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Marketing Management
Session 1,2,3
Marketing
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals
American Marketing Association
What is Marketing??
Selling? Advertising? Promotions? Making products available in stores? Maintaining inventories?
Marketing Concept
What do customers want? Can we develop it while they still want it? How can we keep our customers satisfied? In response to these discerning customers, firms began to adopt the marketing concept, which involves: Focusing on customer needs before developing the product Aligning all functions of the company to focus on those needs Realizing a profit by successfully satisfying customer needs over the long-term
Sales Concept
Can we sell the product? Can we charge enough for it?
Marketing Concept
Marketing = ?
Marketing is the sum of all activities that take you to a sales outlet. After that sales takes over. Marketing is all about creating a pull, sales is all about push. Marketing is all about managing the four Ps
product price place promotion
Goods/services Industry
(a collection of sellers)
Market
(a collection of Buyers)
Money
Information
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Marketing Environment
Sales
trying to get the customer to want what the company produces
Marketing
trying to get the company produce what the customer wants
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Tangible good Accompanied service Computer, cars air conditioners, machinery-after sales service
Beauty saloon providing cosmetics Child care centers providing baby food.
Pure service
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Who is a Customer ??
CUSTOMER IS . . . . .
Anyone who is in the market looking at a product / service for attention, acquisition, use or consumption that satisfies a want or a need
CUSTOMER has needs, wants, demands and desires Understanding these needs is starting point of the entire marketing These needs, wants arise within a framework or an ecosystem Understanding both the needs and the ecosystem is the starting point of a long term relationship
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Strategic Marketing
Strategic marketing management is concerned with how we will create value for the customer Asks two main questions What is the organizations main activity at a particular time? Customer Value What are its primary goals and how will these be achieved? how will this value be delivered
Strategic Planning
Strategic Planning is the managerial process of creating and maintaining a fit between the organizations objectives and resources and the evolving market opportunities. Also called Strategic Management Process All organizations have this Can be Formal or Informal
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Business Mission
Goal Formulation
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Strategy Formulation
Environmental Analysis Competitor Customer Supplier Regulatory Social/ Political Internal Analysis Technology Know-How Manufacturing Know-How Marketing Know-How Distribution Know-How Logistics Opportunities & Threats Strength & Weaknesses Identity Core Competencies
Identify opportunity
Firm Strategies
Why a product like radio declined and now once again emerging as an entertainment medium ?
Marketing Strategy
Target Market Strategy
Marketing Mix
Product Promotion Place/Distribution Price
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The macro-environment
The 4 Ps
Marketing Mix Product Place
Price
is the assessment of the external forces that act upon the firm and its customers, that create threats & opportunities
Promotion
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