Introduction of Marketing, Definitions, Core concept of Marketing, Marketing Management, Marketing Mix, Marketing Environment, Sales VS Marketing, Function of Marketing, Evolution of Marketing,
Business economics analyzes business enterprises using economic theory and quantitative methods. It examines the factors that influence organizational structures and the relationships between firms and labor, capital, and product markets. Business economics covers demand analysis and forecasting, cost and production analysis, pricing decisions and policies, profit management, and capital management. Demand analysis identifies factors that influence product demand to guide manipulating demand. Cost analysis yields cost estimates useful for decisions by combining economic costs with accounting data. Pricing is important for revenue and success, covering price determination, methods, differential pricing, and forecasting. Profit planning is difficult due to uncertainty, covering measurement, policies, and techniques like break-even analysis. Capital management involves planning and controlling capital expenditures through evaluating
This document discusses pricing strategies and concepts. It covers the importance and objectives of pricing, factors to consider in pricing like costs and competitors, pricing strategies like cost-based, demand-based and competitor-based approaches. It also discusses concepts of costing for pricing like fixed costs, variable costs, contribution, break even point and margin pricing. The document provides examples and formulas to explain these pricing concepts.
The document introduces key concepts in business management including the role of businesses, adding value, opportunity cost, division of labor, and business functions. It discusses the primary, secondary, tertiary, and quaternary sectors of the economy and how sectors change over time. The roles of entrepreneurship and intrapreneurship are covered. Considerations for starting a new business like costs, factors to evaluate, reasons for starting, and challenges are outlined. Elements of an effective business plan are also mentioned.
The document discusses the marketing environment and its internal and external factors. It can be summarized as follows:
[1] The marketing environment comprises internal and external factors that influence business operations. Internal factors include staff relationships, corporate culture and structure, and resource constraints. External factors make up the micro environment of suppliers, intermediaries, competitors and customers, as well as the macro environment including political, economic, social, technological, ecological, ethical and legal conditions.
[2] Key internal factors are developing positive staff relationships, managing both the formal and informal organizational structures, influencing corporate culture, and efficiently using limited resources. The micro environment directly impacts marketers and includes understanding suppliers, intermediaries, competitors and customer needs.
The document discusses the marketing mix, which is defined as the set of controllable tactical marketing tools that a firm uses to influence demand for its products. The traditional marketing mix consists of the 4 Ps - Product, Price, Place, and Promotion. An extended marketing mix was introduced to accommodate services, adding the three Ps of People, Physical Evidence, and Process. An effective marketing mix matches customer needs, creates a competitive advantage, is well-blended, and matches a company's resources. The marketing mix elements are interdependent and must be carefully adjusted to achieve desired results.
Internal influences in the business environmentAlex Newman
The key internal influences that managers can control to impact a business's performance are products, location, resources, and management/business culture. Managers must ensure their products meet customer needs better than competitors. Location is also important for many businesses, especially retailers, as it influences the ability to access customers. Managers allocate and utilize resources like finances, employees, equipment, and materials. Finally, management establishes the business culture through values and practices around efficiency, quality, customer service, and embracing change.
The document discusses competitive strategies and the business environment. It covers how business strategy is created through analysis of internal resources and the external environment. Key aspects of strategy include formulation, implementation, managing competition through pricing and communication. Understanding customers is important, and tools like conjoint analysis can provide insights. Effective strategies consider the nature of the operating environment and routes to achieving competitive advantage like focusing on areas of strength. The effectiveness of strategic systems should be evaluated based on factors like alignment with goals and flexibility.
Business economics analyzes business enterprises using economic theory and quantitative methods. It examines the factors that influence organizational structures and the relationships between firms and labor, capital, and product markets. Business economics covers demand analysis and forecasting, cost and production analysis, pricing decisions and policies, profit management, and capital management. Demand analysis identifies factors that influence product demand to guide manipulating demand. Cost analysis yields cost estimates useful for decisions by combining economic costs with accounting data. Pricing is important for revenue and success, covering price determination, methods, differential pricing, and forecasting. Profit planning is difficult due to uncertainty, covering measurement, policies, and techniques like break-even analysis. Capital management involves planning and controlling capital expenditures through evaluating
This document discusses pricing strategies and concepts. It covers the importance and objectives of pricing, factors to consider in pricing like costs and competitors, pricing strategies like cost-based, demand-based and competitor-based approaches. It also discusses concepts of costing for pricing like fixed costs, variable costs, contribution, break even point and margin pricing. The document provides examples and formulas to explain these pricing concepts.
The document introduces key concepts in business management including the role of businesses, adding value, opportunity cost, division of labor, and business functions. It discusses the primary, secondary, tertiary, and quaternary sectors of the economy and how sectors change over time. The roles of entrepreneurship and intrapreneurship are covered. Considerations for starting a new business like costs, factors to evaluate, reasons for starting, and challenges are outlined. Elements of an effective business plan are also mentioned.
The document discusses the marketing environment and its internal and external factors. It can be summarized as follows:
[1] The marketing environment comprises internal and external factors that influence business operations. Internal factors include staff relationships, corporate culture and structure, and resource constraints. External factors make up the micro environment of suppliers, intermediaries, competitors and customers, as well as the macro environment including political, economic, social, technological, ecological, ethical and legal conditions.
[2] Key internal factors are developing positive staff relationships, managing both the formal and informal organizational structures, influencing corporate culture, and efficiently using limited resources. The micro environment directly impacts marketers and includes understanding suppliers, intermediaries, competitors and customer needs.
The document discusses the marketing mix, which is defined as the set of controllable tactical marketing tools that a firm uses to influence demand for its products. The traditional marketing mix consists of the 4 Ps - Product, Price, Place, and Promotion. An extended marketing mix was introduced to accommodate services, adding the three Ps of People, Physical Evidence, and Process. An effective marketing mix matches customer needs, creates a competitive advantage, is well-blended, and matches a company's resources. The marketing mix elements are interdependent and must be carefully adjusted to achieve desired results.
Internal influences in the business environmentAlex Newman
The key internal influences that managers can control to impact a business's performance are products, location, resources, and management/business culture. Managers must ensure their products meet customer needs better than competitors. Location is also important for many businesses, especially retailers, as it influences the ability to access customers. Managers allocate and utilize resources like finances, employees, equipment, and materials. Finally, management establishes the business culture through values and practices around efficiency, quality, customer service, and embracing change.
The document discusses competitive strategies and the business environment. It covers how business strategy is created through analysis of internal resources and the external environment. Key aspects of strategy include formulation, implementation, managing competition through pricing and communication. Understanding customers is important, and tools like conjoint analysis can provide insights. Effective strategies consider the nature of the operating environment and routes to achieving competitive advantage like focusing on areas of strength. The effectiveness of strategic systems should be evaluated based on factors like alignment with goals and flexibility.
The document provides an overview of business organization and the business environment. It defines a business as an organization that uses resources to meet customer needs by providing products or services. It outlines the key functions of businesses as identifying customer needs, purchasing resources for production, and producing outputs like goods and services. The document then discusses the four main business functions of human resources, finance/accounting, operations/production, and marketing. It explains how each function contributes to the business. Finally, it covers the common elements included in a business plan like the business idea, organization, HR, finance, marketing, and operations.
