The document provides an introduction to marketing management and marketing functions. It discusses key concepts in marketing including definitions of marketing, marketing management, and objectives of marketing. It also covers topics such as the marketing mix, marketing philosophies and evolution of marketing concepts, core marketing concepts involving needs, wants and demands, target markets and positioning, offerings and brands, value and satisfaction, marketing channels, supply chain, competition, and the marketing environment. The functions of marketing management are also outlined.
Distribution Channel/Marketing Channels by Amitabh MishraAmitabh Mishra
This presentation talks about Place decision of marketing strategy. It presents fundamentals of Distribution Channels or Marketing Channels, functions of intermediaries, types and levels of channels, and channel management.
This is Part one Of Principles of Marketing Management:
Fundamentals of Marketing
Marketing Mix
Customer Value
Product Life Cycle
Segmentation
Targeting
Positioning
Branding
Personal Selling & Salesmanship
DAGMAR
This is part one of the discourse on the marketing environment.
To better understand this, take a further look at part two of the slides. The marketing environment is an attempt to structure firms in such a way that they can interact with the surrounding even in the illumination of making profits daily!
Marketing One Day workshop for Healthcare Providers Social Change UK
This one day marketing workshop for beginners has been designed for healthcare organisations in the UK looking to be more marketing and business focused. This workshop was commissioned by Kent NHS and recieved excellent feedback. For more information on this workshop contact the Social Change team by email: hello@social-change.co.uk or call the office on 01522 837250
Distribution Channel/Marketing Channels by Amitabh MishraAmitabh Mishra
This presentation talks about Place decision of marketing strategy. It presents fundamentals of Distribution Channels or Marketing Channels, functions of intermediaries, types and levels of channels, and channel management.
This is Part one Of Principles of Marketing Management:
Fundamentals of Marketing
Marketing Mix
Customer Value
Product Life Cycle
Segmentation
Targeting
Positioning
Branding
Personal Selling & Salesmanship
DAGMAR
This is part one of the discourse on the marketing environment.
To better understand this, take a further look at part two of the slides. The marketing environment is an attempt to structure firms in such a way that they can interact with the surrounding even in the illumination of making profits daily!
Marketing One Day workshop for Healthcare Providers Social Change UK
This one day marketing workshop for beginners has been designed for healthcare organisations in the UK looking to be more marketing and business focused. This workshop was commissioned by Kent NHS and recieved excellent feedback. For more information on this workshop contact the Social Change team by email: hello@social-change.co.uk or call the office on 01522 837250
The ppt covers the basics marketing principles given by Philip Kotler:
The importance of marketing
Core Marketing Concepts
Company Orientations
Segmentation-Targeting-Positioning
7p’s Framework
Financial accounting is the process of recording, summarizing and reporting a company’s business transactions through financial statements. These statements are: the income statement, the balance sheet, the cash flow statement and the statement of retained earnings.
Here’s What We’ll Cover:
What Is the Difference Between Accounting and Financial Accounting?
What Are the Four Basic Financial Statements?
Why Is Financial Accounting Important?
NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. If you need income tax advice please contact an accountant in your area.
What Is the Difference Between Accounting and Financial Accounting?
“Accounting” encompasses all of a company’s financial transactions. A well-managed accounting department will have set policies and procedures for expenses, data management and the generation of financial reports.
Financial accounting is concerned specifically with the generation of these reports, that they are based on accurate information and follow “Generally Accepted Accounting Principles” (otherwise known as GAAP). GAAP sets accounting standards in the United States for a wide array of topics, including financial statement presentation.
What Are the 4 Basic Financial Statements?
The 4 basic financial statements used in financial accounting are the balance sheet, income statement (profit-and-loss statement), cash flow statement, and statement of owner’s equity.
Illustration: the 4 basic financial statements in accounting
The Balance Sheet
A balance sheet shows what a company owns (its “assets”) and owes (its “liabilities”) as of a particular date, along with its shareholders’ equity.
