You are about to study (marketing), is as old as civilization. If this is true, then from where comes the idea that marketing is a 21st century concept? Study to discover the truth my students. Those who say that the concept of marketing is an emerging topic is business probably speak out of ignorance and do not understand that marketing has its roots right from the Garden of Eden. What could Eve had told Adam about the fruit that had to ability to make the man disobey God is called marketing. Till tomorrow only Eve alone knows what she told Adam that convinced him to eat the fruit. What she did is called word of mouth marketing. Hope you understand. Therefore although marketing is talked and discussed in business terms today, its origin goes back to the ancient civilization when man used symbols, signs and material artifacts to transact and communicate with others. Modern marketing revolves around the concepts, which are age old. The first signs that man made to communicate with others gave birth to the idea of marketing. The evolution of marketing has made it a structured discipline to study; otherwise marketing did exist in the ancient past.
Marketing involves planning and executing the conception, pricing, promotion, and distribution of goods and services. It is the process of understanding customer needs and satisfying them through exchanges that benefit both customers and organizations. Marketing aims to understand problems from the customer's perspective in order to provide solutions that customers perceive as valuable. The goal is to make selling unnecessary by creating value for and building relationships with customers.
Unit 2 segmentation, targeting & positioningHARIBASKARR1
This document discusses market segmentation, targeting, and positioning. It begins by defining market segmentation as dividing the total market into smaller, more homogeneous groups based on characteristics like geography, demographics, psychographics, usage patterns, and benefits sought. The key benefits of segmentation are that it allows companies to better meet customer needs and concentrate marketing efforts on the most profitable segments. The document then examines bases for segmentation, the segmentation process, strategic options like niche vs. differentiated marketing, and levels of segmentation from mass to individual markets.
Digital marketing pertains to all online marketing activities including digital assets, channels, and media. It involves exciting customers with relevant offers, educating them about offerings, helping them experience products directly or indirectly, and giving them opportunities to engage with marketing activities. Social media refers to technologies that distribute content to facilitate interpersonal interactions through platforms, services, and tools that help consumers and firms connect. The 4E framework outlines exciting, educating, experiencing, and engaging customers through digital media.
This document summarizes research on whether consumers care about marketing ethics and whether their purchase behaviors favor ethical companies. While consumers are more sophisticated today, this does not necessarily translate into ethical purchasing. Some key points:
- Research shows consumers are influenced more by negative information about unethical behavior than positive information about ethical behavior. However, consumers do not consistently boycott unethical companies or reward ethical ones.
- While some consumers seek out environmentally friendly products and boycott unethical companies, others possess the same information but do not change purchase behaviors.
- Surveys show one-third of consumers are concerned with ethics, and over half had recently bought or recommended a product based on its ethical reputation.
TSDP emphasizes on understanding client’s requirements for drafting proposals for preparation of medico-marketing documents. To know more about medical writing training, visit: http://turacozskilldevelopment.org/
Marketing management represents an important functional area of business management efforts for the flow of goods and services from the producers to the consumers. Marketing management is responsible for customer philosophy, an integrated marketing organization, adequate marketing information, strategic orientation, and operational efficiency. The marketing mix, which includes the four P's of price, product, promotion, and place, is a crucial tool in determining a product or brand's offer. Technological changes widely impact marketing activities like communication, distribution, packing, marketing research, and decision-making.
Marketing is an inevitable part of doing both business and non-business. This is emphasized in this presentation. A different focus of this kind is expected to add more value for the enthusiast.
The document provides a strategic marketing plan for 99 Speedmart Sdn Bhd, a Malaysian mini market chain with over 1000 stores. The plan includes:
1) Conducting a SWOT analysis to identify the company's strengths, weaknesses, opportunities, and threats.
2) Developing recommendations through a TOWS matrix to leverage strengths and opportunities, and mitigate weaknesses and threats.
3) Proposing key marketing objectives and strategies centered around developing customer loyalty programs using a new e-Groceries application and e-loyalty program integrated with social media marketing on Facebook.
4) Outlining implementation tactics and an evaluation framework to measure the success of the marketing plan.
Marketing involves planning and executing the conception, pricing, promotion, and distribution of goods and services. It is the process of understanding customer needs and satisfying them through exchanges that benefit both customers and organizations. Marketing aims to understand problems from the customer's perspective in order to provide solutions that customers perceive as valuable. The goal is to make selling unnecessary by creating value for and building relationships with customers.
Unit 2 segmentation, targeting & positioningHARIBASKARR1
This document discusses market segmentation, targeting, and positioning. It begins by defining market segmentation as dividing the total market into smaller, more homogeneous groups based on characteristics like geography, demographics, psychographics, usage patterns, and benefits sought. The key benefits of segmentation are that it allows companies to better meet customer needs and concentrate marketing efforts on the most profitable segments. The document then examines bases for segmentation, the segmentation process, strategic options like niche vs. differentiated marketing, and levels of segmentation from mass to individual markets.
Digital marketing pertains to all online marketing activities including digital assets, channels, and media. It involves exciting customers with relevant offers, educating them about offerings, helping them experience products directly or indirectly, and giving them opportunities to engage with marketing activities. Social media refers to technologies that distribute content to facilitate interpersonal interactions through platforms, services, and tools that help consumers and firms connect. The 4E framework outlines exciting, educating, experiencing, and engaging customers through digital media.
This document summarizes research on whether consumers care about marketing ethics and whether their purchase behaviors favor ethical companies. While consumers are more sophisticated today, this does not necessarily translate into ethical purchasing. Some key points:
- Research shows consumers are influenced more by negative information about unethical behavior than positive information about ethical behavior. However, consumers do not consistently boycott unethical companies or reward ethical ones.
- While some consumers seek out environmentally friendly products and boycott unethical companies, others possess the same information but do not change purchase behaviors.
- Surveys show one-third of consumers are concerned with ethics, and over half had recently bought or recommended a product based on its ethical reputation.
TSDP emphasizes on understanding client’s requirements for drafting proposals for preparation of medico-marketing documents. To know more about medical writing training, visit: http://turacozskilldevelopment.org/
Marketing management represents an important functional area of business management efforts for the flow of goods and services from the producers to the consumers. Marketing management is responsible for customer philosophy, an integrated marketing organization, adequate marketing information, strategic orientation, and operational efficiency. The marketing mix, which includes the four P's of price, product, promotion, and place, is a crucial tool in determining a product or brand's offer. Technological changes widely impact marketing activities like communication, distribution, packing, marketing research, and decision-making.
Marketing is an inevitable part of doing both business and non-business. This is emphasized in this presentation. A different focus of this kind is expected to add more value for the enthusiast.
The document provides a strategic marketing plan for 99 Speedmart Sdn Bhd, a Malaysian mini market chain with over 1000 stores. The plan includes:
1) Conducting a SWOT analysis to identify the company's strengths, weaknesses, opportunities, and threats.
2) Developing recommendations through a TOWS matrix to leverage strengths and opportunities, and mitigate weaknesses and threats.
3) Proposing key marketing objectives and strategies centered around developing customer loyalty programs using a new e-Groceries application and e-loyalty program integrated with social media marketing on Facebook.
4) Outlining implementation tactics and an evaluation framework to measure the success of the marketing plan.
This document provides an overview of key marketing concepts including the marketing mix, market segmentation, product planning and development, and the product lifecycle. It discusses topics such as the 4Ps of marketing (product, price, place, promotion), types of consumer markets (convenience goods, shopping goods, specialty goods), steps in new product development (idea generation, concept testing, commercialization), and strategies for entering new markets (market penetration, market development, product development, diversification). The document is a study guide for marketing management essentials.
Marketing management introduction - unit i - EMBA - purbanchal universitySinga Lama
Strategic market management involves analyzing a company's situation, assessing opportunities, identifying target markets, setting goals and strategies, and implementing a timeline and budget. The process includes planning, implementation, and control. Planning involves a SWOT analysis, goal setting, and deciding on the marketing mix. Implementation puts the plan into action through programs, schedules, and product availability. Control compares results to goals and benchmarks to evaluate performance and make adjustments. Strategic market management takes a holistic, integrated approach to create superior customer value.
This document outlines an introduction to marketing presentation given by Harryadin Mahardika. It discusses the history and evolution of marketing from sales departments to cross-functional departments. It covers key marketing concepts like market segmentation, the marketing mix of product, price, place and promotion, consumer behavior, relationship marketing, and digital/mobile marketing. The presentation also addresses major marketing strategies including strategic marketing, consumer behavior, marketing communications, channel management, and marketing contexts.
This document provides an overview of key marketing concepts including the marketing mix, market segmentation, product planning and development, and promotion strategies. It discusses topics such as the 4Ps of marketing (product, price, place, promotion), types of market segmentation, the product life cycle, new product development process, and different promotional tools including advertising, publicity, personal selling, and sales promotion. Examples and descriptions are provided for each topic to illustrate the main ideas.
The document discusses branding strategies for oil companies. It defines key branding concepts like corporate brand reputation and image. It highlights challenges in the oil and gas sector like lack of product differentiation and disloyal customers. The document recommends integrating CSR initiatives with company vision to build brands. It emphasizes using an integrated marketing communications approach including digital advertising, public relations, and event management to effectively communicate with stakeholders.
This document provides a marketing plan summary for Lotto Sport Egypt. It includes a situational analysis, SWOT analysis, marketing objectives, and promotional strategy. The promotional strategy involves an integrated marketing communications plan utilizing advertising, sales promotions, public relations, and digital marketing tactics. Key elements include social media campaigns, television commercials, print ads, billboards, discounts, gifts, and sponsoring sports teams/leagues. The plan aims to increase brand awareness, sales, and store presence for Lotto Sport Egypt. Budgets are allocated for each promotional element and monitoring and contingencies are proposed to ensure objectives are met.
