Marketing Management intro
- 2. What Is Marketing? Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return. Copyright ©2014 by Pearson Education, Inc. All rights reserved
- 3. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-3 What Is Marketed? • Goods • Services • Events • Experiences • Places
- 4. What Is Marketed? • Persons • Properties • Organizations • Information • Ideas
- 5. Who Markets? A marketer is someone who seeks a response – attention , a purchase , a vote , a donation – from another party , called the prospect
- 6. Reactive and Proactive Marketing Proactive marketing is a form of marketing that allows for marketers to be agile, real-time, data- driven, and adaptable to the ever-changing space of what their customers could be seeking.
- 7. Reactive and Proactive Marketing Reactive marketing is a marketing strategy that takes place because of unforeseen competition.
- 8. Core Customer and Market place Concepts
- 9. Needs, Wants and Demand •States of deprivation •Physical—food, clothing, warmth, safety •Social—belonging and affection •Individual—knowledge and self-expression Needs •Form that needs take as they are shaped by culture and individual personalityWants •Wants backed by buying power Demands Copyright ©2014 by Pearson Education, Inc. All rights reserved
- 11. Demand States Negative :The product might be beneficial but the customer doesn’t want it Hospitals,Vaccinaions Nonexistent : Consumers may be unaware of/uninterested in the product,eg- Foreign language courses Latent :Consumers may share a strong needthat cannot be satisfiedby an existing product,eg- Laptops with better battery life Declining : Consumers begin to buy the product less frequently or not all,eg- bottled water Irregular : Consumer purchases vary on a seasonal,monthly,weekly,daily or even hourly basis,eg-Hotels,Umbrella, Unwholesome:Consumers may be attracted to products that have undesirable social consequences,eg- Cigarettes,Alcohol Full :Consumers are adequately buying all products put into the market place,eg- Medicines Overfull :More consumers would like to buy the product that can be satisfied,eg- wheat,rice
- 12. Market Offerings – Products, Services and Experiences Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs
- 13. Customer Value and Satisfaction Customers • Value and satisfaction Marketers • Set the right level of expectations • Not too high or low
- 14. Market place, Market space and Meta markets Market place – Markets of physical goods Market space – Digital Shops or Shopping websites Meta markets – The combination of an intangible market such as the internet, promoting closely related tangible or intangible products
- 15. Exchanges and Relationship Exchange is the act of obtaining a desired object from someone by offering something in return. Marketing actions try to create, maintain, grow exchange relationships.
- 17. The Production Concept • It holds that consumers prefer products that are widely available and inexpensive. • Product-oriented businesses concentrate on achieving high production efficiency, low costs and mass distribution. • Eg- Ball-point Pens
- 18. The Product Concept • It is a process of evolving a product from time to time and/or providing the best quality product in order to achieve satisfaction from customer. • The product concept proposes that consumers favor products offering the most quality,performance or innovative features. • Eg- Apple
- 19. The Selling Concept Consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort. Eg- Insurance
- 20. • Marketing concept is knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do. • The marketing concept holds that the key to achieving organizational goals is being more effective than competitor’s in creating , delivering and communicating superior customer value to your target markets. Eg- Dell The Marketing Concept
- 21. Holistic Marketing Holistic marketing concept is based on the development , design, and implementation of marketing programs , processes and activities that recognize their breadth and interdependencies.
- 23. Relationship Marketing Relationship marketing aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business. The ultimate outcome of relationship marketing is a unique company asset called a marketing network (comprising of customers,employees,suppliers,distributors,retailers).
- 24. Relationship Marketing • Focus on most profitable customers , products and channels , firms hope to achieve profitable growth • Capturing a large share of each consumer’s expenditures by building high customer loyalty • Estimate individual customer lifetime value • Design their market offerings and prices to make a profit over the customer’s lifetime
- 25. Integrated Marketing Integrated marketing occurs when the marketer devises marketing activities and assembles marketing programs to create , communicate and deliver value for consumers such that “the whole is greater than the sum of its parts. ”
- 26. Internal Marketing Internal marketing is the task of hiring, training and motivating able employees who want to serve customers well. Eg.- Passport Seva Kendra
- 28. Performance Marketing • Performance marketing requires understanding the financial and non-financial returns to business and society from marketing activities and programs. • Marketers are going beyond sales revenue to examine the marketing scorecard and interpret what is happening to market share , customer loss rate, customer satisfaction , product quality. • PESTLE effects of marketing activities and programs.