Assets can include:
Cash
Prepaid Expenses
Accounts Receivable
Notes Receivable (money owed to the company within 1 year)
Inventory
Investments (including real estate)
Buildings
Machinery and equipment
Vehicles
Intangible Assets (such as patents)
Liabilities can include:
Accounts Payable
Loans Payable
Notes Payable (money the company owes within 1 year)
Unearned Revenue (a product or service a client has paid for, but the company has not yet provided)
Deferred Tax
Current Taxes
Payroll (owed but not yet paid)
Warranty Obligations
Mortgages
Shareholders’ Equity can include:
Stocks (preferred and common stocks)
Retained Earnings (money to be invested back into the business)
Comprehensive Income (profit or loss in a company’s investments during a specific time period)
On a balance sheet, Assets = Liabilities + Shareholders’ Equity.
The Income Statement
An Income Statement is a company’s net income for a certain period of time. It is a company’s total revenue minus its total expenses.
You will also hear the income statement being referred to as the “Profit and Loss Statement”.
The Cash Flow Statement
The cash flow statement documents in detail all of a company’s income and debts over a specifi
The Night riders:Marketing Management-6th Edition.
Full Class Notes for easy recall at last hour before exam. Referred from Marketing By Philip Kotler.
This presentation encompasses meaning and definition of marketing management, scope, core marketing concepts, concepts of marketing, difference between marketing & selling and its importance of marketing
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
2. WHAT IS MARKETING?
Marketing is identifying and meeting human and social
needs.
In short, marketing is “meeting needs profitably.”
Philip Kotlar, a pioneer in marketing, defined marketing
as: “Marketing is a social and managerial process by
which individuals and groups obtain what they need and
want through creating and exchanging products and
value with others.”
The American Marketing Association defined
marketing as: “Marketing is an organizational function
and a set of processes for creating, communicating, and
delivering value to customers and for managing
customer relationship in ways that benefit the
organization and its stakeholders.
3. MARKETING MANAGEMENT
Marketing management is the art and science of
choosing target markets and getting, keeping, and
growing customers through creating, delivering, and
communicating superior customer value.
4. OBJECTIVES OF MARKETING
To satisfy needs, wants, and demand of consumer
and business.
To provide value, quality and satisfactions.
5. MARKET AND MARKETERS
A marketer is someone who seeks a response -
attention, a purchase, a vote, a donation - from another
party, called the prospect. If two parties are seeking to
sell something to each other, we call them both
marketers.
Traditionally, A market was physical place when buyers
and sellers gathered to buy and sell goods.
Economists describes a market as a collection of buyers
and seller who transact over a particular product or
product class (E.g. Housing market or grain market).
Modern economies abound in such markets.
6. WHAT IS MARKETED?
Goods e.g. cars, machines, watches, cosmetics
Services e.g. restaurants
Events e.g. world cup, Olympics
Experiences e.g. amusement park, water park
Persons e.g. celebrity marketing
Places e.g. incredible India campaign
Properties e.g. real estate
Organizations e.g. Philips “sense and simplicity”
campaign
Information e.g. schools, labs
Ideas e.g. AIDS awareness, discourage smoking
7. ENGINEERS IN MARKETING
Technical backgrounds
Real understanding of the properties of the product
Understand the realities of production and design
on the product
Helps in deciding pricing strategy
8. CHARACTERISTICS / FEATURES OF
MARKETING
Operational
Customer-oriented
Overall business philosophy
Long-term survival
Mutual benefits
Business objective
9. CORE MARKETING CONCEPTS
To understand the marketing function, we need to
understand the following core set of concepts.
1. Needs, Wants, and Demands
2. Target Markets, Positioning, and Segmentation
3. Offerings and Brands
4. Value and Satisfaction
5. Marketing Channels
6. Supply Chain
7. Competition
8. Marketing Environment
10. NEEDS, WANTS AND DEMANDS
Needs are the basic human requirements. E.g.
air, food, water, clothing, shelter
Needs become wants when they are directed to
specific objects that might satisfy the need. Wants
are shaped by our society.
Demands are wants for specific products backed by
an ability to pay.
11. NEEDS
Five types of needs:
1. Stated needs (The customer wants an
inexpensive car.)
2. Real needs (The customer wants a car whose
operating cost, not its initial price, is low.)
3. Unstated needs (The customer expects good
service from the dealer.)