The document provides an overview of key marketing concepts including the marketing mix, market segmentation, product planning and development, and promotion strategies. It discusses developing market segments, product life cycles, new product planning processes, and marketing mix elements like price, place, promotion, and product. Key activities in marketing are outlined such as consumer analysis, product planning, price planning, distribution planning, and promotion planning.
This document outlines the key elements to include in a marketing plan for a media organization. It discusses conducting a situation analysis using frameworks like SWOT and Porter's Five Forces. The plan should describe the organization, its product, objectives, strategies and tactics. It recommends identifying the target users and their needs. The document provides questions to guide describing each section and stresses the importance of the executive summary, situation analysis, product details, objectives, strategies, tactics and implementation approach.
Chap 11 understanding marketing processes and consumer behaviorMemoona Qadeer
The document discusses marketing processes and consumer behavior, including defining marketing and the marketing mix of product, price, place, and promotion. It also covers target marketing and market segmentation, marketing research methods, factors that influence consumer behavior, organizational buying behavior, and considerations for international marketing and small business marketing mixes.
Create a cost-efficient marketing strategy with our content ready Marketing Resource Management PowerPoint Presentation Slides. The marketing effectiveness PowerPoint complete deck includes readymade templates like capture market insights, global market potential graphical & tabular format, survey insights, opportunity analysis, connect with customers, creating customer value & loyalty, purchase stage, moderate effect of customer decision making, medium that influence purchase decision, analysing business situation, consumer market segmentation, build strong brands, create brand equity, brand positioning framework, develop strategic positioning, competitive analysis, shape the marketing offerings, setting product strategy, designing & managing services, develop pricing strategies, communicate the value, marketing reach by channels, introducing new market offerings, new product detailed overview, tapping into global markets etc. The biggest advantage of time optimization presentation deck is that it is fully editable in powerpoint, you can change the color text and font style without any hassle to suit your business needs. Download this visually appealing market research presentation deck to create successful long-term growth. Display detailed awareness with our Marketing Resource Management PowerPoint Presentation Slides. They will appreciate your hands-on approach.
The document provides guidance for developing a marketing plan for a new product. It outlines sections to include such as a situation analysis of the company, market, customers, and competitors. It also describes developing objectives, targeting a market, and outlining the product, price, place, and promotion strategies. Financial forecasts including sales, expenses, and profits are to be included. The plan should conclude with implementation details, evaluation metrics, and an appendix with supporting materials.
Superior Supermarkets is considering changing its pricing strategy to combat decreasing sales and maintain market share against competitors. The document recommends implementing everyday low pricing in key categories like dairy and beauty products that make up 57% of sales. This would allow Superior to save costs and redirect money to improve marketing. The new strategy is expected to increase sales, market share, and customer loyalty for Superior Supermarkets.
Eunimart is a one-stop solution to help Indian e-commerce sellers sell their products globally and pioneer the Brand India concept. It addresses key pain points Indian sellers face like thin margins, high logistics costs, and unreliable support. Eunimart's services include global marketplace alliances, worldwide logistics support, global payment solutions, IT support for inventory, content and order management, and consulting services. This allows sellers to expand their customer base, access major marketplaces and logistics partners, and maximize their global sales.
E-MASK _Basic marketing-plan_22.5.2016_finale.BE U
This marketing plan proposes strategies for E-mask, a new anti-motion sickness mask, to enter the Vietnamese mask market. It identifies the target market as females and males aged 18-25 who have disposable income and prefer premium, natural products. Market research found over 40% of people experience motion sickness from vehicle smells. The plan outlines objectives to achieve brand awareness, profit margins, and market share over time. It recommends joint ventures, competitive pricing, and promotion through digital and retail channels to attract customers and compete against existing medical and mask options. Implementation, control, and contingency plans are included to help E-mask successfully launch and adapt its strategies over time.
This document summarizes a master's thesis that investigated customer satisfaction levels at three grocery stores in Visby, Gotland: ICA, ICA Nära, and Coop Forum. The study examined the importance of various dimensions of customer satisfaction, including location, additional services, product quality, facilities, reliability, process, value for money, staff, and personnel service. Surveys were conducted with customers at each store to measure satisfaction levels. The results showed that customers were most satisfied with location, staff courtesy, and reliability. A comparative analysis found that customers of ICA Nära and ICA reported higher satisfaction than those of Coop Forum. The thesis concludes by discussing the impact of different attributes on customer satisfaction and
This document provides an introduction to a training program titled "25 Sales Strategies and Activities". The training program presents 25 different sales strategies mapped on a matrix that positions each strategy based on its emphasis on relationships and performance with customers. The strategies range from focusing highest on relationships and lowest on performance to lowest on relationships and highest on performance. Each strategy is then described in more detail with accompanying activities to help participants implement the strategies. The introduction outlines how understanding customers and where different strategies fit on the relationships-performance matrix can help salespeople select the most appropriate strategies for different customer situations.
The document discusses identifying marketing opportunities and threats through analyzing customer segmentation, purchase situations, direct and indirect competition, industry analysis, and the business environment. It defines market opportunity as forecasting demand for a product or service. Threats are anything external that could damage the organization, such as new competitors, regulations, or shifts in customer preferences. The key to identifying opportunities is understanding customers and competitors through various analysis techniques.
Campaign plan / proposal for a collection of retirement communities; created while working with Rare Method.
Noted that the client only implemented part of the recommended tactics.
How To Shift Consumer Behaviors to be more sustainable; a literature review a...Nicha Tatsaneeyapan
This article presents a literature review and framework for understanding how to shift consumer behaviors to be more sustainable. The framework is called SHIFT and proposes that consumers are more likely to engage in pro-environmental behaviors when messages or contexts leverage social influence, habit formation, individual identity, feelings and cognition, and tangibility. The review identified these five factors as the most common ways discussed in the literature to encourage sustainable consumption. The article then provides an in-depth discussion of each of these five factors and how they can shape consumer decision making and behaviors related to sustainability.
Marketing strategy involves choosing activities to deliver unique value to the target market. It has two components: target market selection and choosing the marketing mix variables. The essence of strategy is performing activities differently than rivals to create a sustainable competitive advantage. Southwest Airlines' strategy provides an example, with its low prices, frequent flights, and efficient operations allowing it to deliver value to customers that competitors cannot match.
1. This document provides an introduction to marketing and outlines key concepts such as defining a market, defining marketing, and understanding the consumer buying process.
2. The consumer buying process has 4 stages: identifying a problem or need, searching for information, assessing options, and making a purchase.
3. Marketing is important for small businesses as it helps develop products customers want, provides customer information, creates competitive pressures, and builds customer demand.
This document provides an overview of marketing concepts and principles through 6 chapters. It begins with definitions of marketing, discussing it as an exchange process, managerial function, and business philosophy. It traces the evolution of marketing from a production to a selling to a modern marketing concept oriented around customer satisfaction. It also introduces the societal marketing concept focused on balancing stakeholder interests. Key points covered include the 4 P's of the marketing mix, market research, buyer behavior, segmentation, positioning and integrating marketing across an organization.
This document provides an overview of key marketing concepts including the marketing mix, market segmentation, product planning and development, and the product lifecycle. It discusses topics such as the 4Ps of marketing (product, price, place, promotion), types of consumer markets (convenience goods, shopping goods, specialty goods), steps in new product development (idea generation, concept testing, commercialization), and strategies for entering new markets (market penetration, market development, product development, diversification). The document is a study guide for marketing management essentials.
Marketing management introduction - unit i - EMBA - purbanchal universitySinga Lama
Strategic market management involves analyzing a company's situation, assessing opportunities, identifying target markets, setting goals and strategies, and implementing a timeline and budget. The process includes planning, implementation, and control. Planning involves a SWOT analysis, goal setting, and deciding on the marketing mix. Implementation puts the plan into action through programs, schedules, and product availability. Control compares results to goals and benchmarks to evaluate performance and make adjustments. Strategic market management takes a holistic, integrated approach to create superior customer value.
This document outlines an introduction to marketing presentation given by Harryadin Mahardika. It discusses the history and evolution of marketing from sales departments to cross-functional departments. It covers key marketing concepts like market segmentation, the marketing mix of product, price, place and promotion, consumer behavior, relationship marketing, and digital/mobile marketing. The presentation also addresses major marketing strategies including strategic marketing, consumer behavior, marketing communications, channel management, and marketing contexts.
This document provides an overview of key marketing concepts including the marketing mix, market segmentation, product planning and development, and promotion strategies. It discusses topics such as the 4Ps of marketing (product, price, place, promotion), types of market segmentation, the product life cycle, new product development process, and different promotional tools including advertising, publicity, personal selling, and sales promotion. Examples and descriptions are provided for each topic to illustrate the main ideas.
The document discusses branding strategies for oil companies. It defines key branding concepts like corporate brand reputation and image. It highlights challenges in the oil and gas sector like lack of product differentiation and disloyal customers. The document recommends integrating CSR initiatives with company vision to build brands. It emphasizes using an integrated marketing communications approach including digital advertising, public relations, and event management to effectively communicate with stakeholders.
This document provides a marketing plan summary for Lotto Sport Egypt. It includes a situational analysis, SWOT analysis, marketing objectives, and promotional strategy. The promotional strategy involves an integrated marketing communications plan utilizing advertising, sales promotions, public relations, and digital marketing tactics. Key elements include social media campaigns, television commercials, print ads, billboards, discounts, gifts, and sponsoring sports teams/leagues. The plan aims to increase brand awareness, sales, and store presence for Lotto Sport Egypt. Budgets are allocated for each promotional element and monitoring and contingencies are proposed to ensure objectives are met.
