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Parul Institute of Engineering & Technology

Subject Code : 150001


Name Of Subject : MANAGEMENT- 2
Name of Unit : INTRODUCTION TO MARKETING
Topic : FOUR Ps of Marketing,Concepts of Marketing
Name of Students: Agrawal Swapnil J.
CONTENTS
INTRODUCTION
What is Marketing?
Marketing Management
4 Ps of Marketing
Introduction to Marketing Mix
Product
Price
Place
Promotion

Sub: MANAGEMENT-2 Topic: Marketing Function


CONTENTS
Different Concept of Marketing
Introduction
The Marketing Concept
Core Marketing Concept
Management Orientation
Production Concept
Product Concept
Selling Concept
Marketing Concept
Holistic Concept
Societal Concept
Sub: MANAGEMENT-2 Topic: Marketing Function
What is Marketing?

Marketing is managing profitable customer


relationships
Attracting new customers
Retaining and growing current customers
Marketing is NOT synonymous with sales
or advertising

Sub: MANAGEMENT-2 Topic: Marketing Function


Marketing Management

Marketing management is the art and


science of choosing target markets and
building profitable relationships with them.
Creating, delivering and communicating
superior customer value is key.

Sub: MANAGEMENT-2 Topic: Marketing Function


Marketing Management

Customer Management:
Marketers select customers that can be
served well and profitably.
Demand Management:
Marketers must deal with different demand
states ranging from no demand to too much
demand.
The 4 Ps of Marketing

Sub: MANAGEMENT-2 Topic: Marketing Function


The 4 Ps of Marketing
4 Ps
Referred to as The Marketing Mix
All four are essential to the success of a marketing
plan for either a product or a service
4 Ps stand for
Product
Price
Place
Promotion
A mix of the four is necessary to sell a product
Sub: MANAGEMENT-2 Topic: Marketing Function
The Marketing Mix
The elements are interconnected

Product

Place

Price

Promotion

Sub: MANAGEMENT-2 Topic: Marketing Function


The Marketing Mix
Think of a Cake
All cakes need 4 things flour, egg, sugar, milk
However, you can play with the flavour of your cake
by changing the ingredients slightly
Example: Sweeter cake add
more sugar

Sub: MANAGEMENT-2 Topic: Marketing Function


The Marketing Mix
The same thing is true with the marketing mix
You can very the type of message you are sending
out about your product/service by mixing different
elements of each of the Ps
Example: Want to be seen as a luxury item make
the price high, have limited selection

Sub: MANAGEMENT-2 Topic: Marketing Function


Product
Refers to the benefits of buying a product
What need does the service/product fulfill
Quality
What will the quality of your service/product
be?
Some people really want quality vs. others that
dont really matter
Features
How will your product/service differ from the
competition
What will you do differently?
Sub: MANAGEMENT-2 Topic: Marketing Function
Product
Packaging if your selling a product what image
will the packaging communicate?
If a service how will the appearance of your
operation communicate an image about your
business
Range of Products what complimentary
products may you offer
If service: Will you offer other products with
your service
E.g. Think of range of products that apple has
Sub: MANAGEMENT-2 Topic: Marketing Function
Price
Marketing is responsible for establishing the price of
their service/product
Must consider the costs of all the inputs (materials,
labour, etc)
Mark-up Price How much profit do you want to
make on every product/customer
Example: Selling Cupcakes
Every cupcake uses $1 of materials and labour
roughly costs $0.25 to make one muffin
You must charge at least $1.25 to break-even
Sub: MANAGEMENT-2 Topic: Marketing Function
Price
The price of your product or service tells the
customer a lot about your product

2000 Rs. 5000 Rs.

Sub: MANAGEMENT-2 Topic: Marketing Function


Price
Different Pricing Strategies
Competition basing your prices on those of the
competition
Penetration making your price low while new
just to get some business
Bundle putting the product/service with
another item and bundling the prices
Psychological making the price say something
about the quality of your product
Sub: MANAGEMENT-2 Topic: Marketing Function
Place
Simply refers to how & where you are going to sell
the product to the consumer
Direct Distribution selling your product directly to
the consumer
Brick & Mortar vs. Virtual Store
Indirect Distribution sold through a 3rd party
What retailers are the best for reaching your
Target Market?
Example: Selling protein powder where do I sell?