THE STRATEGY FOR THE VENTURE-STRATEGIC ENTREPRENEURSHIPKiera Syakira
This document discusses strategies for entrepreneurial ventures. It begins by defining business strategy and its key elements - product, market, and competitive approach. It then examines five generic entry strategies related to product-market domain: focused entry, product spread, customer spread, adjacency, and scatter. Choosing the right entry strategy depends on assessing product-market domain, competitive approach, and available resources and capabilities. Finally, the document introduces the concept of heuristic - decision rules based on experience - as a way for entrepreneurs to strategize effectively.
Marketing environment by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
This document discusses key marketing concepts including the marketing environment, customer satisfaction, customer value, and the value chain. It defines the task environment and broad environment. It also explains PEST analysis, which examines the political, economic, social and technological factors affecting a business. SWOT analysis is introduced as bringing together internal strengths and weaknesses and external opportunities and threats. Customer satisfaction depends on expectations and performance. Customer value reflects benefits versus costs. The value chain concept and Michael Porter's value chain model are briefly outlined.
The document provides information about marketing planning, organization, and audit. It discusses the meaning and components of a marketing plan including objectives, steps, and advantages/limitations. It also describes factors that influence marketing organization structure and common types of structures like line and staff, functional, product-based, customer-based, and matrix. Finally, it defines marketing audit and outlines its key components including analyzing the marketing environment, strategies, organization, systems, productivity, and functions. The goal of a marketing audit is to evaluate marketing performance and identify opportunities for improvement.
This document contains answers to questions about Tesco PLC's global operations and leveraging knowledge across cultures. It discusses how Tesco adapted strategies to local markets in Thailand and South Korea but failed in the US and France by not localizing appropriately. Global teams can share best practices, but cultural training is needed to overcome differences. Communication, language skills and understanding different management styles are important for cross-cultural collaboration. Companies can stimulate cultural change and innovation by encouraging knowledge sharing across borders.
Businesses play a crucial role in society by satisfying needs and wants through the production and sale of goods and services. They are organized efforts that seek to make a profit. Businesses benefit society in several key ways:
They provide employment, incomes, and economic growth. Many businesses hire employees who receive wages or salaries, while business owners earn profits that contribute to their incomes. Overall, businesses play a large role in the economy.
Businesses also offer consumers choice through competition. With many businesses producing similar goods and services, consumers have options to choose from regarding brands, prices, and features. This competition drives innovation as businesses seek to develop new products and services.
However, operating a business takes risk. Ent
Cambridge Topic 1 AS Level - EnterpriseEezy Champion
1. Businesses identify customer needs and produce goods and services to satisfy those needs and make a profit. They require resources like land, labor, capital, and enterprise.
2. Entrepreneurs take on the risk of starting new businesses. They must overcome challenges like securing financing, finding customers, and facing competition. Common reasons for business failure include poor management, lack of capital, and changing business environments.
3. A successful business adds value by transforming raw materials into desirable goods and services. This benefits the overall economy by creating jobs, economic growth, innovation, and exports.
11.1.1 Nature of Business - Roles of business - Roles Alex Newman
Business plays several important roles in society. It generates profit which allows businesses to operate and grow. Businesses also provide employment and income for many people through wages, salaries and dividends. Further, businesses provide choice and innovation for consumers through competition between companies. Innovation leads to new products and services that improve living standards. Overall, business activity is important for creating wealth and supporting quality of life.
The document discusses the marketing environment, which includes forces outside of a company's direct control that influence its business capabilities. It describes the internal environment within a company and the external macro and micro environments. The macro environment encompasses broad societal forces, while the micro environment consists of suppliers, customers, competitors, and public groups in the immediate industry. Understanding how these environments shape opportunities and threats is essential for effective marketing planning and competition.
THE EFFECT OF MARKET ORIENTATION ON BUSINESS PROFITABILITYIzzah Noah
This document discusses the effects of market orientation on business profitability. It defines key terms like market, marketing, and market orientation. Market orientation focuses on identifying and meeting customer needs. Key elements of market orientation that help increase profitability are targeting the right customer segments, developing strong customer relationships, having an effective marketing team, and focusing on business profits. While market orientation can predict customer changes and increase gains, it also involves high costs that may not be suitable for all businesses. Overall, the document concludes that a market orientation approach is positively related to and helps increase long-term business profitability.
The document provides an overview of various frameworks and models for analyzing a company's competitive advantage, including PESTEL analysis, SWOT analysis, Porter's Five Forces model, the competitive profile matrix, and value chain analysis. It discusses how these tools can be used to identify internal strengths and weaknesses as well as external opportunities and threats to help a company gain and sustain a competitive advantage in its industry. The document is a presentation on competitive advantage delivered by Ms. Himani.
" All Employees Are Marketers" an attitude that drives companies to excellenceMaxwell Ranasinghe
A workshop was conducted by Maxwell Ranasinghe on December 21st, 2013 for a leading Sri Lankan company. The workshop discussed how all employees have a role in marketing and sales, not just the marketing department. Ranasinghe explained that every employee, from security guards to managers, helps deliver the promises made to customers through marketing. Just like in football where all players must work together to score goals, all business employees must work as a team to satisfy customers. The success of great companies comes from leadership ensuring excellence and customer focus permeates the entire organization.
This document discusses controlling marketing efforts and selecting global target markets.
It first covers controlling marketing efforts, including setting standards, measuring deviations, and taking corrective action. It also discusses managing the marketing mix, analyzing the company's situation, operating controls, strategic controls, and analyzing the marketing environment.
The document then discusses factors to consider when selecting global target markets, such as political/legal factors, economic factors, social/cultural factors, and technological factors. It emphasizes collecting market information and considering aspects like GDP, income, culture, communications, and technology availability when evaluating potential markets.
Identifying the needs of the community, its resources, available raw materials, skills, and appropriate technology can help a new entrepreneur in seizing business opportunity.
The document discusses the business environment and its types. It defines business environment as the combination of factors external to businesses that affect their operations. The environment is divided into micro and macro categories.
The micro environment includes internal factors within a firm like its culture, leadership, and resources. It also consists of external factors close to the firm like suppliers, customers, competitors, and public groups.
The macro environment encompasses broad factors in the wider society, economy and environment that influence businesses. It comprises economic, political, social, technological, legal, and global conditions.
This document provides an introduction to entrepreneurship and entrepreneurial marketing. It defines an entrepreneur as someone who introduces new opportunities in the economy through innovation. Entrepreneurial marketing differs from traditional marketing in that it is more innovation-driven and uses informal networking rather than formal research. The key dimensions of entrepreneurial orientation are innovativeness, proactiveness, risk-taking, competitiveness, and autonomy. Entrepreneurial marketing focuses on leveraging resources, intense customer relationships, and value creation while facing challenges such as lack of market knowledge, resources, and infrastructure.
MACRO ENVIRONMENTAL SOURCES OF OPPORTUNITIES Ma Lovely
The document discusses opportunity seeking and the entrepreneurial mindset. It explains that entrepreneurs are innovative opportunity seekers who create value through new products/services or more efficient processes. The entrepreneurial mind frame, heart flame, and gut game allow entrepreneurs to see opportunities optimistically and follow their intuition. The document also outlines macro environmental factors - socio-cultural, political, economic, ecological, and technological - that influence industries and can present opportunities for businesses.