The document provides an overview of key marketing concepts including the marketing mix, market segmentation, product planning and development, and promotion strategies. It discusses developing market segments, product life cycles, new product planning processes, and marketing mix elements like price, place, promotion, and product. Key activities in marketing are outlined such as consumer analysis, product planning, price planning, distribution planning, and promotion planning.
This document outlines the key elements to include in a marketing plan for a media organization. It discusses conducting a situation analysis using frameworks like SWOT and Porter's Five Forces. The plan should describe the organization, its product, objectives, strategies and tactics. It recommends identifying the target users and their needs. The document provides questions to guide describing each section and stresses the importance of the executive summary, situation analysis, product details, objectives, strategies, tactics and implementation approach.
Chap 11 understanding marketing processes and consumer behaviorMemoona Qadeer
The document discusses marketing processes and consumer behavior, including defining marketing and the marketing mix of product, price, place, and promotion. It also covers target marketing and market segmentation, marketing research methods, factors that influence consumer behavior, organizational buying behavior, and considerations for international marketing and small business marketing mixes.
Create a cost-efficient marketing strategy with our content ready Marketing Resource Management PowerPoint Presentation Slides. The marketing effectiveness PowerPoint complete deck includes readymade templates like capture market insights, global market potential graphical & tabular format, survey insights, opportunity analysis, connect with customers, creating customer value & loyalty, purchase stage, moderate effect of customer decision making, medium that influence purchase decision, analysing business situation, consumer market segmentation, build strong brands, create brand equity, brand positioning framework, develop strategic positioning, competitive analysis, shape the marketing offerings, setting product strategy, designing & managing services, develop pricing strategies, communicate the value, marketing reach by channels, introducing new market offerings, new product detailed overview, tapping into global markets etc. The biggest advantage of time optimization presentation deck is that it is fully editable in powerpoint, you can change the color text and font style without any hassle to suit your business needs. Download this visually appealing market research presentation deck to create successful long-term growth. Display detailed awareness with our Marketing Resource Management PowerPoint Presentation Slides. They will appreciate your hands-on approach.
The document provides guidance for developing a marketing plan for a new product. It outlines sections to include such as a situation analysis of the company, market, customers, and competitors. It also describes developing objectives, targeting a market, and outlining the product, price, place, and promotion strategies. Financial forecasts including sales, expenses, and profits are to be included. The plan should conclude with implementation details, evaluation metrics, and an appendix with supporting materials.
Superior Supermarkets is considering changing its pricing strategy to combat decreasing sales and maintain market share against competitors. The document recommends implementing everyday low pricing in key categories like dairy and beauty products that make up 57% of sales. This would allow Superior to save costs and redirect money to improve marketing. The new strategy is expected to increase sales, market share, and customer loyalty for Superior Supermarkets.
Eunimart is a one-stop solution to help Indian e-commerce sellers sell their products globally and pioneer the Brand India concept. It addresses key pain points Indian sellers face like thin margins, high logistics costs, and unreliable support. Eunimart's services include global marketplace alliances, worldwide logistics support, global payment solutions, IT support for inventory, content and order management, and consulting services. This allows sellers to expand their customer base, access major marketplaces and logistics partners, and maximize their global sales.
E-MASK _Basic marketing-plan_22.5.2016_finale.BE U
This marketing plan proposes strategies for E-mask, a new anti-motion sickness mask, to enter the Vietnamese mask market. It identifies the target market as females and males aged 18-25 who have disposable income and prefer premium, natural products. Market research found over 40% of people experience motion sickness from vehicle smells. The plan outlines objectives to achieve brand awareness, profit margins, and market share over time. It recommends joint ventures, competitive pricing, and promotion through digital and retail channels to attract customers and compete against existing medical and mask options. Implementation, control, and contingency plans are included to help E-mask successfully launch and adapt its strategies over time.
This document summarizes a master's thesis that investigated customer satisfaction levels at three grocery stores in Visby, Gotland: ICA, ICA Nära, and Coop Forum. The study examined the importance of various dimensions of customer satisfaction, including location, additional services, product quality, facilities, reliability, process, value for money, staff, and personnel service. Surveys were conducted with customers at each store to measure satisfaction levels. The results showed that customers were most satisfied with location, staff courtesy, and reliability. A comparative analysis found that customers of ICA Nära and ICA reported higher satisfaction than those of Coop Forum. The thesis concludes by discussing the impact of different attributes on customer satisfaction and
This document provides an introduction to a training program titled "25 Sales Strategies and Activities". The training program presents 25 different sales strategies mapped on a matrix that positions each strategy based on its emphasis on relationships and performance with customers. The strategies range from focusing highest on relationships and lowest on performance to lowest on relationships and highest on performance. Each strategy is then described in more detail with accompanying activities to help participants implement the strategies. The introduction outlines how understanding customers and where different strategies fit on the relationships-performance matrix can help salespeople select the most appropriate strategies for different customer situations.
The document discusses identifying marketing opportunities and threats through analyzing customer segmentation, purchase situations, direct and indirect competition, industry analysis, and the business environment. It defines market opportunity as forecasting demand for a product or service. Threats are anything external that could damage the organization, such as new competitors, regulations, or shifts in customer preferences. The key to identifying opportunities is understanding customers and competitors through various analysis techniques.
Campaign plan / proposal for a collection of retirement communities; created while working with Rare Method.
Noted that the client only implemented part of the recommended tactics.
How To Shift Consumer Behaviors to be more sustainable; a literature review a...Nicha Tatsaneeyapan
This article presents a literature review and framework for understanding how to shift consumer behaviors to be more sustainable. The framework is called SHIFT and proposes that consumers are more likely to engage in pro-environmental behaviors when messages or contexts leverage social influence, habit formation, individual identity, feelings and cognition, and tangibility. The review identified these five factors as the most common ways discussed in the literature to encourage sustainable consumption. The article then provides an in-depth discussion of each of these five factors and how they can shape consumer decision making and behaviors related to sustainability.
Marketing strategy involves choosing activities to deliver unique value to the target market. It has two components: target market selection and choosing the marketing mix variables. The essence of strategy is performing activities differently than rivals to create a sustainable competitive advantage. Southwest Airlines' strategy provides an example, with its low prices, frequent flights, and efficient operations allowing it to deliver value to customers that competitors cannot match.
1. This document provides an introduction to marketing and outlines key concepts such as defining a market, defining marketing, and understanding the consumer buying process.
2. The consumer buying process has 4 stages: identifying a problem or need, searching for information, assessing options, and making a purchase.
3. Marketing is important for small businesses as it helps develop products customers want, provides customer information, creates competitive pressures, and builds customer demand.
This document provides an overview of marketing concepts and principles through 6 chapters. It begins with definitions of marketing, discussing it as an exchange process, managerial function, and business philosophy. It traces the evolution of marketing from a production to a selling to a modern marketing concept oriented around customer satisfaction. It also introduces the societal marketing concept focused on balancing stakeholder interests. Key points covered include the 4 P's of the marketing mix, market research, buyer behavior, segmentation, positioning and integrating marketing across an organization.
Marketing involves understanding customers, creating value for them, and building relationships. It encompasses functions like buying, selling, transporting, storing, financing, and taking risks. The goal is satisfying customer needs better than competitors to earn their business. Companies must understand customer value as the benefits received versus costs incurred. Maintaining superior customer value leads to satisfaction, retention, and profitable long-term relationships.
This document provides an overview of key marketing concepts including definitions of marketing, the three levels of marketing (philosophy, strategy, operations), the marketing mix, segmentation, targeting, positioning, branding, and marketing communications. It defines marketing as a process of identifying customer needs and wants and fulfilling them profitably. Segmentation involves dividing the market into distinct groups with common traits. Targeting selects the most attractive segments and positioning determines how the product will be perceived relative to competitors in the target segment's mind. The marketing mix or 4Ps (product, price, place, promotion) are the tactical elements used to satisfy the target market.
This document defines marketing and discusses its key concepts. Marketing is defined as identifying and meeting needs profitably through exchange and relationships. The scope of marketing has expanded beyond traditional goods and now includes services, ideas, places and more. Fundamental concepts discussed include segmentation, targeting, positioning, the marketing mix of product, place, price and promotion. Modern marketing emphasizes a holistic approach through relationships, integration across departments and a focus on performance, value and customer satisfaction. Successful marketing management requires understanding customers, designing and delivering value, effective communication and sustaining long-term growth.
1. Marketing management combines the fields of marketing and management. Marketing involves understanding customer needs and delivering value through products and services, while management involves achieving organizational goals through planning, organizing, and controlling resources.
2. Marketing management is a business process used to manage marketing activities across different levels of organizations, both for-profit and non-profit. Decisions are based on knowledge of marketing functions and managerial techniques.
3. Marketing management is both a science and an art. As a science, it follows general principles to guide decision making. As an art, it requires creatively handling each situation effectively.
This document outlines the topics that will be covered in a course on Principles of Marketing. The course will cover traditional and contemporary approaches to marketing, customer relationships, market opportunity and consumer analysis, developing the marketing mix, and managing the marketing effort. Key concepts that will be discussed include strategic versus tactical marketing, the marketing environment, marketing research, consumer versus business markets, and the marketing planning process. Chapter topics include SWOT analysis, marketing implementation, and presenting a marketing plan.
This document provides an overview of marketing concepts and orientations. It discusses the evolution from a production concept to a marketing concept. The marketing concept focuses on understanding customer needs and wants to develop products and services, while the sales concept focuses more on selling existing products. It also introduces the societal marketing concept of considering social impacts. The document examines what can be marketed, including goods, services, ideas, and organizations. Finally, it discusses newer concepts like holistic marketing which takes a broader view of stakeholders.
This document provides instructions for students to submit their semester assignments. It includes details like the course code, title, assignment code and coverage. It contains 4 questions related to marketing concepts like product vs service marketing, marketing organization, market segmentation, and marketing research. Students are asked to answer all questions and submit the assignment by a given deadline to their study center coordinator.
