demo class
- 2. Market Market means that customers who have purchased or want to purchase a certain product or service. OR It is the set of potential customers. For instance…..
- 3. Types Of Market • Consumer Market • Industrial Market • Global Market • Non profit or Governmental market
- 4. Consumer Market The aim of buying is to consume for their own or somebody who has something to do with in consumer market.
- 5. Industrial Market Business buyers buy goods for their utility in enabling them to make or resell a product to others for the purpose of making profits.
- 6. Global Market Companies selling their goods and services in the global marketplace face additional decisions and challenges.
- 7. Nonprofit and Government Markets Companies selling their goods to nonprofit organizations such as churches, universities, charitable organizations, or government agencies.
- 8. 8 Marketing = ? Marketing is “Demand Management”. Marketing is the sum of all activities that take you to a sales outlet. After that sales takes over. Marketing is all about creating a pull, sales is all about push. Marketing is all about managing the four P’s – product price place promotion
- 9. 9 Simple Marketing System Industry (a collection of sellers) Market (a collection of Buyers) Goods/services Money Communication Information
- 10. 10 Marketing Management Marketing management is the process of planning, organizing, directing and controlling the activities related to marketing of goods and services to satisfy the customer needs and achieve organizational goals
- 11. 11 The 4 Ps & 4Cs Marketing Mix Product Price Promotion Place Customer Solution Customer Cost Communication Convenience
- 12. Marketing Management Philosophies Agree or Disagree? 1. Production: consumers will favor products that are available and highly affordable 2. Product: consumers favor products that offer the most in quality, performance, and innovative features 3. Selling: consumers will not buy unless an organization undertakes a large-scale selling and promotional effort 4. Marketing: determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently then the competitors 5. Societal marketing: generating customer satisfaction and long-run societal well-being are the keys to both achieving the company’s goals and fulfilling its responsibilities
- 13. Orientations towards marketing • Production concept (before 1930): demand > supply • Selling concept (1930-1950): supply > demand • Marketing concept (post-1960s): analyze consumer needs before producing and selling, market orientation, competition…
- 14. Marketing Concept versus Selling Concept Starting Point Focus Means Ends Factory Product Sell and Promote it Profits through sales volume The Selling Concept Market Customer needs Integrated marketing Profits from satisfied customers The Marketing Concept
- 15. 15 Scope – What do we market Goods Services Events Experiences Personalities Place Organizations Properties Information Ideas and concepts
- 16. 16 Core Concepts of Marketing Based on : Needs, Wants, demand Products, Utility, Value & Satisfaction Exchange, Transactions & Relationships Markets, Marketing & Marketers.
- 17. 17 Needs, wants demands MarketsMarket Marketing & Marketers Marketing & Marketers Utility, Value & Satisfaction Exchange, Transaction Relationships Products Core Concepts of Marketing
- 18. 18 Core Concepts of Marketing Need – food ( is a must ) Want – Pizza, Burger, French fry's ( translation of a need as per our experience ) Demand – Burger ( translation of a want as per our willingness and ability to buy ) Desire – Have a Burger in a five star hotel
- 19. 19 In order to understand Marketing let us begin with the Marketing Triangle Customers CompetitionCompany
- 20. 20 Who is a Customer ?? Anyone who is in the market looking at a product / service for attention, acquisition, use or consumption that satisfies a want or a need. CUSTOMER IS . . . . .
- 21. Common marketing problems • How can we identify and choose profitable market segments? • How can differentiate our offer from our competition? • How should we react to competitors? • How can we satisfy our customers and build brand loyalty? • How can we measure the effectiveness of an add campaign, of Public Relations, of a promotion, etc…?
- 23. The Marketing Mix • The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives • 7Ps – Price, Product, Promotion, Place, People, Process, Physical Environment • Traditional 4Ps extended to encompass growth of service industry
- 24. Product
- 25. Product • Methods used to improve/differentiate the product and increase sales or target sales more effectively to gain a competitive advantage e.g. – Extension strategies – Specialised versions – New editions – Improvements – real or otherwise! – Changed packaging – Technology, etc. Image copyright: www.freeimages.co.uk
- 26. Price
- 27. Price • Pricing Strategy • Importance of: – knowing the market – Maintain public image of the firm – Meeting or prevent competition
- 28. Promotion
- 29. Promotion • Strategies to make the consumer aware of the existence of a product or service • NOT just advertising
- 30. Place
- 31. Place • The means by which products and services get from producer to consumer and where they can be accessed by the consumer – The more places to buy the product and the easier it is made to buy it, the better for the business (and the consumer?)
- 32. People
- 33. People • People represent the business – The image they present can be important – First contact often human – what is the lasting image they provide to the customer? – Extent of training and knowledge of the product/service concerned – Mission statement – how relevant? – Do staff represent the desired culture of the business?
- 34. Process
- 35. Process • How do people consume services? • What processes do they have to go through to acquire the services? • Where do they find the availability of the service? – Contact – Reminders – Registration – Subscription – Form filling – Degree of technology
- 37. Physical environment The ambience, mood or physical presentation of the environment – Smart/shabby? – Trendy/retro/modern/old fashioned? – Light/dark/bright/subdued? – Romantic/loud? – Clean/dirty/neat? – Music? – Smell?
- 38. Thank You