Sub: MANAGEMENT-2 Topic: Marketing Function


Place
For a service : where are you going to locate in
order to best reach your target market
You want to be in an area that
your target market frequents
Says something about your business
Notice how car dealerships are
always on the outskirts of
town or close to a highway?
Brantford Commons
Sub: MANAGEMENT-2 Topic: Marketing Function
Promotion
A successful product or service means nothing unless
the benefit of that product/service can be
communicated to the Target Market

There are many ways to get the word out


How many can we think of...

Sub: MANAGEMENT-2 Topic: Marketing Function


Promotion

Public Relations Advertising

Sales Buzz

Sub: MANAGEMENT-2 Topic: Marketing Function


Different Concept of Marketing
The marketing concept has suffered in two
ways:
First, it has been established as optimal
management philosophy when it is not necessarily so in
all instances
Second, we can see many examples of poor
marketing practice that have been adopted in the name
of the marketing concept.

Sub: MANAGEMENT-2 Topic: Marketing Function


Different Concept of Marketing

The marketing concept


Customer focus

Profits

Integration of organizational efforts.

Sub: MANAGEMENT-2 Topic: Marketing Function


Different Concept of Marketing
Customer orientation
Satisfying its customers at a profit
Determining the needs and wants of target
markets
Discovering the wants of a target audience and
then creating the goods and services to satisfy
them

Sub: MANAGEMENT-2 Topic: Marketing Function


Different Concepts of Marketing

Many Things Can Be Marketed!


Goods Places
Services Properties
Experiences Organizations
Events Information
Persons Ideas

Sub: MANAGEMENT-2 Topic: Marketing Function


Different Marketing Concept
Core Marketing Concepts
Needs, wants, and Value and
demands satisfaction
Marketing offers: Exchange,
including products, transactions and
services and relationships
experiences
Markets

Sub: MANAGEMENT-2 Topic: Marketing Function


Different Marketing Concept
Management Orientations

Production concept Selling concept


Product concept Marketing concept
Holistic Marketing concept
Societal Marketing concept

Sub: MANAGEMENT-2 Topic: Marketing Function


PRODUCTION CONCEPT
A firm focusing on a production orientation specializes
in producing as much as possible of a given product or
service.

Thus, this signifies a firm exploiting economies of scale


until the minimum efficient scale is reached.

A production orientation may be deployed when a


high demand for a product or service exists, coupled
with a good certainty that consumer tastes will not
rapidly alter (similar to the sales orientation).
Sub: MANAGEMENT-2 Topic: Marketing Function
PRODUCT CONCEPT
A firm employing a product orientation is chiefly
concerned with the quality of its own product.

A firm would also assume that as long as its product


was of a high standard, people would buy and
consume the product.

Sub: MANAGEMENT-2 Topic: Marketing Function


SELLING CONCEPT
A firm using a sales orientation focuses primarily on
the selling/promotion of a particular product, and not
determining new consumer desires as such.
Consequently, this entails simply selling an already
existing product, and using promotion techniques to
attain the highest sales possible.

Such an orientation may suit scenarios in which a firm


holds dead stock, or otherwise sells a product that is in
high demand, with little likelihood of changes in
consumer tastes that would diminish demand.
Sub: MANAGEMENT-2 Topic: Marketing Function
MARKETING CONCEPT
The 'marketing orientation' is perhaps the most
common orientation used in contemporary marketing.

It involves a firm essentially basing its marketing plans


around the marketing concept, and thus supplying
products to suit new consumer tastes.

E.g. a firm would employ market research to gauge


consumer desires , use R&D to develop a product
attuned to the revealed information, and then utilize
promotion techniques to ensure persons know the
product exists.
Sub: MANAGEMENT-2 Topic: Marketing Function
HOLISTIC CONCEPT
The holistic marketing concept looks at marketing as a
complex activity and acknowledges that everything
matters in marketing - and that a broad and integrated
perspective is necessary in developing, designing and
implementing marketing programs and activities.

The four components that characterize holistic


marketing are relationship marketing, internal
marketing, integrated marketing, and socially
responsive marketing.

Sub: MANAGEMENT-2 Topic: Marketing Function


SOCIETAL CONCEPT
Societal marketing emerged in the 1960s.

The societal marketing concept deals with the needs,


wants and demands of customers: how to satisfy them
by producing superior value that should satisfy the
customers and promote the well-being of society.

The producer should not produce products deemed


hazardous to society.

Societal marketing developed into sustainable


marketing.
Sub: MANAGEMENT-2 Topic: Marketing Function
REFERENCES
Books:-
1.Management-2
Second Edition by Pearson Publication
2.Management-2
By Mahajan Publication
Web Resources:-
1.Google
2.Wikipedia
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