Defining marketing for 21st century: Dr. Gopal Thapa

1. Defining Marketing for 21st Century
Dr. Gopal Thapa
Associate Professor
Tribhuvan University
thapazee@gmail.com

2. Marketing
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◼ Telling and selling
or
◼ Satisfying needs profitably
or
◼ Relationship building

3. Definition of Marketing
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◼ A social and managerial and process by which
individuals and groups obtain what they need and
want through creating and exchanging value with
others
---- Philip Kotler
◼ The systematic planning, implementation and control
of a mix of business activities intended to bring
together buyers and sellers for the mutually
advantageous exchange or transfer of products.
------------- Dictionary of Marketing

4. What is marketed?
◼ Physical goods
◼ Services
◼ Events
◼ Experiences
◼ Persons
◼ Places
◼ Properties
◼ Organizations
◼ Information
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5. Core Marketing Concepts
◼ Needs, wants, demand
◼ Target market, positioning and segmentation
◼ Offerings and brand
◼ Value and satisfaction
◼ Market
◼ Exchange
◼ Product
◼ Marketing channels
◼ Supply chain
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6. Needs, wants and demand
◼ Needs – states of felt deprivation
◼ Wants – specific satisfiers of needs shaped
by culture, economic condition as well as
individual personality
◼ Demand – human wants that are backed by
willingness, buying power and authority to
purchase.
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7. Segmentation, targeting & Positioning
◼ Market Segmentation: Dividing a market into
distinct groups with distinct needs
characteristics or behaviors who might
require separate products or marketing
mixes.
◼ Target Marketing: The Process of
evaluating each market segment’s
attractiveness and selecting one or more
segments to enter.
◼ Positioning: Arranging for a product to
occupy a clear, distinctive and desirable
products in the 7
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8. Marketing offer and brand
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◼ Marketing offer: Some combination of
products, services, information or
experiences offered to a market to satisfy
customer.
◼ Brand : Any word, sign, symbol etc. for
identification and differentiation of product. It
includes brand name, brand mark and trade
mark.

9. Value and Satisfaction
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◼ Value – relationship between benefit and cost
◼ Satisfaction – Comparison between
customer’s expectation and product
performance
◼ Expectation = performance
◼ Expectation < performance
◼ Expectation > Performance

10. Market
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◼ Is place a market?
◼ A market is the set of actual and potential
buyers of a product
◼ Marketers are keenly interesting in markets
◼ Marketer’s task is managing markets to bring
about profitable exchange relationship

11. Exchange
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◼ Exchange is the act of obtaining a desired
product from someone by offering something
in return
◼ Transaction is marketer’s unit of
measurement
◼ A transaction consists of a trade of values
between two parties.

12. Product
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◼ Anything offered by the marketer for
customer’s satisfaction
◼ There are five levels of products
1. Core product
2. Actual product
3. Augmented product
4. Expected product
5. Potential product

13. Marketing Channel
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◼ Communication channel – Radio, TV,
newspaper, magazine etc
◼ Distribution channel – Agent, wholesaler,
retailer etc.
◼ Service channel – transport co., warehouse,
bank and insurance co. etc

14. Supply Chain
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◼ Supply chain is a longer channel stretching
from raw materials to components to final
products that are carried to final buyers.
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15. Competition
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◼ Competition includes all the actual and
potential rivals offerings and substitutes a
buyer might consider.
◼ Competition may be:
✓ price competition or non-price competition
✓ brand competition
Monopoly, monopolistic or perfect competition

16. Marketing Environment
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◼ The actors and forces outside marketing that
affect marketing management’s ability to build
and maintain successful relationships with
target customers.
◼ It includes: Micro environment and macro
environment

17. New Marketing Realities
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•Technology
•Globalization
•Social Responsibility

18. New Marketing Realities

19. Dr. Gopal Thapa, Tribhuvan University, Kathmandu, Nepal
Company orientation towards the market place
• Production concept
• Product concept
• Selling concept
• New marketing concept
• Customer concept
• Societal marketing concept
• Holistic concept

20. Holistic Marketing Concept

21. Dr. Gopal Thapa, Tribhuvan University, Kathmandu, Nepal
The New Four Ps
• People
• Processes
• Program
• Performance

22. Dr. Gopal Thapa, Tribhuvan University, Kathmandu, Nepal
Marketing Management Task
▪ Capture marketing insights & performance
▪ Connect with customers
▪ Build strong brands
▪ Shape the market offering
▪ Deliver value
▪ Communicate value
▪ Create successful long-term growth