Unit 5 marketing environment - Class 11 - CBSE - 2016/17Lovell Menezes
The document discusses the marketing environment and its importance for businesses. The marketing environment consists of internal and external factors that affect a firm's marketing decisions. It includes forces close to the company like suppliers and customers as well as broader societal factors. Regular environmental scanning is key, allowing firms to identify opportunities and threats, and adapt their strategies accordingly. Understanding the marketing environment and adapting to changes is crucial for business success over the long run.
Metrics Reloaded: Marketing's Opportunity to Impact Strategic DirectionVisionEdge Marketing
Learn some of the key things marketing executives and professionals need to do to create a performance-driven marketing organization. Enable your marketing team to measure its contribution and value to the business. The program presented a framework any marketing organization can adopt, along with tangible steps and metrics every marketing organization can take and use to improve its accountability. We hope you can use this framework to develop your outcome-based customer centric metrics.
The document discusses various concepts related to quality management. It defines quality, discusses perspectives on quality from customers and producers. It describes total quality management including its meaning, objectives, elements, principles and benefits. Key quality management tools like Kaizen, quality circles and SERVQUAL model are explained. The contributions of quality gurus like Deming, Juran and Crosby are summarized.
This document provides an overview of key marketing concepts and frameworks. It discusses the evolution of marketing orientations from production to societal marketing concepts. The marketing process is defined as understanding customer needs, designing a strategy, constructing a program, building relationships, and capturing value. Key concepts covered include the marketing mix, customer relationship management, perceived value, customer satisfaction, loyalty, and lifetime value. The document also outlines challenges in today's digital landscape of globalization and ethics.
The document discusses the evolution of marketing concepts from a traditional to modern perspective. It describes how traditional concepts like production and selling focused on making and distributing products, while the modern marketing concept emphasizes understanding customer needs and delivering superior value through an integrated marketing mix. The modern concept orients the entire firm around customers and involves defining target markets, understanding customer needs, coordinating marketing functions, and achieving profitability through customer satisfaction rather than just sales volume.
The document provides an overview of business organization and the business environment. It defines a business as an organization that uses resources to meet customer needs by providing products or services. It outlines the key functions of businesses as identifying customer needs, purchasing resources for production, and producing outputs like goods and services. The document then discusses the four main business functions of human resources, finance/accounting, operations/production, and marketing. It explains how each function contributes to the business. Finally, it covers the common elements included in a business plan like the business idea, organization, HR, finance, marketing, and operations.
THE STRATEGY FOR THE VENTURE-STRATEGIC ENTREPRENEURSHIPKiera Syakira
This document discusses strategies for entrepreneurial ventures. It begins by defining business strategy and its key elements - product, market, and competitive approach. It then examines five generic entry strategies related to product-market domain: focused entry, product spread, customer spread, adjacency, and scatter. Choosing the right entry strategy depends on assessing product-market domain, competitive approach, and available resources and capabilities. Finally, the document introduces the concept of heuristic - decision rules based on experience - as a way for entrepreneurs to strategize effectively.
Marketing environment by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
This document discusses key marketing concepts including the marketing environment, customer satisfaction, customer value, and the value chain. It defines the task environment and broad environment. It also explains PEST analysis, which examines the political, economic, social and technological factors affecting a business. SWOT analysis is introduced as bringing together internal strengths and weaknesses and external opportunities and threats. Customer satisfaction depends on expectations and performance. Customer value reflects benefits versus costs. The value chain concept and Michael Porter's value chain model are briefly outlined.
The document provides information about marketing planning, organization, and audit. It discusses the meaning and components of a marketing plan including objectives, steps, and advantages/limitations. It also describes factors that influence marketing organization structure and common types of structures like line and staff, functional, product-based, customer-based, and matrix. Finally, it defines marketing audit and outlines its key components including analyzing the marketing environment, strategies, organization, systems, productivity, and functions. The goal of a marketing audit is to evaluate marketing performance and identify opportunities for improvement.
This document contains answers to questions about Tesco PLC's global operations and leveraging knowledge across cultures. It discusses how Tesco adapted strategies to local markets in Thailand and South Korea but failed in the US and France by not localizing appropriately. Global teams can share best practices, but cultural training is needed to overcome differences. Communication, language skills and understanding different management styles are important for cross-cultural collaboration. Companies can stimulate cultural change and innovation by encouraging knowledge sharing across borders.
Businesses play a crucial role in society by satisfying needs and wants through the production and sale of goods and services. They are organized efforts that seek to make a profit. Businesses benefit society in several key ways:
They provide employment, incomes, and economic growth. Many businesses hire employees who receive wages or salaries, while business owners earn profits that contribute to their incomes. Overall, businesses play a large role in the economy.
Businesses also offer consumers choice through competition. With many businesses producing similar goods and services, consumers have options to choose from regarding brands, prices, and features. This competition drives innovation as businesses seek to develop new products and services.
However, operating a business takes risk. Ent
Cambridge Topic 1 AS Level - EnterpriseEezy Champion
1. Businesses identify customer needs and produce goods and services to satisfy those needs and make a profit. They require resources like land, labor, capital, and enterprise.
2. Entrepreneurs take on the risk of starting new businesses. They must overcome challenges like securing financing, finding customers, and facing competition. Common reasons for business failure include poor management, lack of capital, and changing business environments.
3. A successful business adds value by transforming raw materials into desirable goods and services. This benefits the overall economy by creating jobs, economic growth, innovation, and exports.
11.1.1 Nature of Business - Roles of business - Roles Alex Newman
Business plays several important roles in society. It generates profit which allows businesses to operate and grow. Businesses also provide employment and income for many people through wages, salaries and dividends. Further, businesses provide choice and innovation for consumers through competition between companies. Innovation leads to new products and services that improve living standards. Overall, business activity is important for creating wealth and supporting quality of life.
The document discusses the marketing environment, which includes forces outside of a company's direct control that influence its business capabilities. It describes the internal environment within a company and the external macro and micro environments. The macro environment encompasses broad societal forces, while the micro environment consists of suppliers, customers, competitors, and public groups in the immediate industry. Understanding how these environments shape opportunities and threats is essential for effective marketing planning and competition.
THE EFFECT OF MARKET ORIENTATION ON BUSINESS PROFITABILITYIzzah Noah
This document discusses the effects of market orientation on business profitability. It defines key terms like market, marketing, and market orientation. Market orientation focuses on identifying and meeting customer needs. Key elements of market orientation that help increase profitability are targeting the right customer segments, developing strong customer relationships, having an effective marketing team, and focusing on business profits. While market orientation can predict customer changes and increase gains, it also involves high costs that may not be suitable for all businesses. Overall, the document concludes that a market orientation approach is positively related to and helps increase long-term business profitability.
The document provides an overview of various frameworks and models for analyzing a company's competitive advantage, including PESTEL analysis, SWOT analysis, Porter's Five Forces model, the competitive profile matrix, and value chain analysis. It discusses how these tools can be used to identify internal strengths and weaknesses as well as external opportunities and threats to help a company gain and sustain a competitive advantage in its industry. The document is a presentation on competitive advantage delivered by Ms. Himani.
