Marketing management

BY
DR.D.RAVINDER
MBA, MCOM, MHRM, MPHIL, PHD.
ASSOCIATE PROFESSOR,
DEPT OF BUSINESS MGT,
VAAGDEVI COLLEGE OF ENGINEERING (MCA)

Definition
 Market
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Dr.D.Ravinder, Associate Professor, Dept of Business Mgt, Vaagdevi College of Engineering (MCA), WGL, TS (ravinder.d17@gmail.com)
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Definition
 Marketing
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Definition
 Marketing Management
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Definition
what is a market?
 In the ancient times, market was defined as a physical place where potential customers, buyers, and
sellers gathered, they gathered together and to buy and sell some goods.
 Today, in a more complex business environment, a market means a set of buyers, sellers, intermediaries,
and organizations who are involved in the process of exchange.
 As per Oxford illustrated dictionary, market is the gathering of people for the purchase and sale of
provisions, livestock, etc. and the space it could be open or covered
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Types of Markets
Three types of market
 Business market: (B2B)
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Types of Markets
 Consumer market: (B2C)
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Types of Markets
 Institutional market:
(B2 Institutes/Organizations etc.,)
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Marketing Definition
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
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(AMA) 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.
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Philip Kotler Definition
 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.
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MARKETING AND MARKETING MANAGEMENT
 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.
 Marketing (management) is the process of planning and executing the conception, pricing, promotion,
and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational
goals.
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Importance of Marketing
(A) To the Society
 It is instrumental in improving the living standards.
 It generates gainful employment opportunities both directly and indirectly.
 It helps in stabilizing economic condition
(B) To the firms/companies
 It sustains the company by bringing in profits.
 It is the source of new ideas
 It provides direction for the future course.
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Importance of Marketing
(C) To the Consumers
 Meeting the unmet needs or wants.
 Reducing the price of products or services.
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Core Concepts of Marketing
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Scope of Marketing
 Goods
Good is defined as something tangible that can be offered to market to satisfy a need or
want.
 Services
A service can be defined as any performance that one party can offer to another that
is essentially intangible and does not result in the ownership of anything.
 Experiences
By mixing several services and goods, one can create, stage and market experiences.
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Scope of Marketing
 Events
Marketers promote time–based, theme-based or special events such as Olympics, company
anniversaries, sports events
 Persons
Celebrity marketing has become a major business. Years ago, someone seeking fame would
hire a press agent to plant stories in newspapers and magazines. Today most of cricket players like
MS Dhoni, virat kohli etc.,
 Places
Places–cities, states, regions and whole nations—compete actively to attract tourists, factories,
company headquarters and new residents.
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Scope of Marketing
 Properties
Properties are intangible rights of ownership of either real property (real estate) or financial
property (share and debt. instruments). Properties are bought and sold, and this requires marketing
effort.
 Organizations
Organizations actively work to build a strong, favorable image in the mind of their publics.
Companies can gain immensely by associating themselves with the social causes.
 Information
Information can be produced and marketed as a product. (Print & Electronic Media)
 Ideas
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Marketing Environment
 Environment literally means the surroundings , external objects, influences
or circumstances under which someone or something exists. The environment
of an organization is the aggregate of all conditions, events and influences
that surrounds and affects it. Since the environment influences an
organization in many ways, its understanding is of crucial importance.
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 According to Philip Kotler, “Marketing environment refers to the external
factors or forces that affect the company’s ability to develop and
maintain successful relationship with its target customers”.
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Company Orientations to the Marketplace
Five orientations
1. The Production Concept
2. The Product Concept
3. The Selling Concept
4. The Marketing Concept
5. The Societal Marketing Concept
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The Production Concept (oldest concept)
 widely available and inexpensive.
 achieving high production efficiency, low costs, and mass distribution.
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The Product Concept
 This orientation holds that consumers will favor those products that offer the most quality,
performance, or innovative features.
 Managers focusing on this concept concentrate on making superior products and improving
them over time.
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The Selling Concept
This is another common business orientation. It holds that consumers and businesses, if left
alone, will ordinarily not buy enough of the selling company’s products. The organization must,
therefore, undertake an aggressive selling and promotion effort. This concept assumes that
consumers typically sho9w buyi8ng inertia or resistance and must be coaxed into buying. It also
assumes that the company has a whole battery of effective selling and promotional tools to
stimulate more buying. Most firms practice the selling concept when they have overcapacity.
Their aim is to sell what they make rather than make what the market wants.
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The Marketing Concept
This is a business philosophy that challenges the above three business orientations. Its central
tenets crystallized in the 1950s. It holds that the key to achieving its organizational goals (goals
of the selling company) consists of the company being more effective than competitors in
creating, delivering, and communicating customer value to its selected target customers. The
marketing concept rests on four pillars: target market, customer needs, integrated marketing
and profitability.
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 The Societal Marketing Concept.
This concept holds that the organization’s task is to determine the needs, wants, and interests of target
markets and to deliver the desired satisfactions more effectively and efficiently than competitors (this is the
original Marketing Concept). Additionally, it holds that this all must be done in a way that preserves or
enhances the consumer’s and the society’s well-being.
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Relationship of Marketing with Social System
 Marketing helps in introducing new products that eases or enriches people’s lives.
 It creates new opportunities in the market where ever there is any shortcomings or necessity
 It helps in creating demand for products and services, which, in turn, creates jobs.
 It contributes in improving the life style of people at various economic levels of society by converting social
issue into a business opportunity thereby creating win-win situation to both organisations and the society.
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The New Economy
 Substantial increase in buying power
 A greater variety of goods and services
 A greater amount of information about practically anything
 A greater ease in interacting and placing and receiving orders
 An ability to compare notes on products and services
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The New Economy
 Websites can provide companies with powerful new information and sales
channels.
 Companies can collect fuller and richer information about markets, customers,
prospects and competitors.
 Companies can facilitate and speed up communications among employees.
 Companies can have 2-way communication with customers and prospects
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The New Economy
 Companies can send ads, coupons, samples, information to targeted
customers.
 Companies can customize offerings and services to individual customers.
 The Internet can be used as a communication channel for purchasing, training,
and recruiting.
 Companies can improve logistics and operations for cost savings while
improving accuracy and service quality.
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Discussion Question
 The three major challenges faced by businesses today are globalization,
advances in technology, and deregulation. Which of these affords the
greatest opportunity for established businesses? Which affords the greatest
opportunities for new businesses? Why?
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Thankyou
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Marketing management

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