4. Delight needs (The consumer would like the
dealer to include an onboard navigation system.)
5. Secret needs (The customer wants friends to see
him as a savvy consumer.)
12. TARGET MARKET, POSITIONING AND SEGMENTATION
Marketers start dividing the market into segments. They
identify distinct group of buyers by examining
demographic, psychographic, and behavioral differences
of buyers.
After identifying market segments, the marketer then
decides which present the greatest opportunity – which
are its target market.
For each, the firm develops a market offering that it
positions in the minds of the target buyers as delivering
some central benefit(s).
E.g. Volvo for safety, Mahindra Scorpio luxury car (SUV)
13. OFFERING AND BRANDS
Companies address needs by putting forth a value
proposition, a set of benefits that they offer to
customers to satisfy their needs. Offering can be a
combination of products, services, information, and
experiences.
A brand is an offering from a known source.
14. VALUE AND SATISFACTION
The offerings will be successful if it delivers value
and satisfaction to the target buyer.
Value reflects the sum of the perceived tangible and
intangible benefits and costs to customers. (quality,
service, price)
Satisfaction reflects a person’s judgments of a
product’s perceived performance (or outcome) in
relationship to expectations.
15. MARKETING CHANNELS
To reach a target market, the marketer uses three kinds
of marketing channels.
Communication channels deliver and receive
messages from target buyers.
E.g., newspapers, magazines, radio, television, mail, tel
ephone, posters, internet.
The marketer uses distribution channels to
display, sell, or deliver the physical product or service(s)
to the buyer or user. They include
distributors, wholesalers, retailers, and agents.
Service channels to carry out transactions with
potential buyers. They include
warehouses, transportation companies, banks, and
insurance companies.
16. SUPPLY CHAIN
The supply chain is a longer channel stretching
from raw materials to components to final products
that are carried to final buyers.
When a company acquires competitors or expands
upstream or downstream, its aim is to capture a
higher percentage of supply chain value.
17. COMPETITION
Competition includes all the actual and potential
rival offerings and substitutes a buyer might
consider.
E.g. car manufacturer may buy from TATA steel or
Steel authority of India (SAIL) or from abroad; or
buy aluminum for certain parts to lighten the car’s
weight.
18. MARKETING ENVIRONMENT. . .
The marketing environment consists of the task
environment and the broad environment.
The task environment includes the actors engaged in
producing, distributing, and promoting the offering.
These are the company, suppliers, distributors, dealers,
and the target customers.
In the supplier group are material suppliers and service
suppliers, such as marketing research agencies,
advertising agencies, banking and insurance
companies, transportation companies and
telecommunication companies. Distributors and dealers
include agents, brokers, manufacturer representatives,
and others who facilitate finding and selling to
customers.
19. . . . MARKETING ENVIRONMENT
The broad environment consist of six components.
1. Demographic environment
2. Economic environment
3. Physical environment
4. Technological environment
5. Political-legal environment
6. Social-cultural environment
Marketers must pay close attention to the trends and
developments in these environments and make timely
adjustments to their marketing strategies.
20. FUNCTIONS OF MARKETING. . .
Marketing is not something to be done just by the
marketing department. The real task of doing
marketing is delivering benefits to meet customer’s
present and future needs – is part of everyone’s
job.
Tasks in marketing-
Setting marketing objectives
Developing and implementing strategic marketing
plans
Market and environmental analysis
Conducting marketing research
21. . . .FUNCTIONS OF MARKETING. . .
Designing the appropriate marketing mix-
The service product itself
Pricing policy
Promotion and advertising
Distribution systems
People-customer service and marketing training
delivery process.
Designing the service environment
o Marketing input in sales management
o Internal communications
o Integration with other departments
22. . . .FUNCTIONS OF MARKETING
To achieve organizational objectives.
The primary objective of marketing is the realization of
profit through customer satisfaction.
The important functions of marketing management are:
Marketing research
Sales forecasting
Marketing mix / 4 P’s in marketing
Advertising
Sales promotion
Pricing
23. MARKETING PHILOSOPHIES – EVOLUTION OF
MARKETING CONCEPTS
Marketing philosophies explain the following
concepts.