" All Employees Are Marketers" an attitude that drives companies to excellenceMaxwell Ranasinghe
A workshop was conducted by Maxwell Ranasinghe on December 21st, 2013 for a leading Sri Lankan company. The workshop discussed how all employees have a role in marketing and sales, not just the marketing department. Ranasinghe explained that every employee, from security guards to managers, helps deliver the promises made to customers through marketing. Just like in football where all players must work together to score goals, all business employees must work as a team to satisfy customers. The success of great companies comes from leadership ensuring excellence and customer focus permeates the entire organization.
This document discusses controlling marketing efforts and selecting global target markets.
It first covers controlling marketing efforts, including setting standards, measuring deviations, and taking corrective action. It also discusses managing the marketing mix, analyzing the company's situation, operating controls, strategic controls, and analyzing the marketing environment.
The document then discusses factors to consider when selecting global target markets, such as political/legal factors, economic factors, social/cultural factors, and technological factors. It emphasizes collecting market information and considering aspects like GDP, income, culture, communications, and technology availability when evaluating potential markets.
Identifying the needs of the community, its resources, available raw materials, skills, and appropriate technology can help a new entrepreneur in seizing business opportunity.
The document discusses the business environment and its types. It defines business environment as the combination of factors external to businesses that affect their operations. The environment is divided into micro and macro categories.
The micro environment includes internal factors within a firm like its culture, leadership, and resources. It also consists of external factors close to the firm like suppliers, customers, competitors, and public groups.
The macro environment encompasses broad factors in the wider society, economy and environment that influence businesses. It comprises economic, political, social, technological, legal, and global conditions.
This document provides an introduction to entrepreneurship and entrepreneurial marketing. It defines an entrepreneur as someone who introduces new opportunities in the economy through innovation. Entrepreneurial marketing differs from traditional marketing in that it is more innovation-driven and uses informal networking rather than formal research. The key dimensions of entrepreneurial orientation are innovativeness, proactiveness, risk-taking, competitiveness, and autonomy. Entrepreneurial marketing focuses on leveraging resources, intense customer relationships, and value creation while facing challenges such as lack of market knowledge, resources, and infrastructure.
MACRO ENVIRONMENTAL SOURCES OF OPPORTUNITIES Ma Lovely
The document discusses opportunity seeking and the entrepreneurial mindset. It explains that entrepreneurs are innovative opportunity seekers who create value through new products/services or more efficient processes. The entrepreneurial mind frame, heart flame, and gut game allow entrepreneurs to see opportunities optimistically and follow their intuition. The document also outlines macro environmental factors - socio-cultural, political, economic, ecological, and technological - that influence industries and can present opportunities for businesses.
Unit 5 marketing environment - Class 11 - CBSE - 2016/17Lovell Menezes
The document discusses the marketing environment and its importance for businesses. The marketing environment consists of internal and external factors that affect a firm's marketing decisions. It includes forces close to the company like suppliers and customers as well as broader societal factors. Regular environmental scanning is key, allowing firms to identify opportunities and threats, and adapt their strategies accordingly. Understanding the marketing environment and adapting to changes is crucial for business success over the long run.
Metrics Reloaded: Marketing's Opportunity to Impact Strategic DirectionVisionEdge Marketing
Learn some of the key things marketing executives and professionals need to do to create a performance-driven marketing organization. Enable your marketing team to measure its contribution and value to the business. The program presented a framework any marketing organization can adopt, along with tangible steps and metrics every marketing organization can take and use to improve its accountability. We hope you can use this framework to develop your outcome-based customer centric metrics.
The document discusses various concepts related to quality management. It defines quality, discusses perspectives on quality from customers and producers. It describes total quality management including its meaning, objectives, elements, principles and benefits. Key quality management tools like Kaizen, quality circles and SERVQUAL model are explained. The contributions of quality gurus like Deming, Juran and Crosby are summarized.
This document provides an overview of key marketing concepts and frameworks. It discusses the evolution of marketing orientations from production to societal marketing concepts. The marketing process is defined as understanding customer needs, designing a strategy, constructing a program, building relationships, and capturing value. Key concepts covered include the marketing mix, customer relationship management, perceived value, customer satisfaction, loyalty, and lifetime value. The document also outlines challenges in today's digital landscape of globalization and ethics.
The document discusses the evolution of marketing concepts from a traditional to modern perspective. It describes how traditional concepts like production and selling focused on making and distributing products, while the modern marketing concept emphasizes understanding customer needs and delivering superior value through an integrated marketing mix. The modern concept orients the entire firm around customers and involves defining target markets, understanding customer needs, coordinating marketing functions, and achieving profitability through customer satisfaction rather than just sales volume.
1. The document defines marketing and outlines the key elements of the marketing process model, including understanding customer needs and designing a customer-driven marketing strategy.
2. It discusses how marketers must understand customer needs, wants, and demands to identify the right target market and offer superior value. The marketing orientations like production, product, and selling concepts are also examined.
3. The marketing concept prioritizes understanding customer needs and delivering better satisfaction than competitors to build profitable relationships. Customer value, satisfaction, exchange and transactions are also core marketplace concepts covered.
After reading the entire "Principles of Marketing 15th Edition" by Philip Kotler and Gary Armstrong, I have prepared this ppt covering all of the contents in a condensed form. There are 200 slides comprising of the total 17 chapters.
Marketing aims to satisfy existing human and social needs. It does this through identifying needs and wants, then developing products and services to fulfill those needs in a way that benefits both customers and businesses. While marketing activities like advertising can expose customers to new products and potentially influence wants, the underlying needs themselves are pre-existing aspects of human nature and society. The goal of marketing is to meet needs, not create them.
This document provides an overview of marketing concepts and frameworks. It discusses key topics such as:
- Definitions of marketing as managing profitable customer relationships and obtaining what individuals and organizations need through value exchange.
- The marketing process of understanding customer needs, designing strategies to meet them, implementing plans, building relationships, and capturing value.
- Frameworks for understanding customers including needs, wants, demands and market offerings.
- Guiding philosophies for marketing strategies such as the production, product, selling, marketing and societal concepts.
- Elements of an integrated marketing plan including the 4Ps and developing customer relationships through value, satisfaction and relationship building programs.
1. Marketing is a process of understanding customer needs and wants and delivering value through products and services to satisfy those needs.
2. The core concepts of marketing include understanding needs, wants, and demands; developing offers in the form of products, services, and experiences to provide value and satisfaction to customers; and managing exchange relationships.
3. Marketing management aims to achieve organizational goals by selecting target customer segments and building profitable relationships with them through superior customer value and satisfaction. This involves understanding customer perceived value and satisfaction and retaining customers through loyalty over their lifetime.
1. Marketing is a process of understanding customer needs and wants and delivering value through products and services to satisfy those needs.
2. The goal of marketing management is to build profitable relationships with target customers through determining customer needs and delivering superior value.
3. Marketing management involves customer relationship management to attract, retain, and grow customers through increasing their lifetime value and satisfaction.
Marketing involves creating value for customers and capturing value from customers in return through profitable customer relationships. Marketers need to understand customer needs and the marketplace. They design marketing strategies by selecting target customer segments and developing a value proposition to serve those customers better than competitors through an integrated marketing program using the marketing mix. The goal is to build strong customer relationships, satisfaction, loyalty and lifetime value to increase customer equity.
