Marketing Management - Basics
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Marketing involves creating value for customers and managing relationships. It includes identifying customer needs and developing products to meet those needs, establishing price, promotion, and distribution strategies, and obtaining information to make business decisions. The goal of marketing is to understand customers so well that the product sells itself. The scope of marketing encompasses all activities involved in moving products from producer to consumer.
![SCOPE OF MARKETING?
All the activities involved in getting goods and services from the
business that produces them to the consumers who wish to purchase.
Includes:
1. Marketing Information Management (MIM) [Research]
2. Selling
3. Distribution
4. Product/Service Management
5. Promotion
6. Pricing
7. Financing](https://image.slidesharecdn.com/mm-160303102123/85/Marketing-Management-Basics-12-320.jpg)
Marketing Management - Basics
- 2. WHAT IS MARKETING? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders.
- 3. SELLING IS ONLY TIP OF THE ICEBERG “There will always be a need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available.” Peter Drucker
- 7. SELLING AT A PROFIT
- 8. IDENTIFYING CONSUMER NEED – TANGIBLE & INTANGIBLE FULFILLING THESE NEEDS THROUGH PRODUCTS/SERVICES, IN AN EXCHANGE PROCESS
- 9. WHY MARKETING? What were the two of the most important parts of a successful business?? Without marketing, not much would get sold. Consumers wouldn’t know what goods/services are available. They wouldn’t know about new trends or fashions, or how products have improved. Marketing is important to all business – it often means the difference between success and failure. Marketing ensure that businesses actually sell the goods and services they offer.
- 10. SCOPE OF MARKETING Everything is Marketing & Marketing is Everything
- 11. BUT … to be a little more specific
- 12. SCOPE OF MARKETING? All the activities involved in getting goods and services from the business that produces them to the consumers who wish to purchase. Includes: 1. Marketing Information Management (MIM) [Research] 2. Selling 3. Distribution 4. Product/Service Management 5. Promotion 6. Pricing 7. Financing
- 13. THE 7 FUNCTIONS OF MARKETING
- 14. THE SEVEN FUNCTIONS OF MARKETING Marketing Information Management (MIM) Selling Distribution Product/Service Management Promotion Pricing Financing
- 15. MARKETING-INFORMATION MANAGEMENT (MIM) Obtaining information needed to make sound business decisions. Example: Taste tests and surveys.
- 16. SELLING Determining consumer’s wants and needs through planned, personalized communication (face to face, phone, internet)
- 17. DISTRIBUTION Transporting (physical distribution), storing (warehousing .vs. distribution centers), and handling of goods and services (inventory control methods, logistics) for businesses.
- 18. PRODUCT/SERVICE MANAGEMENT The process of developing, improving, obtaining, and maintaining the products/services of the business to meet consumer demand.
- 19. PROMOTION Informing, persuading, or reminding potential consumers about a business’s products/services.
- 20. PRICING Establishing and communicating the values of products/services to potential consumers and determining profit for the business.
- 21. FINANCING Acquiring the money for starting and running a business. Business loans for upstart money, cash flow issues, or new business ventures.
- 22. MARKETING MANAGEMENT ORIENTATIONS Production concept Product concept Selling concept Marketing concept Societal marketing concept
- 23. SUMMARY OF MARKETING ORIENTATIONS Orientation Focus is on… Production Production and distribution efficiency Product Most quality product Sales Product sales Market Consumers’ needs and wants Societal In addition to consumers’ needs and wants, also consider benefits to the society
- 24. SELLING VS MARKETING ORIENTATION Production concept Product Concept Selling concept Marketing Concept Societal Marketing Concept
- 25. WHAT IS MARKETING MANAGEMENT? Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
- 26. MARKETING MANAGEMENT TASKS Developing marketing strategies Capturing marketing insights Connecting with customers Building strong brands Shaping market offerings Delivering value Communicating value Creating long-term growth