The document provides an overview of a Business Management training program. The program aims to provide business owners and managers with fundamental management skills through a series of interactive seminars covering topics like customer relations, marketing, finance, and human resources. It consists of 21 modules taught over 24 days. Specific modules will teach skills like surveying the market, developing advertising strategies, improving selling skills, and more. The overall goal is to help participants become confident and proficient business people.
This document provides an overview of marketing principles and concepts. It defines marketing as the creation and communication of value to customers through satisfying human needs and wants via an exchange process. Marketing involves strategies and activities to build long-term customer relationships that benefit both organizations and their stakeholders. The document discusses key marketing definitions and concepts, including the interacting components of marketing between companies, customers, and competition. It also distinguishes between customer needs and wants, with needs being basic functional or emotional desires and wants appealing more to emotions. The overall goal of marketing is to attract new customers by promising superior value and retain existing customers through satisfaction.
INTRODUCTION TO MARKETING ^0 CAPTURING MARKETING INSIGHTS.pptxJamesalbertKing
This document provides an introduction to marketing concepts. It defines marketing as the process of creating and exchanging products of value with customers. The objectives of marketing are increasing sales, targeting audiences, launching new products, and building relationships. Marketing functions include product development, promotion, sales, and market research. New realities like technology and globalization impact marketing approaches. The document discusses concepts like marketing myopia and customer versus product orientation. It also outlines different orientations companies can take toward the marketplace like production, product, and marketing concepts. Finally, it introduces the marketing environment and its importance in identifying opportunities and threats.
The effect of market orientation on bussiness profitability(report)Izzah Noah
The document discusses the relationship between market orientation and business profitability. It defines market orientation as focusing on identifying and meeting customer needs. The key elements of market orientation include targeting markets, building customer relationships, and coordinating marketing activities. Implementing market orientation helps predict customer changes and satisfy them, thereby increasing business profitability over the long term. However, market orientation requires high costs and may be more suitable for large organizations than small businesses. Overall, the document concludes that market orientation is positively related to business profitability.
This document provides an overview and summary of key concepts from the first two chapters on marketing. It defines marketing as creating and delivering value for customers and partners. The main concepts discussed are needs, wants and demands, and how marketers must target, segment and position the market. It also discusses the changing realities of globalization and new technologies. Modern marketing approaches like relationship marketing and the marketing mix of 4Ps are introduced. The second chapter summary outlines the strategic planning process for developing marketing strategies, including SWOT analysis, setting goals, developing strategies, implementing programs, and getting feedback. The importance of research and relationships with customers and suppliers is also highlighted.
This document provides information about getting fully solved assignments for the Marketing for Managers course. Students should send their semester and specialization name to the provided email address or call the given phone number to receive solved assignments. The assignment covers all blocks and topics discussed in the course. It must be submitted before April 30th, 2014 to the study center coordinator. The assignment contains questions about key marketing concepts like the differences between marketing and selling, importance of consumer behavior knowledge, elements of the marketing mix for services, role of marketing research and organization in achieving objectives, stages of buyer decision process, reasons for new product development, and benefits and limitations of segmentation, targeting, and positioning strategies.
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Social Marketing Essay
The document provides an introduction to the concepts of international marketing. It discusses key learning objectives, including distinguishing international from domestic marketing and understanding various management orientations. International marketing allows companies to take advantage of opportunities in foreign markets. While marketing principles are universal, application varies across countries due to unique customer, competitor, and environmental factors. Successful international marketers adopt a global mindset while locally adapting their marketing mix. The document uses several company examples to illustrate concepts like standardized vs. adapted approaches and thinking globally and acting locally.
This document provides an overview of marketing and outlines steps to develop a successful marketing plan. It discusses key marketing concepts like the marketing mix, also known as the four Ps - product, price, place, and promotion. The document emphasizes that marketing differs from selling in that marketing takes a broader, long-term view focused on customer needs while selling focuses on short-term transactions. It also notes that a well-designed marketing plan can help businesses identify opportunities and threats in the market. Overall, the document serves as an introductory guide to marketing fundamentals and strategies for developing an effective marketing plan.
The document provides an overview of key marketing concepts. It begins by defining marketing and explaining that marketing involves satisfying consumer needs through the entire process from identifying wants to fulfilling them. It then discusses the marketing mix, also known as the 4Ps (Product, Price, Place, Promotion). The document also covers market segmentation, targeting, and positioning. Market segmentation involves dividing the market into distinct groups with unique needs. Targeting involves selecting specific segments to target, while positioning is how the product or brand is defined in consumers' minds relative to competitors.
Chapter 1 Creating And Capturing Customer ValueKathyBright
This document defines marketing and discusses the marketing process. It explains that marketing involves understanding customer needs, designing a customer-driven strategy to deliver value, building relationships, and capturing value from customers. The document also discusses trends like digitalization, globalization, and the importance of ethics. It emphasizes satisfying customer needs over selling and defines key concepts like the marketing mix, segmentation, value propositions, and customer relationship management.
HOW TO ANSWER AN INVESTOR “WHY DO YOU WANT TO RAISE CAPITAL?”NGANG PEREZ
This is indeed a very simple question but for some entrepreneurs who are raising capital, they find it difficult to give an honest, correct and logical answer to the investor. To many, it may sound simple, however the response is not in its simplicity but rather in its logicality. How logical and rational and convincing is your response to that simple question if asked? I have come to the realization that, many entrepreneurs take for granted certain things considering they already know the answer whereas, they have a limited knowledge on what could either merit or demerit their opportunity to receiving funding.
Success in raising capital for your business is very practical and easy. It often leaves clues, and if you look closely you will find a trail. There are a number of simple rules you can follow to significantly improve your chances of raising capital. Some of these rules are based on plain, old common sense. Some have been validated by the bitter experiences of other entrepreneurs. If you follow the golden rules in this lesson, you will avoid some of the most common mistakes and roadblocks people face when they try to raise funding.
One thing the entrepreneur often forgets to understand is the fact that, Investors take a risk by investing in their businesses. These are the risks that influence how investors think and react to the business opportunities, that entrepreneurs engage in. All business opportunities are surrounded by a certain amount of risks, which in the eyes of the entrepreneur are minimal, usually because they neglect them or did not see them. That’s why, for investors, rigorous risk analysis lies at the heart of making every investment decision. Many entrepreneurs just don’t understand how to analyze their business from an investor’s perspective. And only those entrepreneurs who know how to do this can improve their chances of raising funding. This paper gives you an understanding on the 7 critical risks entrepreneurs should identify and address in their business before approaching a potential investor. The knowledge and insights you gain from this lesson will surely serve you throughout your journey as an entrepreneur.
The principal goal of this lesson, is to provide participants with knowledge and techniques on how to find and target the right investors, avoid costly mistakes, and craft convincing proposals that will make investors want to give you money. There are certain things you need know about investors as an entrepreneur before approaching them for funding. Don’t you think so? This lesson will make you see from a broader perspective how to position the concept of raising funds within the confines of your business. Whether you want to raise $5,000 or $10 million to kick-start your business idea, grow an existing business, or turn around a failing one, this lesson is the foundation that will significantly increase your ability to find, approach, engage and convince potential investors to give you funding. Most investors complain that it’s hard to find good businesses to invest in. Entrepreneurs, on the other hand, complain that it's hard to find investors who are willing to invest in their business. The big reason for this mismatch and confusion is most entrepreneurs who are looking to raise funds are flying blind. Their businesses just don’t meet the requirements that potential investors are looking for. The truth is funding is Available and Abundant for those who know how to access it! Many entrepreneurs often give the common excuse that funding is scarce. This is not only false, it's actually very misleading. If capital is really scarce, how come the volume of investments and loans to entrepreneurs and businesses continue to grow every year?
UNDERSTANDING THE THEORIES AND TYPES OF ENTERPRISE NETWORKSNGANG PEREZ
To begin, Casson and Giusta (2007) said a network refers to a set of elements or members that are connected to each other. Seibert, Kraimer, and Liden (2001) defined a network as “the pattern of ties linking a defined set of persons or social actors”. Before I go any further, to you, what do you think a network is all about? What opinion do you hold in your mind about this concept? From the two definitions I just presented, you will realize that connections or ties are the fundamental features of all networks. The connections are the results of relationships between the members. In addition, all members of a network are either directly or indirectly linked to each other (Casson & Giusta 2007). Thus, networks consist of a set of elements or members that are connected to each other as a result of the relationships of the members. Therefore, your class is made up of a network of individual members called students. Also, your church is made up of a network of Indi dual people called brethren as well as your family is made of a network of individual persons called family members. Almost in every situation in normal life and business, a network is bound to exist. This makes me tempted to say Man cannot live without a network, so also do businesses need networks to survive. I find it challenging when I hear people say, “I don’t need another man in this life” or “I can succeed without the help of any man” and there are many examples of such comment’s rights? I’m sure you too often hear people make statements. It's funny, and yes truly funny because such statements are made may be from ignorance or usually from nonsense pride. Hear me and hear me well! Even to go to heaven, you need God’s network if not you lie yourself. One famous Cameroonian politician once said, “you scratch my back, I scratch your back”. Therefore, the importance of networks cannot be overemphasized in business.
The main objective of this course is to provide students with knowledge and techniques in developing networks and clusters of SMEs. But before we delve into details of such techniques, it is imperative we understand how these SMEs came about. There are certain things you need know about SMEs. Don’t you think so? This will trigger the student to reflect from a broader perspective how to position the concept of networks and clustering within the confines of SMEs. For example, what are SMEs and what contributions do they bring to society? Are SMEs in America different from those in Cameroon? If so, what makes them different and are there similarities between them? A discussion on SMEs is relevant due to the role they play in employment creation and economic growth worldwide (Fan, 2003; Tambunan, 2008; Wattanapruttipaisan, 2003). We need to know, enterprises of this category are attributed as backbones to economic development.