Marketing is a process by which companies create value for customersand build strong customer relationships in order to capture value from customers in return.
Marketing involves creating value for customers and building strong customer relationships. It is a process of understanding customer needs and designing products and services to satisfy those needs better than competitors. Modern marketing also focuses on managing customer relationships through digital technologies and social media to engage customers. Key aspects of marketing include understanding market segments, developing value propositions, implementing marketing programs using the four Ps (product, price, place, promotion), and managing customer relationships long-term through superior customer experience and satisfaction. Marketing aims to attract new customers while growing current customers in a sustainable way that benefits both businesses and society.
This document defines marketing as "the process by which companies create value for customers and build strong customer relationships to capture value in return." It discusses the marketing process of understanding customer needs, designing a customer-driven strategy, delivering superior value, and building profitable relationships. The document also identifies different marketing management orientations like production, product, selling, and marketing concepts. It emphasizes that the marketing concept focuses on customer satisfaction to drive profits. Finally, it discusses customer relationship management as the process of building and maintaining profitable customer relationships through superior value and satisfaction.
This document discusses marketing concepts and the marketing process. It defines marketing as managing profitable customer relationships by attracting new customers and retaining existing customers. The marketing process involves understanding customer needs, designing a customer-driven strategy, developing an integrated marketing program, and building relationships to capture value. It outlines five steps - understand the marketplace, design a strategy, construct a program, build relationships, and capture value. It also discusses key marketing concepts like customer value, exchanges, markets, and different orientations like production, product, selling, and marketing concepts.
B
The marketer's job is to find the right customers for their products, not the other way around. Marketers start with the products/services they have to offer and then identify the target customers that would be most receptive to and benefit most from those offerings.
Marketing involves identifying and meeting customer needs to profitably attract and retain customers. It focuses on understanding demand and offering products/services with value that satisfy customers through exchanges and relationships. The core concepts of marketing center around needs, offers to meet needs, customer value and satisfaction through transactions within a market system. Effective marketing requires analyzing markets and customers and implementing integrated strategies across the marketing mix of product, price, place and promotion to achieve organizational goals and satisfy customers. Holistic marketing considers the business as a whole with interconnected activities to project a united image and ensure customers choose its offerings over competitors.
Sales management involves planning, directing, and controlling a company's sales force to achieve sales goals in an effective and efficient manner. It includes tasks like recruiting, selecting, training, assigning territories, supervising, compensating the sales team. Personal selling is an important promotional method where a salesperson develops relationships with customers and negotiates to help them solve problems using the company's products or services. The personal selling process includes prospecting, preparing, making initial contact, presenting, handling objections, negotiating, closing the sale, and following up to maintain customer relationships.
Marketing Defined:
“Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others”
Marketing is about managing profitable customer relationships
Attracting new customers
Retaining and growing current
Understand the marketplace and customer needs and wants
Design a customer-driven marketing strategy
Construct a marketing program that delivers superior value
Build profitable relationships and create customer delight
Capture value from customers to create profits and customer quality
Need
State of felt deprivation
Example: Need food
Wants
The form of needs as shaped by culture and the individual
Example: Want a Big Mac
Demands
Wants which are backed by buying power
This document discusses key marketing concepts including customer value, satisfaction, and the marketing concept philosophy. It outlines different marketing management philosophies like the production, product, selling, marketing, and societal concepts. It also defines customer value and satisfaction, how to measure them, and the relationship between performance, expectations, and satisfaction. The marketing concept philosophy that customer satisfaction should guide organizational goals is contrasted with the selling concept that large promotions are needed. The document provides an overview of important marketing topics.
Understanding Customer Needs and Value.pptxFiqhStation
The document discusses marketing concepts including understanding customer needs and wants, delivering superior customer value through an integrated marketing program, and building profitable customer relationships. It explains that marketing involves understanding the marketplace, designing a customer-focused strategy, constructing an integrated marketing program, building relationships, and capturing value from customers. The key is creating superior customer value and satisfaction through engagement and loyalty to build customer equity.
Marketing Management - What is Marketing ?FaHaD .H. NooR
Marketing is used to create the customer, to keep the customer and to satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Innovation.Other services and management activities such as Operations (or Production), Human Resources, Accounting, Law and Legal aspects can be "bought in" or "contracted out".
The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing:
(1) identification, selection and development of a product,
(2) determination of its price,
(3) selection of a distribution channel to reach the customer's place, and
(4) development and implementation of a promotional strategy.
For example, new Apple products are developed to include improved applications and systems, are set at different prices depending on how much capability the customer desires, and are sold in places where other Apple products are sold.
Similar to Marketing Management - Introduction (20)
Can you kickstart content marketing when you have a small team or even a team of one? Why yes, you can! Dennis Shiao, founder of marketing agency Attention Retention will detail how to draw insights from subject matter experts (SMEs) and turn them into articles, bylines, blog posts, social media posts and more. He’ll also share tips on content licensing and how to establish a webinar program. Attend this session to learn how to make an impact with content marketing even when you have a small team and limited resources.
Key Takeaways:
- You don't need a large team to start a content marketing program
- A webinar program yields a "one-to-many" approach to content creation
- Use partnerships and licensing to create new content assets
As 2023 proved, the next few years may be shaped by market volatility and artificial intelligence services such as OpenAI's ChatGPT and Perplexity.ai. Your brand will increasingly compete for attention with Google, Apple, OpenAI, and Amazon, and customers will expect a hyper-relevant and individualized experience from every business at any moment. New state-legislated data privacy laws and several FTC rules may challenge marketers to deliver contextually relevant customer experiences, much less reach unknown prospective buyers. Are you ready?Let's discuss the critical need for data governance and applied AI for your business rather than relying on public AI models. As AI permeates society and all industries, learn how to be future-ready, compliant, and confidentlyscaling growth.
Key Takeaways:
Primary Learning Objective
1: Grasp when artificial general intelligence (""AGI"") will arrive, and how your brand can navigate the consequences. Primary Learning Objective
2: Gain an accurate analysis of the continuously developing customer journey and business intelligence. Primary Learning Objective
3: Grow revenue at lower costs with more efficient marketing and business operations.
As the call for for skilled experts continues to develop, investing in quality education and education from a reputable https://www.safalta.com/online-digital-marketing/best-digital-marketing-institute-in-noida Digital advertising institute in Noida can lead to a a success career on this eve
In the face of the news of Google beginning to remove cookies from Chrome (30m users at the time of writing), there’s no longer time for marketers to throw their hands up and say “I didn’t know” or “They won’t go through with it”. Reality check - it has already begun - the time to take action is now. The good news is that there are solutions available and ready for adoption… but for many the race to catch up to the modern internet risks being a messy, confusing scramble to get back to "normal"
Trust Element Assessment: How Your Online Presence Affects Outbound Lead Gene...Martal Group
Learn how your business's online presence affects outbound lead generation and what you can do to improve it with a complimentary 13-Point Trust Element Assessment.