1. The production concept
2. The product concept
3. The selling concept
4. The marketing concept
5. The societal marketing concept
6. The holistic marketing concept
24. THE PRODUCTION CONCEPT
Oldest concept in business.
This concept emphasizing on improving production process
and it holds that consumers will prefer to buy products that are
widely available and inexpensive.
Managers of production-oriented business concentrate on
achieving high production efficiency, low costs, and mass
distribution. Faster delivery leads to more customers.
This concept is also useful when a company wants to expand
the market.
Example: The largest PC manufacture, LENOVO in China
takes advantage of the huge inexpensive labour pool to keep
costs and prices low, there by dominate the markets.
25. THE PRODUCT CONCEPT
This concept emphasizes in product. It holds that
customers favor products that offer the most
quality, performance, or innovative features.
Managers in these organizations focus on investing
in research process, product
development, manufacturing and engineering for
making superior products and improving them over
time.
A new product will not necessarily be successful
unless it’s priced, distributed, advertised, and sold
properly.
26. THE SELLING CONCEPT
The goal is to increase sales volume and it holds that
consumers and business, if left alone, won’t buy enough
of the organizations’ products.
Organizations must undertake an aggressive selling and
promotion effort through advertisement and personal
selling.
Also it explains How to sell the products in markets?
Organization can attract the people or customer through
providing some offers such as coupons, sales, 0%
financial charge, instalment
scheme, guaranties, warranties, sometimes provides
home delivery.
27. THE MARKETING CONCEPT. . .
It is based on customer-centered, “sense-and-
respond” philosophy. The goal of this concept is to
address the customer needs and wants.
It holds that the key to achieving organizational
goals is being more effective than competitors in
creating, delivering, and communicating superior
customer value to its chosen target markets.
Manager focus on identifying customer needs
wants, and preferences and market effectively to
address those needs, wants and preferences.
28. . . . THE MARKETING CONCEPT
Selling focuses on the needs of the seller; marketing focuses
on the needs of the buyers.
Selling is preoccupied with the seller’s need to convert his
product into cash; marketing with the idea of satisfying the
needs of the customer by means of the product and the whole
cluster of things associated with creating, delivering and finally
consuming it.
Companies that practices both a reactive and a proactive
marketing orientation are implementing a total market
orientation and are likely to be the most successful.
Example: Dell computer doesn’t prepare a perfect computer
for its target market, but it provides product platforms on which
each person customizes the features he desires in the
computer.
29. THE SOCIETAL MARKETING CONCEPT. . .
It holds that the organization’s task is to determine the
needs, wants, and interests of target markets and to
deliver the desired satisfactions more effectively and
efficiently than competitors in a way that preserves or
enhances the consumer’s and society’s long-term well-
being.
Example: HP have introduced recyclable computers and
printers and reduced greenhouse emissions.
The societal marketing concept calls upon marketers to
build social and ethical considerations into their
marketing practices.
30. . . . THE SOCIETAL MARKETING CONCEPT
Companies following this concept reducing demand
for a company’s own products, if that is in best
interest of society.
Example: Philip Morris U.S.A. advertising the
negative effects of smoking. The company has a
youth smoking prevention department headed by a
Senior Vice President; his role is to prevent youth
from starting smoking and to help smokers to give
up smoking.
31. THE HOLISTIC MARKETING CONCEPT
This concept is based on the development, design, an
implementation of marketing programs, processes and
activities that recognizes their breadth and
interdependencies.
Holistic marketing recognizes that “everything matter”
with marketing –and that a broad, integrated perspective
is often necessary.
There are four broad components for characterizing
holistic marketing:
1. Relationship marketing
2. Integrated marketing
3. Internal marketing
4. Social responsibility marketing
33. RELATIONSHIP MARKETING. . .
Relationship marketing aims to build mutually
satisfying long-term relationships with key
constitutes in order to earn and retain their
business.
Four key constitutes for relationship marketing are
customers, employees, marketing partners
(channels, suppliers, distributors, dealers, agencies
), and members of the financial community
(shareholders, investors, analysts).
The ultimate outcome of relationship marketing is a
unique company asset called a marketing network.
