thwart the copycat competitors.
Different parts of Pricing Penetration pricing - A marketing strategy used by firms to attract customers to a new product or service. Penetration pricing is the practice of offering a low price for a new product or service during its initial offering in order to attract customers away from competitors. The reasoning behind this marketing strategy is that customers will buy and become aware of the new product due to its lower price in the marketplace relative to rivals.
Different parts of Pric Psychological pricing- Setting prices according to the psychographics of the aimed-at market segment. Cost-plus pricing- One method used by businesses to determine how to price goods and services. This type of pricing includes the variables costs associated with the goods, as well as a portion of the fixed costs of operating the business.
Pricing StrategyImportance of: knowing the market elasticity keeping an eye on rivals
PRODUCT There is no point in developing a product or service that no one wants to buy, yet many businesses decide what to offer first, and then hope to find a market fir it afterwards. In contrast, the successful company will find out what customers need or want and then develop the right product with the right level of quality to meet those needs now and in the future.
PRODUCT The perfect product must provide value for the customer. This value is in the eye of the beholder, we must give our customer what they want, not what we think they want. A product does not have to be tangible, an insurance policy can be a product. You need a system in place to regularly check what your customers think about your product, your supporting services.
product Methods used to improve/differentiate the product and increase sales or target sales more effectively to gain a competitive advantage e.g. Extension strategies Specialised versions New editions Improvements – real or otherwise! Changed packaging Technology, etc.
PROMOTIONPromotion is the way a company communicates whatit does and what it can offer customers. It includesactivities such as branding, advertising , PR,corporate identity, sales management, special offersand exhibitions. Promotion must gain attention, beappealing, tell a consistent message and above allelse give the customer a reason to choose yourproduct rather than someone else‘s.
PROMOTION Good promotion is not one-way communication, It paves the way for dialogue with customers. Promotion should communicate the benefits that a customer obtains from a product, and not just the feature of that product. Whether your promotional material is a single sheet or a complex brochure, folder or catalogue, it must grab the attention of your customers. It should be easy to read and enable the customer to identify why they should buy your products.
PROMOTION1. Advertising - The activity or profession of producing information for promoting the sale of commercial products or services.2. Branding - An identifying symbol, words, or mark that distinguishes a product or company from its competitors. Usually brands are registered (trademarked) with a regulatory authority and so cannot be used freely by other parties. For many products and companies, branding is an essential part of marketing.
PROMOTION Endorsement - A written or public statement by a celebrity, business or professional group extolling the virtues of a product and recommending the use of the product to the public. A product endorsement from an authoritative figure is a key element in business advertising and marketing campaigns. Competitive advantage – promotion differentiate your product with your competitors. And provide edge in business.
PROMOTIONS A brochure isn‘t necessarily the best way of promoting your business, the problem being that once a brochure has been printed, the information is fixed. You can‘t change or remove anything should the need arise. A more cost effective and flexible option might be a folder with a professionally designed sheet inside, over a series of your own information sheets can be customized by varying them to suit the target customers and/or changing them as required.
PROMOTIONS Promotion does not just mean communicating to your customers. It is just as important to ensure your internal stakeholder are aware of the value and attributes of your products. This mean communicating effectively to your staff/fellow employees and share expertise with their customers.
PLACE• The place where customers buy a product, and the means of distributing your product to that place, must be appropriate and convenient for the customer. The product must be available in the right place, at the right time and in the right quantity, while keeping storage, inventory and distribution costs to an acceptable level.• Customer surveys have shown that delivery performance is one of the most important criteria when choosing a supplier.
PLACE The means by which products and services get from producer to consumer and where they can be accessed by the consumer The more places to buy the product and the easier it is made to buy it, the better for the business (and the consumer)
PLACE Retail - A business or person that sells goods to the consumer, as opposed to a wholesaler or supplier, who normally sell their goods to another business. Or we can say that selling directly to consumers. Wholesaler - Person or firm that buys large quantity of goods from various producers or vendors, warehouses them, and resells to retailers. Wholesalers who carry only non-competing goods or lines are called distributors.
PLACE Direct selling - Face to face presentation, demonstration, and sale of products or services, usually at the home or office of a prospect by the independent direct sales representatives. Employed by firms such as Avon, Mary Kay, and Tupperware, direct selling differs from network marketing in that it offers little or no incentives for recruiting ever increasing number of sales representatives.
PEOPLE People represent the business The image they present can be important First contact often human – what is the lasting image they provide to the customer? Extent of training and knowledge of the product/service concerned Mission statement – how relevant? Do staff represent the desired culture of the business?
PROCESS How do people consume services? What processes do they have to go through to acquire the services? Where do they find the availability of the service? Contact Reminders Registration Subscription Form filling Degree of technology