Mastering Local SEO for Service Businesses in the AI Era"" is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
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5. Campaigns
Importance | Need of Digital Marketing (Online Promotions) :
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Mastering Local SEO for Service Businesses in the AI Era"" is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
In this dynamic session titled "Future-Proof Like Beyoncé: Syncing Email and Social Media for Iconic Brand Longevity," Carlos Gil, U.S. Brand Evangelist for GetResponse, unveils how to safeguard and elevate your digital marketing strategy. Explore how integrating email marketing with social media can not only increase your brand's reach but also secure its future in the ever-changing digital landscape. Carlos will share invaluable insights on developing a robust email list, leveraging data integration for targeted campaigns, and implementing AI tools to enhance cross-platform engagement. Attendees will learn how to maintain a consistent brand voice across all channels and adapt to platform changes proactively. This session is essential for marketers aiming to diversify their online presence and minimize dependence on any single platform. Join Carlos to discover how to turn social media followers into loyal email subscribers and ultimately, drive sustainable growth and revenue for your brand. By harnessing the best practices and innovative strategies discussed, you will be equipped to navigate the challenges of the digital age, ensuring your brand remains relevant and resonant with your audience, no matter the platform. Don’t miss this opportunity to transform your approach and achieve iconic brand longevity akin to Beyoncé's enduring influence in the entertainment industry.
Key Takeaways:
Integration of Email and Social Media: Understanding how to seamlessly integrate email marketing with social media efforts to expand reach and reinforce brand presence. Building a Robust Email List: Strategies for developing a strong email list that provides a direct line of communication to your audience, independent of social media algorithms. Data Integration for Targeted Campaigns: Leveraging combined data from email and social media to create personalized, targeted marketing campaigns that resonate with the audience. Utilization of AI Tools: Implementing AI and automation tools to enhance efficiency and effectiveness across marketing channels. Consistent Brand Voice Across Platforms: Maintaining a unified brand voice and message across all digital platforms to strengthen brand identity and user trust. Proactive Adaptation to Platform Changes: Staying ahead of social media platform changes and algorithm updates to keep engagement high and interactions meaningful. Conversion of Social Followers to Email Subscribers: Techniques to encourage social media followers to subscribe to email, ensuring a direct and consistent connection. Sustainable Growth and Minimized Platform Dependence: Strategies to diversify digital presence and reduce reliance on any single social media platform, thereby mitigating risks associated with platform volatility.
Did you know that while 50% of content on the internet is in English, English only makes up 26% of the world’s spoken language? And yet 87% of customers won’t buy from an English only website.
Uncover the immense potential of communicating with customers in their own language and learn how translation holds the key to unlocking global growth. Join Smartling CEO, Bryan Murphy, as he reveals how translation software can streamline the translation process and seamlessly integrate into your martech stack for optimal efficiency. And that's not all – he’ll also share some inspiring success stories and practical tips that will turbocharge your multilingual marketing efforts!
Key takeaways:
1. The growth potential of reaching customers in their native language
2. Tips to streamline translation with software and integrations to your tech stack
3. Success stories from companies that have increased lead generation, doubled revenue, and more with translation
In this humorous and data-heavy Master Class, join us in a joyous celebration of life honoring the long list of SEO tactics and concepts we lost this year. Remember fondly the beautiful time you shared with defunct ideas like link building, keyword cannibalization, search volume as a value indicator, and even our most cherished of friends: the funnel. Make peace with their loss as you embrace a new paradigm for organic content: Pillar-Based Marketing. Along the way, discover that the results that old SEO and all its trappings brought you weren’t really very good at all, actually.
In this respectful and life-affirming service—erm, session—join Ryan Brock (Chief Solution Officer at DemandJump and author of Pillar-Based Marketing: A Data-Driven Methodology for SEO and Content that Actually Works) and leave with:
• Clear and compelling evidence that most legacy SEO metrics and tactics have slim to no impact on SEO outcomes
• A major mindset shift that eliminates most of the metrics and tactics associated with SEO in favor of a single metric that defines and drives organic ranking success
• Practical, step-by-step methodology for choosing SEO pillar topics and publishing content quickly that ranks fast
Conferences like DigiMarCon provide ample opportunities to improve our own marketing programs by learning from others. But just because everyone is jumping on board with the latest idea/tool/metric doesn’t mean it works – or does it? This session will examine the value of today’s hottest digital marketing topics – including AI, paid ads, and social metrics – and the truth about what these shiny objects might be distracting you from.
Key Takeaways:
- How NOT to shoot your digital program in the foot by using flashy but ineffective resources
- The best ways to think about AI in connection with digital marketing
- How to cut through self-serving marketing advice and engage in channels that truly grow your business
This session will aim to comprehensively review the current state of artificial intelligence techniques for emotional recognition and their potential applications in optimizing digital advertising strategies. Key studies developing AI models for multimodal emotion recognition from videos, images, and neurophysiological signals were analyzed to build content for this session. The session delves deeper into the current challenges, opportunities to help realize the full benefits of emotion AI for personalized digital marketing.
The Strategic Impact of Storytelling in the Age of AI
In the grand tapestry of marketing, where algorithms analyze data and artificial intelligence predicts trends, one essential thread remains constant — the timeless art of storytelling. As we stand on the precipice of a new era driven by AI, join me in unraveling the narrative alchemy that transforms brands from mere entities into captivating tales that resonate across the digital landscape. In this exploration, we will discover how, in the face of advancing technology, the human touch of a well-crafted story becomes not just a marketing tool but the very essence that breathes life into brands and forges lasting connections with our audience.
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From Blame to Gain: Achieving Sales and Marketing Alignment to Drive B2B Growth.
Tired of the perpetual tug-of-war between your sales and marketing teams? Come hear Demandbase Chief Marketing Officer, Kelly Hopping and Chief Sales Officer, John Eitel discuss key insights from their new book, “Yes, It’s Your Fault! From Blame to Gain: Achieving Sales and Marketing Alignment to Drive B2B Growth.”
They’ll share their no-nonsense approach to bridging the sales and marketing divide to drive true collaboration — once and for all.
In this webinar, you’ll discover:
The underlying dynamics fueling sales and marketing misalignment
How to implement practical solutions without disrupting day-to-day operations
How to cultivate a culture of collaboration and unity for long-term success
How to align on metrics that matter
Why it’s essential to break down technology and data silos
How ABM can be a powerful unifier
Unlock the secrets to enhancing your digital presence with our masterclass on mastering online visibility. Learn actionable strategies to boost your brand, optimize your social media, and leverage SEO. Transform your online footprint into a powerful tool for growth and engagement.
Key Takeaways:
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From Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptxBoston SEO Services
From Hope to Despair: The Top 10 Reasons Businesses Ditch SEO Tactics
Are you tired of seeing your business's online visibility plummet from hope to despair? When it comes to SEO tactics, many businesses find themselves grappling with challenges that lead them to abandon their strategies altogether. In a digital landscape that's constantly evolving, staying on top of SEO best practices is crucial to maintaining a competitive edge.
In this blog, we delve deep into the top 10 reasons why businesses ditch SEO tactics, uncovering the pain points that may resonate with you:
1. Algorithm Changes: The ever-changing algorithms can leave businesses feeling like they're chasing a moving target. Search engines like Google frequently update their algorithms to improve user experience and provide more relevant search results. However, these updates can significantly impact your website's visibility and ranking if you're not prepared.