ACTS OF GENDER BASED VIOLENCE, CAUSES AND CONSEQUENCESNGANG PEREZ
In the 24 developing countries studied in a recent survey, a combined total of only 7% of survivors of gender-based violence, including physical and sexual acts, formally reported their attacks to police, medical or social services.
In India, less than 1% of survivors reported gender-based violence to formal sources.
In the same 24 developing countries, the surveyors explored whether women told their friends, family members or neighbors about their attacks and found that the rates of this “informal reporting” ranged from 15% in Honduras to 60% in Ukraine.
In Papua New Guinea, 59.1% of men admit to forcing an unwilling intimate partner into having sex.
According to the UN, there were 15,654 cases of sexual violence in the Democratic Republic of the Congo in 2012.
CORPORATE STRATEGY AND GOVERNANCE a must readNGANG PEREZ
The modern business world now recognizes the importance of strategic issues and the contribution of strategic management to business success. While this has many benefits it also brings many problems. It could be argued that ‘strategy’ (or ‘strategic’) is the most overused/misused phrase in business today. Everybody seems to have a ‘strategy’ for everything. By attaching the term ‘strategy’ to an activity, it somehow becomes more important – “more grand” – but in reality very little actually gets done! To illustrate this, the lecturer recalls the recent experience of sitting through a seemingly endless meeting, listening to people talking on-and-on about ‘strategy’ or the need for a strategic view. Finally, someone said something sensible; ‘… there’s too much strategy and not enough people doing things!’ This blunt comment is memorable for two reasons. Firstly, it ended a tedious meeting. Secondly, and more importantly, it illustrated a key point: strategy must lead to action, not be a substitute for it. Ultimately, all organizations need ‘people doing things’. The goal of strategy is to ensure that they are doing the right things. These actions need to be coordinated, efficiently executed and focused on meeting customer need.
GLOBALIZATION, INTERNET AND MARKET POSSIBILITIESNGANG PEREZ
Globalization is the process of interaction and integration among people, companies, and governments worldwide. As a complex and multifaceted phenomenon, globalization is considered by some as a form of capitalist expansion which entails the integration of local and national economies into a global, unregulated market economy. Globalization has grown due to advances in transportation and communication technology. With the increased global interactions comes the growth of international trade, ideas, and culture. Globalization is primarily an economic process of interaction and integration that's associated with social and cultural aspects. However, conflicts and diplomacy are also large parts of the history of globalization, and modern globalization.
ENTREPRENEURIAL CULTURING IN THE 21st CENTURYNGANG PEREZ
For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him,
Until we can manage time, we can manage nothing else. Until you value yourself, you will not value your time. Until you value your time, you will not anything with it. Lost wealth my be replaced by industry, lost knowledge by study, lost health by temperance or medicine but lost time is gone forever.
INTRODUCTION TO THE CONCEPT OF SOURCINGNGANG PEREZ
Emphasis on sourcing is not something new within the business environment. A research institute conducted a study on strategic sourcing for 25 senior operation managers in the United States of America, and concluded that “the one dictum that would still be valid a half-a-century from now is the policy of buy low, sell high”. Strategic sourcing is not necessarily the act of buying low and selling high, rather it looks in to the sustainability of what was bought low and equally the sustainability of what was sold high. Majority of today’s businesses, only look for opportunities to make fast cash without having a second thought on the consequences of their operations in the future. Strategic sourcing is primarily about the first part of this lecture.
Let me begin this chapter by saying that, the purpose of business is to create and retain a customer. Value in one’s product or service should be and almost always is defined on customers’ terms. Hope you know that? Value is a customer’s opinion and never a manufacturer’s opinion. If your product or service is perceived by the customer as having value then that perception will result in a purchase. If the customer uses your product consistently and is satisfied with the results, then it will result in creation of customer value.
MARKET SEGMENTATION, POSITIONING AND TARGETINGNGANG PEREZ
Modern companies understand the fact that they cannot appeal to all buyers in the market or at least not to all buyers in the same way. Do you know why? The Christians say Jesus Christ died for the World, yet not everyone in the same World believes in him. Then what more of Companies? See! Let me you tell the truth, not every distraction requires your attention. When you understand this as a marketing management student your perception about appealing to customers will change. The reason is because you cannot satisfy everybody. In pidgin we say “you born pikin but you no born yi heart”. Meaning people will always have their own way of reasoning and you cannot control them. Believe me when I say so. As a business man, you will need to find your own share (market segment) and satisfy them. Not everybody will like your product. Just take it like that.
Therefore, you should be able to understand that there are numerous buyers in the market and they are too widely scattered. These buyers are varied in their needs and buying practices. Also, the companies themselves vary widely in their abilities to serve different segments of the market. In such a scenario, the companies must design customer-driven marketing strategies that build the right relationships with the right customers.
As an introduction, I think it is necessary you understand that, in most of the markets, be it consumer market or organizational buying market, buyers differ enormously in terms of their buying dynamics. So the task for the marketing manager is not only to understand these differences in buying patterns but also to generalize them for better targeting and product offer. In consumer markets, for example, not only do buyers typically differ in terms of their age, income, educational levels and geographical location, but more fundamentally in terms of their personalities, lifestyles and their expectations from the products and services available in the market.
The marketing environment and the marketing information systemNGANG PEREZ
In this second chapter of our lecture we will begin with the environment and latter move to analyze the constituents in this environment regarding the market. You know, whether a business be carried online, or on air, or on land, or on waters, one thing is certain that it was conducted within an environment. Therefore understanding this environment becomes imperative for the success of the business always. Please take marketing students, the environment is one; but the conditions and the parameters are not always the same. Many people believe that organizations can survive if they are sure about the management of their internal systems like business processes, flow of goods and internal practices of quality and cost control. Most organizations devote a large part of their effort in managing the internal controllable elements, whereas they need to respond and adapt to the external environmental changes. Though they cannot significantly influence the external environment but they can be responsive to larger social and other environmental changes, which is likely to affect their business in both short run and long run. It is imperative for an organization to understand the market as well their consumers really well. I will not speak much before we get in to the details of the matter.
In science and everyday life, we think a lot about causes and effects. This is called the law of causation. Yes! It is a law, which states that things don’t just happen. Many people think that in life and business and even in other aspects of nature, things just happen. No, they don’t. There is a cause for everything, and for every cause the is an effect. Recall that it is call the law of cause and effect or causation. However, the complexities of life at times may put someone under the effects which he/she did not cause. We will deal with that latter. All I want you to keep in mind now is the fact that, knowledge about causation allows us to understand the world, make predictions, and change things. Yes, I mean change things and you will understand how you can change things through this law. I guaranty you, after going through this lectures your life will experience a turnaround in the way you think and act. Remember #things don’t just happen. In this chapter we shall discuss some of the principles of causal reasoning. First we start with a set of rules known as "Mill's methods."
They were formulated by the famous English philosopher John Stuart Mill (1806-1873), who wrote on a wide range of topics from logic and language to political philosophy.
As humans we think all the time because we possess the ability and capacity to do so. However, it is not all types of thinking that is productive or relevant to our own very existence. Although we have the natural abilities to think as humans, this mental ability is an art and a craft. Consequently, the art of correct thinking can be acquired through learning.
There are several different types of thinking such as: creative thinking, design thinking, innovative thinking, positive thinking, and of course critical thinking. For the purpose of this course, we will concentrate on critical thinking.
Logical Reasoning: relevance, obstacles and structureNGANG PEREZ
This document provides an outline for a course on logical reasoning, conceptualization, and critical thinking. It includes:
1. An overview of the course which aims to develop students' capacity for logical and critical thinking.
2. The course objectives which are to lay foundations for logical reasoning, develop critical thinking skills, and understand arguments.
3. Details of the course schedule, topics, and evaluation methods which involve assignments, quizzes and exams.
4. An introduction to the topic of Week 2 which is logical reasoning, including definitions of key terms and an exploration of statements, arguments, and the structure of good arguments.
One of the central attributes that distinguishes man from other living organisms is the ability to think. Without this distinctive characteristic, life would be hard to live. This course on logical reasoning is out to demonstrate the importance of logical reasoning in your daily lives in general and in your respective professions in particular.
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
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During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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1. 1
DEPARTMENT OF BUSINESS AND
MANAGEMENT STUDIES
CHAPTER 1: FUNDAMENTALS OF MARKETING
PROGRAMME: MBA MARKETING, STRATEGIC
MANAGEMENT & SCM
COURSE TITLE: MARKETING MANAGEMENT
COURSE CODE: MAMA611
TOTAL CREDITS: 3
BY
NGANG PEREZ
(MAJOR 1)
PAN AFRICAN INSTITUTE FOR DEVELOPMENT
-WEST AFRICA (PAID-WA) BUEA
LECTURE NOTES FOR MARKETING MANAGEMENT
2. 2
COURSE OUTLINE FOR MARKETING MANAGEMENT
PROGRAMME: MBA. STRATEGIC MANAGEMENT AND MARKETING SCM
COURSE TITLE: MARKETING MANAGEMENT
COURSE CODE: MAMA611
TOTAL CREDIT: 3
TOTAL LECTURE HOURS: 15
LECTURER: NGANG Perez
A. COURSE OVERVIEW AND OUTLINE
1. Course Description:
This course is programmed to tackle the complexities of marketing management from theoretical
perspective to an actual real life experience in the market place. It is assumed that the students
have a foundation on marketing principles. Thus, attention is paid in details, on the various
marketing strategies, including segmentation, targeting, positioning, and marketing mix (product,
price, place and promotion) strategies. It explores how those strategies contribute to the company’s
competitive advantage in the marketplace. The course equally provides students with managerial
guides on the management of the marketing function.
