KNOW ABOUT THE WORLD OF MARKETING

1. Lecture slides by
BY Dr VIPUL JAIN
PhD,PGDBA,MBA,MA(Eco,),PGDMSM,BA(Eco.)

2. Concepts of marketing
A societal process by which individuals & groups obtain
what they need & want through creating, offering &
freely
exchanging products & services of value to each other.
Philip Kotler
The creation & delivery of a standard of living to society.
Identification of need and its fulfillment.

3. Utility provided through marketing
Form utility
When raw material is converted into a finished product.
Example: Britannia industries converts wheat, sugar &
other ingredients into biscuits & cookies.
(crude oil-Petrol)
Time utility
By providing the products when the customers want
them.
Example: ATMs

4. Place utility
By providing product at locations preferred by the
customer.
Example: Retail stores
Possession utility
To allow a buyer to use the product as he wishes.
Example: car

5. Concepts
The production concept
It is based on the idea that the more we make, the
more profitable we become. The basic proposition is
that customers will choose products & services that are
widely available and are of low cost. (LUX)
Strategy: Intensive distribution
Low price
Entry in developing markets

6. Product concept
Consumers will favor those products that offer
attributes like quality, performance & other
innovative features. (Mobiles)
Strategy: Differentiation
Selling concept
Aggressive selling through promotions & persuasions.
(Insurance products)
Strategy: Integrated communication.

7. Marketing concept
The process of satisfying customer needs by offering a quality
product & the whole cluster of things associated with creating,
delivering & finally consuming it. ( 200ml soft drink for rural)
Strategy: Customer relation management
Societal marketing concept
The customer & society are interrelated. Whatever the company
offers to the customer has a direct bearing on the society.
According to the SMC organizations must also help maintain &
improve the society’s well being. (HUL)
Strategy: Long term welfare

8. Marketing process
Marketing analysis ( SWOT)
↓
Market planning (Segment/target)
↓
Implementation (Allocation of resource)
↓
Control (Marketing efforts)