2. Lack of Results: Investing time and resources without seeing tangible results can be disheartening. The absence of immediate results often leads businesses to lose faith in their SEO strategies. It's important to remember that SEO is a long-term game that requires patience and consistent effort.
3. Technical Challenges: From site speed issues to complex metadata implementation, technical hurdles can be daunting. Overcoming these challenges is crucial for SEO success, as technical issues can hinder your website's performance and user experience.
4. Keyword Competition: Fierce competition for top keywords can make it hard to rank effectively. Businesses often struggle to find the right balance between targeting high-traffic keywords and finding less competitive, niche keywords that can still drive significant traffic.
5. Lack of Understanding of SEO Basics: Many businesses dive into the complex world of SEO without fully grasping the fundamental principles. This lack of understanding can lead to several issues:
Keyword Awareness: Failing to recognize the importance of keyword research and targeting the right keywords in content.
On-Page Optimization: Ignorance regarding crucial on-page elements such as meta tags, headers, and content structure.
Technical SEO Best Practices: Overlooking essential aspects like site speed, mobile responsiveness, and crawlability.
Backlinks: Not understanding the value of high-quality backlinks from reputable sources.
Analytics: Failing to track and analyze data prevents businesses from optimizing their SEO efforts effectively.
6. Unrealistic Expectations and Timeframe: Entrepreneurs often fall prey to the allure of quick fixes and overnight success. Unrealistic expectations can overshadow the reality of the time and effort needed to see tangible results in the highly competitive digital landscape. SEO is a long-term strategy, and setting realistic goals is crucial for success.
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From Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptx
Marketing Management - Introduction
1. M A R K E T İ N G
Prof Brahmmanand
Sharma
Asst. Professor, Prestige Institute of
Management
2. Marketing;
–“Satisfying customer needs”
–“Meeting needs profitably”
–“Generating customer value at a profit”
• “Managing profitable customer relationships by
delivering superior value to customers”
Introduction to Marketing
3. • No single correct definition or approach
• Common subject matters:
– The ability to satisfy customers,
– The identification of favorable marketing
opportunities,
– The need to create an edge over competitors,
– The capacity to make profits to enable a viable future
for the organization,
– The use of resources to maximize a business’ market
position,
– The aim to increase market share mainly in target
markets
What is Marketing?
5. Core Concepts of Marketing
Needs, wants,
and demands
Products
and services
Value and
satisfaction
Exchange,
transactions,
and relationships
Markets
6. • Need
– Basic human requirements
– State of felt deprivation
• Example: Need food
• Wants
– Needs directed to specific
objects
– The form of needs as
shaped by culture and the
individual
• Example: Want a Big Mac
• Demands
– Wants which are backed by
buying power
• Needs, wants, and
demands
• Marketing offers: including
products, services and
experiences
• Value and satisfaction
• Exchange, transactions and
relationships
• Markets
Core Concepts of Marketing
7. • Marketing offering
– Combination of
products, services,
information or
experiences that satisfy
a need or want
– Offer may include
services, activities,
people, places,
information or ideas
• Needs, wants, and
demands
• Marketing offers: including
products, services and
experiences
• Value and satisfaction
• Exchange, transactions and
relationships
• Markets
Core Concepts of Marketing
8. Products
Anything that can be Offered to a Market to Satisfy a Need or Want
Experiences Persons Places
Organizations IdeasInformation
Core Concepts of Marketing
Services
Activities or Benefits Offered for Sale That Are Essentially
Intangible and Don’t Result in the Ownership of Anything
9. • Value
– Customers form
expectations regarding
value
– Marketers must deliver
value to consumers
• Satisfaction
– A satisfied customer will
buy again and tell others
about their good
experience
• Needs, wants, and
demands
• Marketing offers: including
products, services and
experiences
• Value and satisfaction
• Exchange, transactions and
relationships
• Markets
Core Concepts of Marketing
10. Core Concepts of Marketing
Total Quality Management Involves Improving the Quality of
Products, Services, and Marketing Processes
Product’s Perceived Performance in Delivering Value
Relative to Buyer’s Expectations is
“Customer Satisfaction”
Value Gained From Owning a Product and
Costs of Obtaining the Product is
“Customer Value”
13. • A social and managerial process by
which individuals and groups obtain
what they need and want through
creating, offering and exchanging
products and services of value with
others.
Simply put: Consumer satisfaction with profitability.
Marketing defined as...
14. • The management process responsible for identifying,
anticipating and satisfying customer requirements
profitably.
• Marketing consists of individual and organizational
activities that facilitate and enhance satisfying
exchange relationships in a dynamic environment
through the creation, servicing, distribution,
promotion and pricing of goods, services and ideas
More Definitions of Marketing
15. • Marketing management - the art and science of choosing
target markets and building profitable relationships with
them.
– This definition must include answers to 2
questions:
• What customers will we serve?
• How can we serve these customers best?
– Getting, keeping, and growing customers through
creating, delivering, and communicating superior
customer value
• Marketing management involves managing demand
involves managing customer relationships
Marketing Management
16. • Marketing management can be defined in broader
terms as “demand management”;
– Marketers aim to influence the level, timing and
composition of demand to meet organizational goals.
• Marketing management is concerned
– not only with finding and increasing demand,
– but also with changing or even reducing it :
demarketing!
• Demarketing’s aim is to reduce the number of
customers or to shift their demand temporarily or
permanently
–e.g. Move traffic away from a popular tourist
attraction during peak demand times
Marketing Management
17. Evolution of Marketing Thought
• Production Era (1850s-1920s)
– Industrial revolution; mass production
– Few products and little competition
• Sales Era (1920s-1950s)
– The focus was on personal selling and advertising
– Sales seen as the major means for increasing
profits
• Mktg Era (1950s-present)
– Customer orientation replaced the “hard sell” of
the sales-led era
– Determination of the needs and wants of
customers before introducing products or services
18. • Relationship Marketing Era: 1990s-
– Marketing era has recently shifted from being “transaction-
based” to focusing on “relationships”
– The argument traditional marketing practices focused on
attracting new customers rather than retaining existing ones.
– It is equally important to hang on to existing customers so that
they become repeat buyers and long term loyal customers
• “customer relationship management”!
• Social Marketing
• Mobile Marketing
Evolution of Marketing Thought
19. Production Concept
Product Concept
Selling Concept
Marketing Concept
Consumers prefer products that are
widely available and inexpensive
Consumers favor products that
offer the most quality, performance,
or innovative features
Consumers will buy products only if
the company aggressively
promotes/sells these products
Focuses on needs/ wants of target
markets & delivering value
better than competitors
Company Orientations Towards the
Marketplace
20. • Consumers will favor those products that are widely
available and low in cost.
• Managers concentrate on achieving high production
efficiency and wide distribution.
• The assumption is valid at least in 2 situations :
– The demand for a product exceeds supply
(suppliers will concentrate on finding ways to
increase production)
– The product’s cost is high and has to be decreased
to expand the market.
Production Concept
21. • Consumers will favor those products that offer the
most quality, performance or innovative features.
• Managers in product-oriented organizations
concentrate on making superior products and
improving them over time.
• The assumption the customers will admire well-made
products and can evaluate product quality and
performance
• This concept may lead to marketing myopia
Product Concept
22. • Agressive selling and promotion
• Assumptions are;
– Consumers must be convinced of buying company products
– Company is powerful in generating effective selling and
promotion to stimulate more buying
• This concept is mostly used by firms which have
overcapacity.