2. COURSE OBJECTIVES: By the end of this course, student should be able to:
Learning Objectives: By the end of this course, students should be able to:
Understand the fundamentals of exchange and how it is being applied in
marketing.
Identify the basic concepts of marketing and determine how they influence
human wants.
Carry out an environmental analysis of the market
Describe the different types of consumers and their behaviors
PAN AFRICAN INSTITUTE FOR DEVELOPMENT-
WEST AFRICA (PAID-WA) BUEA
3. 3
3. COURSE SCHEDULE AND TOPICS
This course will cover the following topics in 5 learning sessions with one session per week as
follows:
Week 1: Session 1/Chapter 1: Fundamentals of Marketing
Date:
Topics
Definition of Marketing
Concept of Exchange
Needs, Wants and Demand
Types of Demand
Marketing Orientation/Era
Conclusion and Summary
Review Questions
4. GENERAL COURSE REVIEW AND FINAL EXAM PREPARATION
Date:
Topics
Chapter 1: Fundamentals of Marketing
5. OTHER REQUIREMENTS
Required Text Books or Articles
1) Kotler, P. & Keller, K. 2011. Marketing Management 14th Edition, Upper Saddle
River, NJ, Prentice Hall. (Recommended Text Book)
2) Rajan Saxena, Marketing Management, Tata McGraw Hill, 2002.
3) V S Ramaswami, S Namakumari, Marketing Management, Macmillan, 2003.
4) David A. Aaker, Building Strong Brands (New York: Free Press, 1995)
5) Kevin Lane Keller, Strategic Brand Management: Building, Measuring, and
Managing Brand Equity (Upper Saddle River, NJ: Prentice-Hall, 1998).
Important web links
1) www.hindustanstudies.com/files/coreconcepts.pdf [accessed 23th June 2019]
2) http://www.netmba.com/marketing/concept/ [accessed 23th June 2019]
3) www.prenhall.com/behindthebook/0132390027/.../Kotler_CH07.pdf
5. 5
WEEK 1:
SESSION 1/CHAPTER 1 FUNDAMENTALS OF MARKETING
1.0 Brief Introduction:
Let me begin by shocking you that what you are about to study (marketing), is as old as civilization.
If this is true, then from where comes the idea that marketing is a 21st century concept? Study to
discover the truth my students. Those who say that the concept of marketing is an emerging topic
is business probably speak out of ignorance and do not understand that marketing has its roots
right from the Garden of Eden. What could Eve had told Adam about the fruit that had to ability
to make the man disobey God is called marketing. Till tomorrow only Eve alone knows what she
told Adam that convinced him to eat the fruit. What she did is called word of mouth marketing.
Hope you understand. Therefore although marketing is talked and discussed in business terms
today, its origin goes back to the ancient civilization when man used symbols, signs and material
artifacts to transact and communicate with others. Modern marketing revolves around the
concepts, which are age old. The first signs that man made to communicate with others gave birth
to the idea of marketing. The evolution of marketing has made it a structured discipline to study;
otherwise marketing did exist in the ancient past.
1.1 LEARNING OBJECTIVES
By the end of this session, students should be able to;
Vividly define marketing and the related concepts
Sustain a discussion on the marketing concepts
Explain the concept of exchange
1.2 DEFINITION OF KEY TERMS
(a) Customer Satisfaction: Consumer satisfaction (goods or services) is the result of a
subjective comparison of expected and perceived attribute levels.
(b) Marketing: 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.
(c) The Marketing Orientation/Era: It proposes that the reason for success lies in the company's
ability to create, deliver and communicate a better value proposition through its marketing offer in
comparison to the competitors for its chosen target market.
(d) The Product Orientation/Era It has the proposition that consumers will favor those products
that offer the most attributes like quality, performance and other innovative features.
6. 6
(e) The Production Orientation/Era: It emerges out of the production orientation. The basic
proposition is that customers will choose products and services that are widely available and are
of low cost.
(f) The Selling Orientation/Era: It proposes that customers, be they individual or organizations
will not buy enough of the organization's products unless they are persuaded to do so through
selling effort.
1.3 MAIN CONTENT
Marketing was also used as a synonym for the art of selling in the past. Even today much confusion
exists between marketing and selling amongst students of management and practitioners, regarding
the two dominant modes of business and exchange. This unit is an attempt to clarify the doubts in
your mind regarding what marketing is; how marketing has evolved over a period of time and has
come to be known as modern marketing concept. You will also be exposed to the real meaning of
customer orientation, customer focus and similar concepts that allow marketing to score higher
than selling
The course shall cover specific subtopics such as are Defining Marketing-related Factors, Concept
of Exchange, and Needs, Wants and Demand.
1.3.1: Definition of Marketing
Fellow students, to begin, it is with much revelation after years of teaching and experience as a
young marketing consultant, that I write to you this guide for marketing management. This
marketing that we are talking about starts with customers and ends with customers. Believe me, it
is a truthful saying, which I came to realize in the course of my search for knowledge in the domain
of marketing. Creation of superior customer value and delivering high levels of customer
satisfaction are at the heart of present day marketing. It is a matter of common sense to appreciate
the key marketing success factors. Let me tell you this, you need not be a PhD holder in marketing
to understand that many factors contribute to achieving business success, such as developing great
strategy, committed and skilled human resources, reliable and fast information systems, and
excellent implementation and control and a host of other factors.
Just imagine that should in case your lecturer (Ngang Perez) asks you to carry out a simple opinion
pool of what people think marketing is, the chances are these casually picked persons will reveal
a variety of descriptions in their responses. And I think, even you will have varied opinions on the
subject of marketing. True or True? The answer is true. Do you know why varied responses abound
when it comes to the subject of marketing? The reason is because many think and claim to know
what marketing is all about. Secondly some limit marketing to what the eyes can see, the ears can
hear, mouth can speak and how the body reacts. Where do you fall? Listen! There is more to
marketing than what your eyes can see. Marketing is not just a simple feeling! Marketing is the
business behind every business. Now going back to our opinion pool, probably, you will realize
7. 7
that, the first two items describing marketing will be advertising and personal selling, as these two
are the most visible aspects of marketing for most people. This is what I want you (as my students
of marketing management) to know, that marketing includes many more activities than what most
people realize. However, the long and short of marketing is “satisfying consumer needs in a
socially responsible way at a profit”. Authors of marketing books have defined marketing in
different words. A few of these definitions I will mentioned here.
The American Marketing Association defines marketing as: “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.”
The Chartered Institute of Marketing offers the following definition for marketing: “Marketing is
the management process responsible for identifying, anticipating and satisfying customer
requirements profitably.”
Philip Kotler says, “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”.
According to Peter F. Drucker in the Practice of Management (1954), “It (marketing) is the whole
business seen from the point of view of its final result, that is, from the customer's point of view”.
I will not belabor you will several definitions. The lecturer encourages the students to find other
definitions of the concept of marketing, so that your minds might be enlightened.
In all the definitions presented above, I want you understand one thing, the essence is satisfying
customer needs and wants profitably. Apparently, this core objective sounds simple, but it is not.
Talk is cheap! Research shows that in many cases customers either have inhibitions about
revealing their real needs or wants by intent or may not really know themselves. It is believed that
the subconscious is the real storehouse of deep-rooted motives. To the extent possible, marketers
undertake consumer research and try to learn about the target customers' needs and wants, and
design appropriate marketing programs to satisfy target customers.
As caution, please keeping in view the definitions of marketing, some important aspects of modern
marketing can be distinguished:
1. Marketing is a societal process.
2. Marketing deals with customer needs, wants, products, pricing, distribution, and
promotion.
3. Marketing focuses on delivering value and satisfaction to customers through products,
services, ideas, etc.
4. Marketing facilitates satisfying exchange relationships.
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5. Marketing takes place in a dynamic environment.
6. Marketing is used in both for-profit and not-for-profit organizations.
7. Marketing is extremely important to businesses and the economy of a country.
1.3.2: Concept of Exchange
Before we get in to the details of marketing, understand that the concept of exchange is the essence
and central to marketing thinking. Unless there is actual or potential exchange, there is no
marketing. By actual, we mean presently or real, and potential we mean future. Therefore you may
engage in to marketing not necessarily for the now. In fact there something as strategic marketing,
which a marketing not for the now. Hope you understand? Now, you will agree with me that,
people can acquire what they need or want by pursuing socially acceptable behaviors or the
behaviors not approved by the society. Naturally, two socially acceptable approaches of acquiring
things include self-producing or exchanging what a person needs or wants. This two cuts across
all cultures and is regarded as normal and ethical. However, there exist other methods of acquiring
things which many cultures and institutions under the surface of the earth do not adhere. These are
by begging and stealing. The third method, begging is viewed in some societies as a somewhat
less than dignified way of acquiring things. The fourth approach may include behaviors such as
shoplifting, burglary, or using potentially threatening force, etc., to acquire things, and these means
are totally unacceptable by all civilized societies and punishable by law. The highly regarded way
to acquire what a person needs or wants is the concept of exchange in marketing context. So you
see how important marketing is. Both parties in an exchange, offer something of value, and freely
acceptable to each other. It is understandable that parties involved in an exchange must first agree
to terms and conditions laid-down by each party so that actual exchange takes place.
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1.3.2:1 Barter System
I hope this would not be the first time that you hearing of the word barter? From basic economics
(ECN101) Barter is where people exchanged goods for other goods. It is trading for goods without
a fixed price tag. In some places barter is done with currencies, and some use only goods to trade
with. The old trading posts were often barter only, with little currency.
In ancient times when money was not invented trade as a whole was on barter system. This was
possible only in a simple economy but after the development of economy, direct exchange of goods
without the use of money, was not without defects. There were various defects in this system.
