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Defining marketing
This document defines marketing for the 21st century. It discusses key marketing concepts such as needs, wants, demand, segmentation, targeting, positioning, products, brands, value, satisfaction, markets, exchange, channels, competition and environment. It notes the changing realities of technology, globalization and social responsibility. Marketing is defined as a social and managerial process to obtain what people need and want through creating and exchanging value. The document also discusses the evolution of marketing concepts over time and new frameworks such as focusing on people, processes, programs and performance, as well as key tasks for marketing management.
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Defining marketing
- 1. Defining Marketing for21st Century Dr. Gopal Thapa Associate Professor Tribhuvan University thapazee@gmail.com
- 2. Marketing Copy right reserved2 4/23/2017 ◼ Telling and selling or ◼ Satisfying needs profitably or ◼ Relationship building
- 3. Definition of Marketing Copyright reserved 3 4/23/2017 ◼ A social and managerial and process by which individuals and groups obtain what they need and want through creating and exchanging value with others ---- Philip Kotler ◼ The systematic planning, implementation and control of a mix of business activities intended to bring together buyers and sellers for the mutually advantageous exchange or transfer of products. ------------- Dictionary of Marketing
- 4. What is marketed? ◼Physical goods ◼ Services ◼ Events ◼ Experiences ◼ Persons ◼ Places ◼ Properties ◼ Organizations ◼ Information 4/ ◼ 23/20I 17 deas 4 Copy right reserved
- 5. Core Marketing Concepts ◼Needs, wants, demand ◼ Target market, positioning and segmentation ◼ Offerings and brand ◼ Value and satisfaction ◼ Market ◼ Exchange ◼ Product ◼ Marketing channels ◼ Supply chain 4 ◼ /23/2C 017 ompetition 5 Copy right reserved
- 6. Needs, wants anddemand ◼ Needs – states of felt deprivation ◼ Wants – specific satisfiers of needs shaped by culture, economic condition as well as individual personality ◼ Demand – human wants that are backed by willingness, buying power and authority to purchase. 4/23/2017 6 Copy right reserved
- 7. Segmentation, targeting &Positioning ◼ Market Segmentation: Dividing a market into distinct groups with distinct needs characteristics or behaviors who might require separate products or marketing mixes. ◼ Target Marketing: The Process of evaluating each market segment’s attractiveness and selecting one or more segments to enter. ◼ Positioning: Arranging for a product to occupy a clear, distinctive and desirable products in the 7 4/23/p 201 l7ace relative to com Copy p rig e ht rt es ie n rveg d
- 8. Marketing offer andbrand Copy right reserved 8 4/23/2017 ◼ Marketing offer: Some combination of products, services, information or experiences offered to a market to satisfy customer. ◼ Brand : Any word, sign, symbol etc. for identification and differentiation of product. It includes brand name, brand mark and trade mark.
- 9. Value and Satisfaction Copyright reserved 9 4/23/2017 ◼ Value – relationship between benefit and cost ◼ Satisfaction – Comparison between customer’s expectation and product performance ◼ Expectation = performance ◼ Expectation < performance ◼ Expectation > Performance
- 10. Market Copy right reserved10 4/23/2017 ◼ Is place a market? ◼ A market is the set of actual and potential buyers of a product ◼ Marketers are keenly interesting in markets ◼ Marketer’s task is managing markets to bring about profitable exchange relationship
- 11. Exchange Copy right reserved11 4/23/2017 ◼ Exchange is the act of obtaining a desired product from someone by offering something in return ◼ Transaction is marketer’s unit of measurement ◼ A transaction consists of a trade of values between two parties.
- 12. Product Copy right reserved12 4/23/2017 ◼ Anything offered by the marketer for customer’s satisfaction ◼ There are five levels of products 1. Core product 2. Actual product 3. Augmented product 4. Expected product 5. Potential product
- 13. Marketing Channel Copy rightreserved 13 4/23/2017 ◼ Communication channel – Radio, TV, newspaper, magazine etc ◼ Distribution channel – Agent, wholesaler, retailer etc. ◼ Service channel – transport co., warehouse, bank and insurance co. etc
- 14. Supply Chain Copy rightreserved 14 4/23/2017 ◼ Supply chain is a longer channel stretching from raw materials to components to final products that are carried to final buyers. ◼
- 15. Competition Copy right reserved15 4/23/2017 ◼ Competition includes all the actual and potential rivals offerings and substitutes a buyer might consider. ◼ Competition may be: ✓ price competition or non-price competition ✓ brand competition Monopoly, monopolistic or perfect competition
- 16. Marketing Environment Copy rightreserved 16 4/23/2017 ◼ The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers. ◼ It includes: Micro environment and macro environment
- 17. New Marketing Realities Copyright reserved 17 4/23/2017 •Technology •Globalization •Social Responsibility
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- 19. Dr. Gopal Thapa,Tribhuvan University, Kathmandu, Nepal Company orientation towards the market place • Production concept • Product concept • Selling concept • New marketing concept • Customer concept • Societal marketing concept • Holistic concept
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- 21. Dr. Gopal Thapa,Tribhuvan University, Kathmandu, Nepal The New Four Ps • People • Processes • Program • Performance
- 22. Dr. Gopal Thapa,Tribhuvan University, Kathmandu, Nepal Marketing Management Task ▪ Capture marketing insights & performance ▪ Connect with customers ▪ Build strong brands ▪ Shape the market offering ▪ Deliver value ▪ Communicate value ▪ Create successful long-term growth