34. . . . RELATIONSHIP MARKETING
A marketing network consists of the company and
its supporting stakeholders – customers,
employees, suppliers, distributors, retailers, ad
agencies, university scientists, and others – with
whom it has built mutually profitable business
relationships.
Another goal of relationship marketing is to place
much more emphasis on customer retention.
Attracting a new customer may cost five times as
much as doing a good enough job to retain an
existing one.
35. INTEGRATED MARKETING
Integrated marketing, the marketer’s task is to devise marketing activities
and assemble marketing programs that maximize the ability to create,
communicate, and deliver the value of customers.
McCarthy said the marketing mix tools in terms of four Ps. Such as
Product, Price, Place, and Promotion.
Marketing mix decisions must be made for influencing the trade channels
as well as the final customers.
Marketing mix is a set of controllable tactical and represents the seller’s
view of marketing tools like product, price, place, and promotion
that the firm blends to produce the response it wants in the target
market.
The market mix consists of everything the firm can do to influence the
demand for the product. The many possibilities can be collected into four
groups of variables known as the “four Ps”.
36. THE 4 P’S IN MARKETING/MARKETING MIX
The marketing mix is the set of controllable
variables that the firm can use to influence the
buyer’s response.
The marketing mix and 4 Ps of marketing are used
as synonyms for each other. In fact, they are not
necessarily the same things.
37.
38. PRODUCT
Product refers to the goods and series offered to
customers.
The product can be subdivided into quality
levels, special features, styling, branding, product
range or mix, service back-up, warranty, durability
packaging.
Combination of above is used for product. E.g. low
quality product backed by a high service element.
39. PRICE
Price refers to the amount charged for the offered
product or services. The right product should be
offered at right place.
Price is a mechanism of exchange between firm
and customer. It incorporates credit
terms, discounts, margins, resources and financial
services.
40. PROMOTION
Promotion refers to advertising and selling part of
marketing i.e. informing potential customers of the
availability of the product, its price and place.
Promotion includes two broad areas of advertising
and personal selling.
Advertising – media/display/classified
Merchandizing – promotional support for the retailer
Personal selling – salesman is special discounts
Publicity – press and public relations
41. PLACE
Place refers to distribution channels used to get
your product to your customers.
Place make the product physically available. It
includes distribution
channel, outlet, warehouse, factory
location, coverage stocks and freight.
The essence of managing the marketing mix lies in
providing each group of customers with the mix of
product, price, place and promotion which suits
their needs.
42. LIMITATION OF FOUR P’S
As the marketing mix comprises closely interrelated
elements, it is necessary to examine each to be
clear about their respective roles.
Markets are dynamic and can be affected by a
range of uncontrollable environmental variables.
Marketing has to devise strategies that take
account of these variables using available
marketing tools.
43. INTERNAL MARKETING
Holistic marketing incorporates internal marketing, ensuring
that everyone in the organization embraces appropriate
marketing principles, especially senior management.
Internal marketing is the task of hiring, training, and motivating
able employees who want to serve customers well.
It takes two levels. One is the various marketing functions –
sales force, advertising, customer service, product
management, marketing research –must work together and be
coordinated from the customers point of view.
At the second level, other departments must embrace
marketing; they must also “think customer”. In fact, marketing
thinking must be pervasive throughout the company.
44. PERFORMANCE MARKETING (SOCIAL
RESPONSIBILITY MARKETING)
Understand the ethical, environmental, legal and social context of
marketing activities and programs. Social responsibility deals with social
problems and involving in social welfare.
It holds that the organizations tasks is to determine the needs wants and
interests of target markets and to delivers the desired satisfaction to both
consumer and society effectively than competitors.
The societal marketing concept calls upon marketers to build social and
ethical considerations into their marketing practices.
Manager focus on identifying customer needs, wants, preferences and
marketing analysis like efficiency.
Yet a number of companies, including Ben & Jerry’s have achieved
notable sales and profit by adopting and practicing a form of the societal
marketing concept called cause –related marketing.
It is an opportunity to enhance their corporate reputation, raise brand
awareness, increase customer loyalty, build sales, and increase media
coverage.