1. Marketing Management Aims To understand the key factors of Marketing Management Objective To Learn the meaning, importance, and concepts of Marketing Management To Learn the nature and importance & Characteristics of Service marketing 2. Marketing Management After going through this session, you will be able to: Understand Marketing Management Concepts & Importance of Marketing Management Understand Nature & Importance of Service Marketing Understand Characteristics of Service Marketing 3. Meaning The word market is derived form the Latin word “Marcatus” meaning goods or trade or a place where business is conducted. The term marketing is defined as a ‘business activity planned at satisfying to a reasonable extent, consumer or customer needs and wants, generally through an exchange process’. Marketing has been defined in various ways – the definition that serves our purpose best is as follows; Marketing is a social & managerial process by which individuals & groups obtain what they need & want through creating, offering, & exchanging products of value with others. 4. Definition In a narrower business context, marketing involves building profitable, value – laden exchange relationships with customers. Hence, we define marketing as the process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return. 5. Definition of Marketing Management Philip Kotler - “Marketing is Social & Managerial process by which Individuals & Groups obtain what they Need and Want through Creating, Offering and Exchanging products of the Value other” Peter Drucker - Marketing is a social process by which individuals and groups obtain what they need and want through creating offering, and freely exchanging products and services of value with others. For a managerial definition, marketing has often been described as “the art of selling products” The American Marketing Association (AMA) - Marketing is the process of planning and executing the conception, pricing, promotion, & distribution of ideas, goods, & services to create exchanges that satisfy individual and organizational goals. 6. The Marketing Process Model Create value for customers & build Customer relationship Understand the marketplace & customer needs and wants Design a Customer-driven Marketing Strategy Construct a Marketing Program That delivers Superior value Build profitable Relationships & Create Customer delight Capture value From Customers to Create profits & Customer quality 7. Evolution of Marketing The foundations of marketing in America were laid in Colonial times, when the settlers traded among themselves & with the Native Americans. Some settlers became retailers, wholesalers, & itinerant peddlers. However, large-scale marketing in the U.S. did not begin to take shape until the Industrial Revolution in the latter part of the 1800s. Since then, marketing has evolved through 3 successive stages of development: as… 8. Three Stages of Marketing Evolution in the United States. Product Orientation Product Orientation Sales Orientation Product Orientation Other industries & organizations have progressed only to the sales-orientation stage Many industries & organizations have progressed to the market-orientation stage Late 1800s Early 1930s Mid – 1950s 1990s Sales Orientation Market Orientation Some industries & organizations remain at the product-orientation stage 9. Product – Orientation Stage Manufacturers in the product-orientation stage typically focused on the quality & quantity of output while assuming that customers would seek out & buy reasonably priced, well-made products. In an era when the demand for goods generally exceeded the supply, the primary focus in business was to efficiently produce large quantities of product. Finding customers was viewed as a relatively minor...
Bibliography: Meaning Marketing Management – Marketing Management 9 th Edition & Principles of Marketing 11 th Edition – Philip Kotler – PHI Evolution – Marketing Concepts & Cases 13 th Edition J Stanton (Indian Context) – TMH Importance – Marketing Concepts & Cases 13 th Edition J Stanton (Indian Context) – TMH Concepts – Marketing Management 9 th Edition Philip Kotler – PHI & Marketing Concepts & Cases 13 th Edition J Stanton (Indian Context) – TMH Nature & importance of Services Marketing – Marketing Management – Arun Kumar, Meenakshi – Vikas & Marketing Management – 3 rd Edition – Rajan Saxena - TMH Characteristics of Services Marketing – Marketing Management – Arun Kumar, Meenakshi – Vikas & Marketing Management – 3 rd Edition – Rajan Saxena - TMH
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