Marketing Management :
Defining Marketing for
the 21st Century
Tutored by : Prof. Sunil D’ Anto
• • • • • • • • Importance of marketing Marketing Defined The scope of marketing Tasks of a successful marketing practice Fundamental Marketing Concepts & Tools of Marketing Marketplace Orientations How has marketing management changed? Marketing’s Responses to New Challenges
Importance of marketing
(why are we learning it?)
• • • • Press notes communicating marketing triumphs Profound articles on marketing strategies & tactics The creation of CMOs Marketing is required to build strong brands & a loyal customer base which contribute majorly to the firm’s value • Marketing assists the firm : – in deciding on the right product, price, promotion, communication & delivery (place) – to redo business models, in the world of empowered customers & highly competitive market place.
The case of : the brands Xerox & Nirma
What is Marketing ?
• too often confused and identified with selling, advertising or promotions only! • Real marketing practices and theories are all too often invisible to the average consumer & common man.
Therefore, let us understand & define 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. - the AMA
Good Marketing is No Accident
Case of Tata Ace: The roaring success of fourwheeler Tata Ace, in a market earlier dominated by three-wheeler load carriers, was due to a deep understanding of the market needs and customer requirements.
What is Marketed? (the market offering / the product)
Goods Services Events & Experiences Persons
Places & Properties
Organizations Information Ideas
Successful New Product launches require careful Planning
• Traditionally, market - a physical place. • Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class.
– Marketers use the term “market” to cover various groups of customers – Marketplaces/ Marketspaces – Metamarkets & metamediaries
Simple Marketing System
Industry (a collection of sellers)
Market (a collection of Buyers)
Exchange & Transactions
• Exchange defined • Conditions for an exchange • Up-gradation to a Transaction
Structure of Flows in a Modern Exchange Economy
Key Customer Markets
Consumer Markets Global Markets
Nonprofit/ Government Markets
Core Concepts of Marketing
Needs, Wants, and Demands * Segmentation ,Target markets, Positioning
Product or Market Offering & Brands Customer, Consumer, Client Value and Satisfaction Exchange and Transactions Relationships and Networks Marketing Channels
Competition Marketing Environment
* Assignment 1 (a)
States of Demand
• Eight demand states are possible:
– Negative demand : consumers dislike the product and may even pay a price to avoid it. – Non-existent demand :consumers may be unaware or uninterested in the product. – Latent demand: consumers may share a strong need that cannot be satisfied by an existing product. – Declining demand : consumers begin to buy the product less frequently or not at all. – Irregular demand: consumer purchases vary on a seasonal, monthly, daily, or even an hourly basis. – Full demand: consumers are adequately buying all product put into the marketplace. – Overfull demand: too many consumers would like to buy the product that can be satisfied. – Unwholesome demand: consumers may be attracted to products that have undesirable social consequences.
Company Orientation Towards the Marketplace
Production Concept Product Concept
Selling Concept Marketing Concept
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