• The aim is “to sell what they make” rather than “make
what the market wants.”
• Short-term profits are more important (customer
dissatisfaction may occur)
Selling Concept
23. • Key to achieving organizational goals consists of
being more effective than competitors in
creating, delivering and communicating
customer value to target markets.
• 4 pillars of modern marketing :
1. Target market
2. Customer needs
3. Integrated marketing
4. Profitability through customer satisfaction
Marketing Concept
24. 1) Target market - homogenous group of customers to
whom the company wishes to appeal
2) Customer needs
– Consumers may not be fully conscious of their needs
– It may not be easy to articulate these needs
– They may use words that require some interpretation
– Customer-oriented thinking to define customer needs
from the customer’s point of view
– Sales revenue New customers + Repeat customers
– “Customer Retention” vs. “Customer Attraction”
– Customer satisfaction is a function of the product
perceived performance and buyer’s expectations
Marketing Concept (cont.)
25. 3) Integrated Marketing
1. Various marketing functions must work together
for customer satisfaction (coordination of 4Ps;
marketing mix elements)
• Marketing Mix controllable variables the company
puts together to satisfy its target market(s).
Product: Product variety, quality, design, features, brand
name, packaging, sizes, services, warranties, returns
Price: List price, discounts, allowances, payment period,
credit terms
Promotion: Sales promotion, advertising, sales force,
public relations, direct marketing
Place: Channels, coverage, assortments, locations,
inventory, transport
Marketing Concept (cont.)
27. Marketing Concept - The 4 P’s The 4 Cs
Marketing
Mix
Product
Price
Promotion
Place
Customer
Solution
Customer
Cost Communication
Convenience
28. 28
The Seven Functions of Marketing
1. Marketing Information Management
2. Financing
3. Pricing
4. Promotion
5. Product Management
6. Distribution
7. Selling
29. 29
Marketing Information Management
• This is the gathering, analyzing, storing, and collecting of
information. This information is used to find out who the
customer is, their habits, attitudes, and trends in the market
place.
• Collection methods include:
Surveys
Focus groups
Taste testing
30. 30
• Getting the money that is necessary to pay for setting
up and running a business.
• Financing also involves decisions such as whether to
offer credit to customers or other payment options.
• Budgeting to appropriate business operations,
(advertising, inventory, etc)
Financing
31. 31
Pricing
• Pricing decisions dictate how much to charge for
goods and services in order to make a profit.
• Marketers must determine how much customers are
willing to pay for these products.
• Too High
• Too low
• Mark ups and mark downs
32. 32
Promotion
• Promotion is the effort to inform, persuade, or remind
potential customers about a business’s products or
services.
• It is also used to improve a company’s brand image.
• Types/Examples:
Advertising
Sales Promotions
Publicity
Personal Selling
33. 33
Product Service Management
• Product service management is obtaining, developing,
maintaining, or improving existing products.
Determining what to make or sale.
• Market research guides product service management
toward what the customer wants and needs.
• Examples- What colors, styles, brands, ingredients,
product packaging, name of product, warranty
information etc.
34. 34
Distribution
• Distribution is the process of deciding how to get
goods to the customer.
• This also involves systems that track products so that
they can be located at any time.
• Examples:
Transportation
Storage
inventory control
35. 35
Selling
• Selling provides customers with the good and services
they want. This includes:
Manufacturers, Wholesalers, and Retailers
• Sales people help customers make wise buying
decision.
• They also assist with product knowledge and
demonstration, answer customer questions and
reassure the customer’s purchase.
36. • Marketing Planning
• Product Designing and Development
• Packaging and Labelling
• Branding
• Customer Support Service
• Standardisation and Grading-Regarding size, quality,
design, weight, color etc.
Other Functions of Marketing
37. • Customer Relationship Management the overall
process of building and maintaining profitable
customer relationships by delivering superior customer
value and satisfaction.
– It deals with all aspects of acquiring, keeping and
growing customers
– Relationship building blocks “customer value” and
“customer satisfaction”
– “Customer retention” and “customer loyalty”
– The intention to gain a greater proportion of an
existing customer’s purchases over a long period
(increase “consumer lifetime value”!)
Relationship Marketing Concept
38. “Our slogan ‘5+Million More Smiling Customers’ is
not about reaching sales targets but about
whether we are able to provide greater
satisfaction to a greater number of customers...
The goal is to improve customer satisfaction which
translates to an increased number of ‘smiling
customers.”
Tokuichi Uranishi
Executive Vice President,
Toyota Motor Corporation
Relationship Marketing Concept
39. The Marketing Environment
• Marketing environment:
– Factors and forces outside of marketing’s direct
control
– Affect management’s ability to develop and maintain
– Successful transactions with target customers
• Micro Enviroment:
– Forces close to the company
– That affect its ability to serve customers
• Macro Environment:
– Larger, societal forces that affect the organization’s
microenvironment
40. The Company’s Microenvironment
• The company:
– Management, finance, research & development,
purchasing, manufacturing, accounting, and human
resources
• Suppliers
• Marketing intermediaries:
– Resellers
– Physical distribution firms
– Marketing service agencies
– Financial intermediaries
41. The Company’s Microenvironment
• Customers:
– Consumer, business, reseller, government, and international markets
• Competitors
• Publics:
– Financial
– Media
– Government
– Citizen-action groups
– Local
– General
– Internal
42. The Company’s Macroenvironment
• Demographic environment:
– Study of human population
– Size, density, location, age, race, sex, occupation, and education
• Trends of interest:
– World population growth
– Increased diversity
– Changing age structure
within Canada
– Changing households
– Higher education
– Geographic shifts
43. The Company’s Macroenvironment
• Economic environment:
– Factors that affect consumer buying power and spending patterns
• Trends of interest:
– Changes in income, continued spending by consumers
– Consumer debt levels
rising, savings down
– Changing spending
patterns
• Engel’s laws: amount
spent on various categories
changes as income rises
44. 5.44
The Company’s Macroenvironment
• Natural environment:
– Growing shortages of raw materials
– Increased pollution
– Increased government intervention
– Canadian federal law:
Environmental
Protection Act (1989)
– Green movement
– Focus on environmental
sustainability strategies
45. 5.45
The Company’s Macroenvironment
• Technological environment:
– New technology creates new markets and opportunities
– Replaces existing products and services
– Research and development activity drives this sector
– Canadian spending on
R&D is low, ranked 15th
in the world
– Government programs to
encourage more
– Government agencies to
regulate new product
safety
46. 5.46
The Company’s Macroenvironment
• Political environment:
– Laws, government agencies, and pressure groups
– Influence and limit organizations and individuals within a society
– Increasing legislation
– Increased emphasis on
ethics and social
responsibility
– Cause-related marketing
– Business legislation is
used to protect
consumers, businesses,
and the interests of
society
47. The Company’s Macroenvironment
• Cultural environment:
– Institutions and other forces that influence
– Society’s basic values, perceptions, preferences, and behaviours
– Core beliefs passed on through family, reinforced by institutions
– Secondary beliefs are
more open to change
– People’s views of:
• Themselves
• Others
• Organizations
• Society
• Nature
• The universe