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Sagar faujdar - marketing and its need
- 2. What is Marketing? • Sales? • Advertising? • Brand? • Product? MARKETING IS NONE OF THESE. MARKETING IS ALL OF THESE & MORE!
- 3. Marketing – A Few Definitions • The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create exchanges that will satisfy individual and organizational objectives. (AMA 1985) • Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably. (CIM 2001) • Meeting needs profitably!
- 4. Marketing – Key Building Blocks • Starts and ends with consumer (Hero Honda Pleasure) • Is singularly focused on needs - aware or non-aware (Vivo – Camera & Music) • Aimed at delivering satisfaction and delight (McDonalds Takeaway Fries) • Through a comprehensive mix (Starbucks – Coffee, WiFi, Charge Points, Testers) • Offered at a price that delivers value (Chhota Coke)
- 5. What is Marketing Used For? • Products – Paper Boat • Services – Google Maps • People – Anna Hazare • Ideas – RTI • Beliefs – Osho THE BETTER QUESTION TO ASK: WHAT IS MARKETING NOT USED FOR?
- 6. Why is Marketing a Must Today? SELLERS’ MARKETS BUYERS’ MARKETS
- 7. Why invest behind Marketing? • Driver of Business Growth & Expansion (McCafe) • Creator of Loyal Base of Customers (Corona) • Generator of Price Premium (Apple) • Protector from Competitive Onslaughts (Maruti Suzuki)
- 8. The Scope of Marketing
- 9. How Does Marketing Create Value?
- 10. Alternate Philosophies to Marketing PRODUCTION CONCEPT PRODUCT CONCEPT SALES CONCEPT
- 11. The Production Concept • First Principle – Consumers would, as a rule, support those products that are produced in great volumes at a low unit cost • Maximum effort is behind economies of scale and cost reduction with customer needs & product features taking a backseat • Americans can get any car from Ford as long as it is black (Henry Ford) • Standardisation is the operating norm
- 12. The Product Concept • First Principle – Consumers would, as a rule, always choose and support products that are superior in features and quality • All effort, investment and energy under this concept are put behind improving the product • As a result, while the product may be excellent, they may not reflect the changing needs and aspirations of the consumer
- 13. The Sales Concept • First Principle – What sells a product is neither the cost or the quality. What sells the product is the conviction and aggression of the salesman. • Investments are put behind large scale personal selling, sales promotions, price discounts and public relations • Is again not cognizant of the consumer needs and expectations • Practiced for unsought products (Insurance, Encyclopedia)
- 14. Marketing Myopia • Prof. Theodore Levitt gave this concept. It refers to the excessive preoccupation that firms have with product, production or selling as being very short-sighted and myopic • He believes that organisations that do not get excited about the needs and drives of the consumer, will in the long-run stand to lose • They will not be able to evolve and change over time and will at a point lose their relevance and get replaced with options that are consumer centric
- 15. Marketing Concept – A Shift in Orientation Production Product Supply Sales Internal External Satisfaction Demand Customer Marketing
Editor's Notes
- AMA – American Marketing Association CIM – Chartered Institute of Marketing
- Time Utility – Ensuring a product is available when the customer wants it Form Utility – The utility of the finished product created by bringing all the different components together Place Utility – Ensuring a product is available where customer wants it Possession Utility – The utility people get in terms of having something unique and differentiated