What consumers have today
A substantial increase in buying power
A great variety of available goods and services
* A great amount of information about practically anything * A great case in interacting and placing and receiving orders * An ability to compare notes on products and services
What companies have today
* Companies can operate through web sites.
* Can collect more information.
* Speedy communication.
* Two-way communication.
* Companies can customize offerings.
* Can improve purchases and sales.
* Can send ads, coupons, information to customers easily. * MARKETING
* What is marketing?
* Creating consumer wants & satisfying it
* Finding ways to satisfy customers effectively & efficiently. * Is to be defined as value delivering process.
* Kotler “Marketing is a social & managerial process by which individuals & groups obtain what they need and want through creating, offering and exchanging products of value with others”. * AMA “ Marketing is the process of planning & executing the conception, pricing, promotion & distribution of ideas, goods, & services to create exchanges that satisfy individual and organizational goals * Three stages of marketing
* Entrepreneurial marketing
* Formulated marketing
* Intrepreneurial marketing
* Scope of marketing
* Core Concepts:
* Target markets & segmentation
* Marketplace, Marketspace & Metamarket
* Marketers & Prospects
* Needs, wants & demands
* Product, offering & brand
* Value & satisfaction
* Exchange & transactions
* Relationships & networks
* Marketing channels
* Supply chain
* Nature of Marketing
1. Marketing is customer –focused
2. Marketing must deliver value
3. Marketing is business
4. Marketing is Surrounded by customer needs
5. Marketing is a part of total environment
6. Marketing systems affects company strategy
7. Marketing as a discipline
8. Marketing creates mutually – beneficial relationship * Marketing Management
It performs all managerial functions in the field of marketing. E. W. Cundiff & RR Still, “ Marketing management is concerned with the direction of purposeful activities towards the attainment of marketing goals”. Philip Kotler, “ Marketing management is the process of planning & executing the conception, pricing, promotion & distribution of goods, services & ideas to create exchanges with target groups that satisfy customer & organizational objectives”. * Objectives:
1. To create customers for the business
2. To satisfy the needs of customers
3. To determine marketing - mix that will satisfy the needs of the customers 4. To generate adequate profits for the growth of the business 5. To earn good will for the business
6. To raise standard of living of people
* Functions of marketing
* Functions of marketing research
a. Marketing research
b. Product planning and development
* Functions of exchange
a. Buying assembling
* Functions of physical treatment
a. standardization, grading and branding
* Functions facilitating exchange
* Marketing Mgmt. Philosophies
Societal marketing orientations
* Production concept
1. Vague idea about consumer wants
2. Mass production
3. Mass distribution
4. Product availability at a low price
5. Profit through mass standardization
. Production Orientation
* Focuses on internal capabilities of firm.
* “ Field of Dreams” strategy
* “If we...
Please join StudyMode to read the full document