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Evolving Perspectives
List B. Companies ITC, Godrej, BHEL, Videocon, Voltas, HP, Britannia, L&T, Atlas, Bata, HLL, Wipro, Microsoft, P&G
SECTION 2.1
SECTION 2.1
SECTION 2.1
What is a Market?
A market is all potential customers who share common needs and wants and who have the ability and willingness to buy the product.
What is a Market?
These people share a need or want that can be satisfied through exchange relationships.
What Is Marketing?
Simple Definition: Marketing is managing profitable customer relationships. Goals: 1. Attract new customers by promising superior value. 2. Keep and grow current customers by delivering satisfaction.
What is Marketing?
American Marketing Association Definition: The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.
e. The customer as the controlling function and marketing as the integrative function
Marketing, Defined
Business activities designed to
Plan Price Promote Distribute (Place) Want-satisfying products to target markets to achieve organizational objectives
Conditions of Exchange
2 or More parties
Voluntary participation
Sales-Orientation Stage
Market-Orientation Stage
Production Era
Prior to 1920s Production orientation Business success often defined solely in terms of production victories
Sales Era
Prior to 1950s Customers resist nonessential goods and services Personal selling and advertisings task is to convince them to buy
Marketing Era
Since 1950s Marketing Concept Emerges Shift from sellers to buyers market Consumer orientation
Marketing Concept
Companywide consumer orientation Objective of achieving longrun success
Marketing Concept
A business philosophy that makes Customer Satisfaction as focal point of all the activities of the business
Marketing Concept
Selling Concept Product Concept Production Concept
This Is a Need
Needs - state of felt deprivation including physical, social, and individual needs.
This Is a Want
Wants - form that a human need takes, as shaped by culture and individual personality.
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
Products
Persons
Places
Organizations
Information
Ideas
Activity or Benefit Offered for Sale That is Essentially Intangible and Does Not Result in the Ownership of Anything
Services
Marketing Myopia
Sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products. They focus on the wants and lose sight of the needs.
This Is Demand
Wants Buying Power
Demand
#2
Target Marketing:
Select the segment to cultivate
Customer Satisfaction
Performance
10
Expectation
10
Performance
8
If performance is lower than expectations, satisfaction is low. If performance is higher than expectations, satisfaction is high.
Structural Ties
The process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
The entire stream of purchases that the customer would make over a lifetime of patronage.
Share of Customer
The share a company gets of the customers purchasing in their product categories.
(a collection of sellers)
Industry
Goods/services
Money
(a collection of Buyers)
Market
37
Information
Sales
trying to get the customer to want what the company produces
Marketing
trying to get the company produce what the customer wants
38