These were the following;
1. Double Coincidence of Wants
2. Absence of Standard Value
3. Indivisibility of Commodities
4. Absence of Store of Value
In the modern economy today, you will bear with me that, barter system cannot succeed. Money
is indispensable for large scale production.
1.3.3: Needs, Wants and Demand
As concerning the concepts of needs, wants and demands, I would not want you to be ignorant.
Actually these concepts defined the very existence of humanity. The very existence of human
beings spells the presence of needs, and marketing thinking starts with this very important
realization. It is wrong to believe that anyone can invent needs. Needs are part of the basic fabric
of human life. A need can be defined as a felt state of deprivation of some basic satisfaction. This
means that unless the individual feels deprived of some basic satisfaction, at least for this
individual, the need does not exist. Humans have a long list of needs, some very basic and others
complex. The basic needs are physiological or biogenic in nature, and individuals are born with
them. These needs are essential to sustaining human life such as need for air, water, food, shelter,
clothing, and sex. These basic needs are also referred to as primary needs. Other types of needs
are those that individuals learn as a result of being brought up in a culture and society such as need
to belong, acquire knowledge, self-expression, self-esteem, prestige, power, achievement, etc.
These are considered as secondary needs, also called acquired needs and generally believed to be
the result of an individual's subjective psychological makeup and relationship with others.
To be a little practical let’s take this example to differentiate between need and want. Let us assume
four individuals are hungry; their need is food. Assuming they have the resources to get involved
in acquiring food to satisfy hunger, they go to “Tchop et yamo”. One orders a vegetable salad; the
second orders fried rice, the third asks for a chicken burger, and the fourth buys a huge ice cream.
All of them are eating some variation of food to satisfy hunger. The specific satisfier that an
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individual looks for defines the want. Therefore, wants are specific satisfiers of some needs. Hope
you understand this very well. Actually you notice that, they were in need and had a choice. So
they looked for specific satisfiers that defined their want not their need. Because when it came to
the subject of need, all of them had the same need (hunger). But their desires differentiated their
wants. What does this mean? It insinuates that, our wants our fabricated out of our needs. Because
when it comes to the subject of real needs, there is nothing like choice. If you are in need you are
need. Point finale, there is no way out. That is why, you cannot say you are hungry (need for food)
but you want to eat “Fufu and Eru”. That kind of expression illustrates that, the person is not really
hungry, because if it is real need, then roasted plantain with red oil will be a satisfier. I hope you’ve
understood?
Individual wants are shaped by culture, life style, and personality. Let bring another example! An
individual buys a Mercedes as a status symbol and a tribal chief in some remote area of the West
region of Cameroon sticks an eagle feather in his headgear as status symbol. So you see! Both are
expressing the same want (social class or belonging) but through different satisfiers. To satisfy any
given need, different people may express a variety of wants and the total number of wants for all
sorts of needs is apparently unlimited. What more can I say? Just because people have needs and
wants is not enough to affect exchanges. The resources to acquire the products are limited for every
individual and hence people want to buy products that they believe will provide the maximum
value and satisfaction for their money. When the want is backed by purchasing power, it is called
the demand and marketers are particularly interested in demand rather than just needs or wants.
Marketing aims at identifying human and social needs and endeavors to satisfy them by creating,
communicating, and delivering products and services. According to Kotler, marketers are involved
in marketing 10 different entities: tangible products, services, events, information, ideas, places,
persons, experiences, properties, and organizations to accomplish the objective of delivering
satisfaction to customers.
People buy products only because these are seen as means to satisfy certain needs or wants. The
concept of product is broad in its meaning and includes everything that is capable of satisfying a
need and can be a physical product, service, idea, person, place, or organization. Marketers make
a sensible distinction between goods and services to place them in right perspective. Physical
products are tangible and services are intangible. People acquire products or buy the services not
so much for the sake of being the owner or consumer, but to derive the benefits they provide. Who
would buy food just to look at it? No one presumably would buy a refrigerator to just own it but
for the reason that it provides the benefit of protecting the food from becoming stale and keeping
it fresh. A large family with more resources will probably buy a bigger two- door refrigerator,
while a nuclear two or three member family with lesser resources may perhaps want a smaller
capacity refrigerator.
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1.3.4 Types of Demand
We have just seen the concept of needs, wants and demand. But let’s put some emphasis on the
notion of demand to bring out more information which is vital for our progress in this lecture. I
want you to understand that, in a nutshell, marketing is demand management and the demand for
products and services often requires different approaches for a variety of reasons. There may also
be other situations where demand management would require different types of handling. For
example, demand for pullovers in Douala, Limbe and Kumba declines during a severe dry season.
Philip Kotler and Sidney J. Levy identified eight major demand states in two different articles: I
want you to pay attention on the eight different demand states presented below:
1. Negative Demand: This situation is faced when a major part of the target market dislikes
the product and may even pay a price to avoid it. The marketing task is to unearth and analyze the
reasons for this state, and to learn if a product redesign or change in marketing mix elements can
help.
Example: Unpleasant and painful medical treatment has a negative demand.
2. No Demand: The customers may be unaware or indifferent towards the product. The
remedy is to create product awareness and connect product benefits to customers' needs and wants.
Example: Small brands often face no demand situation
3. Dormant Demand: This may occur when the currently available products fail to satisfy
the strong needs that customers feel. To meet the latent demand more effectively, the marketing
task is to develop product or service if the market size is favorable.
Example: Cigarettes with no ill effects.
4. Falling Demand: Sooner or later, companies face this situation with respect to their
products or services. If you think otherwise, ask NOKIA. The task is to reverse this trend, and
marketing should find out the reasons and take swift remedial action. New markets, product feature
modification, or more focused and effective promotion may hold the solution.
Example: There is a falling demand for desktops these days.
5. Fluctuating Demand: Many companies experience this pattern, the demand varying
according to the season, or festivals, etc. The task is to synchronize marketing efforts to alter the
demand pattern by adopting flexible pricing, and sales promotion techniques.
Example: Air conditioners, Refrigerators, etc. have fluctuating demand.
6. Full Demand: This is a situation all companies aspire and work for. The task is to maintain
the level of demand and keep pace with the changing customer preferences and ever increasing
competition and monitor customer satisfaction.
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Example: A situation where the no. of shirts produced by the manufacturers meets the level of
demand.
7. Excess Demand: At this demand level, the company is unable to meet the demand level.
The only option usually available is to find ways to decrease demand temporarily or permanently.
Generally, marketing seeks to discourage overall demand through de-marketing, either by
increasing prices or reducing promotion and services. Selective de-marketing involves reducing
demand from those markets that are less profitable.
Example: Popular models of cars, like Toyota Yaris, have excess demand.
8. Unwholesome Demand: This concerns managing demand for harmful products. The
marketing task is to make the public aware about the dangers and harmful effects caused through
misuse or over use of such products by using appropriate degree of fear appeals, price hike, or
reduced availability.
Example: Cigarettes and other nicotine products as well as artificial stimulants
1.3.5 Marketing Orientation/Era
Since the later part of the 19th century, marketing has gradually evolved through various marketing
orientations. These stages in marketing evolution present a generalized picture and a sufficiently
significant number of companies have adopted the most modern marketing concept or philosophy.
A marketing orientation (also called the marketing concept, or consumer focus) is one that allows
the wants and needs of customers and potential customers to drive all the firm's strategic decisions.
The firm's corporate culture is systematically committed to creating customer value. In order to
determine customer wants, the company usually needs to conduct marketing research. The
marketer expects that this process, if done correctly, will provide the company with a sustainable
competitive advantage.
The concept of marketing orientation was developed in the late 1960s and early 1970s at Harvard
University and at a handful of forward thinking companies. It replaced the previous sales
orientation that was prevalent between the mid-1950s and the early 1970s, and the production
orientation that predominated prior to the mid-1950s.
1.3.5.1 Production Orientation/Era
This concept, viewed as one of the oldest of managerial orientations, typically aimed at achieving
as high an output as possible. This philosophy assumed that customers would be more interested
in acquiring conveniently available, reasonably priced, and well-made products. Keeping in view
the market behavior prevailing in times when customers did not have much choice, it was a sound
approach. The focus of managers, generally having backgrounds in manufacturing and
engineering, was to concentrate on achieving increasingly higher efficiency in production, lower
production costs, and more intensive distribution. Even today, this approach seems to be quite
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sensible in relatively underdeveloped and developing economies because customers are more
interested in owning a product and not overly concerned about finer features and aesthetic appeal.
In general, one important condition seems to be favorable to adopt production orientation: when
the masses look for a cheaper product and demand far exceeds production.
For instance, in this Cameroon, The National Cotton Corporation (SODECOTON) and all its
subsidiaries are sticking to this philosophy while producing textiles for the huge, poverty-stricken
population in this country. Their philosophy and positioning is reflected in their ad, "Clothiers of
the nation with affordable prices." In the global scenario, for nearly three decades Intel Corporation
in India, focused on achieving increasingly high production output of its successive generations of
processors so as to bring down the prices of each improved version. So you see, there are many
with this kind of philosophy and there is nothing we can do about it.
The production concept is unlikely to get discarded for a very long time to come, because there
would always be products and populations of such a nature that some companies would feel
comfortable with this philosophy.
1.3.5.2 Product Orientation/Era
Just a little different from the production era, the product era has the proposition that consumers
will favor those products that offer attributes like quality, performance and other innovative
features. With this type of orientation, managers focus on developing superior products and
improving the existing product lines over a period of time. Innovations in the scientific laboratory
are commercialized and consumers get an opportunity to know and use these products. This is
called "Technology Push Model". Take note of this term, Let me explain! The problem with this
orientation is that managers forget to read the customer's mind and launch products based on their
own technological research and scientific innovations. Many times it is observed that innovations
enter in the market before the market is ready for the product. These types of innovative products
are launched without educating the customers about them and the probable benefit or value that
the customer is likely to get by using the new products. Can you remember examples of this type
of products in the market? Think of technological engineering products like the driverless car. It
came to the market before the market was educated about it.
1.3.5.3 Selling Orientation/Era
Sales concept seems to be based on a lurking apprehension that customers will not buy the product
in sufficient quantities unless aggressively pressurized. Can you imagine a seller putting you under
pressure to buy his/her products? That is a typical example of sales era. In the yesteryears,
Cameroon history tells us that the Igbos in Kumba, Tiko and Limbe markets will force
Cameroonians to buy any product they inquire the price from them. The worse came when the
customer made an attempt to touch the product or take a look at it. The Nigerians by then, will tell
you must buy it. That is force selling. Hope you understand?
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The selling concept was the major means of increasing sales and profits during 1920s to 1950s in
the developed countries of that period. Companies believed that the most important marketing
activities were personal selling, advertising, and distribution. Selling concept is geared towards
converting existing product(s) into cash rather than first finding and then satisfying customer
needs. Sales concept is often observed in practice when companies show heavy reliance on their
promotional capabilities based on "hard sell" approach. It is obvious that if a company's products
do not match the changing tastes and requirements of customers, with many alternative choices
available, managers might be inclined to go for aggressive promotional efforts to sell enough
quantities.
1.3.5.4 Marketing Orientation/Era
After World War II, the variety of products increased, people had more discretionary income, and
could afford to be selective and buy only those products that more precisely met their changing
needs and wants. However, these needs were not immediately obvious. Sometime during the mid-
1950s, there was growing recognition among American business people that merely efficient
production and extensive promotion, including hard selling, did not guarantee that customers
would buy products. With the passage of time, more knowledge, and experience, customers
increasingly seemed unwilling to be persuaded. More and more companies found that determining
what customers wanted was a must before making a product, rather than producing products first
and then persuading them to buy. The key questions became:
1. What do customers really want?
2. Can we develop it while they still want?
3. How can we keep our customers satisfied?
Thus, the marketing concept era began. Marketing concept proposes that an organization should
focus on customer needs and wants, coordinate its efforts, and endeavor to accomplish
organizational goals. It is reported that the CEO of Nike said, "For years we thought of ourselves
as a production-oriented company, meaning we put all our emphasis on designing and
manufacturing the product. But now we understand that the most important thing we do is market
the product." The major focus of all sets of organizational activities should be satisfying customer
needs. This requires carefully listening to customers as a student listens to a teacher. Marketing
students, the reason is because there is positive relationship between market orientation and
performance.
As professional marketing students I must tell you the truth, sometimes, philosophies that sound
quite reasonable and appear attractive on paper, are difficult to put into practice. Listen! To
embrace the marketing concept as the guiding philosophy, the concerned firm must accept certain
general conditions and manage some problems. Market-orientation requires organization-wide
generation of market intelligence across departments, and organization wide responsiveness to it.
It means establishing a reliable information system to learn about real needs of customers and
design the right need satisfying solutions. Setting up an information system can usually be an
expensive proposition and requires committing money and time to its development and
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maintenance. Company-wide coordination may require restructuring the internal operations and
overall objectives in case of one or more departments. Appreciating the critical role of marketing,
the head of marketing has to be part of the top management team. Acceptance and implementation
of marketing concept demands support of top management and other managers and staff. To
inculcate a customer-orientation culture, it is necessary that employees at all levels in the
organization should understand the value of the customer and the importance of the customer
satisfaction. Obviously, the internal customers (company employees at all levels) themselves
should be satisfied and motivated to promote an organization-wide culture that puts high value on
creating a satisfied customer. For this, the company has to ensure an appropriate work environment
and take care of their legitimate needs. Benson P. Shapiro is of the opinion that a company is
customer focused if the answers are "yes" to the four critical questions:
1. Are we easy for customers to do business with?
2. Do we keep our promises?
3. Do we meet the standards we set?
4. Are we responsive to customer needs?
The marketing era/orientation emphasizes three main principles:
Principle One: Customer-oriented Planning and Implementations
It should be the sole aim of all employees, irrespective of their department or functional area, to
satisfy customers' needs. It would require carefully segmenting the market on the basis of the right
criteria, targeting suitable segment(s), learning about customer needs and wants, analyzing and
spotting the right opportunities and matching them with the company's strengths.
Principle Two: Coordination of all Organizational Activities
Mainly product planning, pricing, distribution, and promotion should be combined in a sensible
and consistent manner, and the head of marketing should be a part of top-level management.
Principle Three: Coordinated Marketing is Critically Important to achieve Organizational
Goals
The reward of doing the job well will bring in sales and profits because without profits, the firm
cannot survive, neither would it be in a position to improve its offers.
1.4 Conclusion
All marketers need to be aware of the effect of globalization, technology, and deregulation. Rather
than try to satisfy everyone, marketers start with market segmentation and develop a market
offering that is positioned in the minds of the target market. To satisfy the target market’s needs,
wants, and demands, marketers create a product, one of the 10 types of entities (goods, services,
experiences, events, persons, places, properties, organizations, information, and ideas). Marketers
16. 16
must search hard for the core need they are trying to satisfy, remembering that their products will
be successful only if they deliver value (the ratio of benefits and costs) to customers.
Every marketing exchange requires at least two parties—both with something valued by the other
party, both capable of communication and delivery, both free to accept or reject the offer, and both
finding it appropriate or desirable to deal with the other. One agreement to exchange constitutes a
transaction, part of the larger idea of relationship marketing. Through relationship marketing,
organizations aim to build enduring, mutually satisfying bonds with customers and other key
parties to earn and retain their long-term business. Reaching out to a target market entails
communication channels, distribution channels, and selling channels. The supply chain, which
stretches from raw materials to the final products for final buyers, represents a value delivery
system. Marketers can capture more of the supply chain value by acquiring competitors or
expanding upstream or downstream.
1.5 Summary
Marketing is a dynamic and all pervasive subject in business that makes the whole organization
ready to serve the customers. So, success of a business largely depends on the success of
marketing.
There are various definitions to marketing. We can generalize the definition, through the definition
of the famous marketing author, Phillip Kotler who defines marketing as a social activity directed
towards satisfying customer needs and wants through an exchange process. It is a process of
identifying consumer needs, developing products and services to satisfy consumer needs, making
these products and services available to the consumer through an efficient distribution network
and promoting these products and services to obtain greater competitive advantage in the market
place.
This emphasizes optimum utilization of resources and concerted effort on the part of the marketing
manager to deliver higher value to customers and greater profit to the organization. Marketing, as
a concept, has evolved over a period of time and has witnessed changes and modifications with
the progress of civilization. It has augmented exchange with dominating paradigms in marketing.
They are production concept, product concept, selling concept, marketing concept and societal
concept. People often confuse between selling and marketing. While selling is more about product
push, marketing is about identification and satisfaction of customer need. While selling focuses on
the interest of the seller, marketing takes a more welfare view and focuses on consumer
satisfaction. Customers and companies are involved in an exchange process in marketing.
1.6 Review Question
1. Define marketing and explain the relevance of customers' needs and wants to the marketers.
2. 'Marketing starts with customers and ends with customers'. Do you agree with statement? Give
suitable justifications for your answer.
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3. State how marketing concept is significantly different from production concept and selling
concept. Give the relevant examples from the current corporate environment.
4. Explain the importance of customer satisfaction.
1.7 References
Carl Shapiro and Hal R. Varian, “Versioning: The Smart Way to Sell Information,”
Harvard Business Review, November–December 1998, pp. 106–14.
Dictionary of Marketing Terms, 2d ed., ed. Peter D. Bennett (Chicago: American
Marketing Association, 1995)
E. Jerome McCarthy, Basic Marketing: A Managerial Approach, 13th ed. (Homewood, IL:
Irwin, 1999)
Peter Drucker, Management: Tasks, Responsibilities, Practices (New York: Harper &
Row, 1973), pp. 64–65.
Philip Kotler, Irving J. Rein, and Donald Haider, Marketing Places: Attracting Investment,
Industry, and Tourism to Cities, States, and Nations (New York: Free Press, 1993)
1.8 Task
Read the notes on unit 1.3.5 (Marketing Orientation/Era) and make a brief summary of not more
than half a page.
1.9 Reading Assignment/Suggested Readings
Read the first chapter of this text book entitled “Marketing Management” from Macmillan India
Ltd, accessed from 164.100.133.129:81/econtent/Uploads/Marketing_Management.pdf June 23,
2019
1.10 Reading Assignment Supplementary Source
You Tube Video lecture: Fundamentals of Marketing Basics (Part 1) (Webinar)
Video Highlights: - Key marketing terms and concepts
Note: To access the video, copy and paste this Playlist
URL: https://youtu.be/KkBvzS_fJ2g?t=1
Source: https://www.youtube.com/watch?v=KkBvzS_fJ2g. Retrieved 23 June 2019,
1.11 Written Assignment
Acquiring new customers vs. retaining old customers'. Give your viewpoints on the issue.
1.12 Discussion Assignment
What are the reasons which indicate that consumers are less loyal now than in the past?
1.13 Graded Quiz
1. Marketing is a continuous relationship building process. True or False?
2. Concept of exchange is the central idea behind marketing. True or False
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3. Human needs are limited. True or False?
4. The situation where the customer is totally unaware about the existence of a product is referred
to as a negative demand situation. True or False?
5. It is generally seen that companies offering financial services use……….…concept more.
6. Production concept was primarily used at the advent of ………………………..
7. Selling is more………………oriented and marketing is more……………oriented.
8. Most insurance companies still follow the ……………………..orientation.