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What is Marketing??
Selling? Advertising? Promotions? Making products available in stores? Maintaining inventories?
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
Marketing = ?
Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Goods/services Industry
(a collection of sellers)
Market
(a collection of Buyers)
Money
Information
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
o o o o
Place
Customer Solution
Promotion Communication
Sales
trying to get the customer to want what the company produces
Products
Markets
Customers
Company
Competition
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
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
Analysis Of Competition
Who are your competitors? What are their strengths and weaknesses? What have been their strategies? How are they likely to respond to your Marketing plan?
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
Business Mission
Goal Formulation
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
Marketing Strategy
Target Market Strategy
Marketing Mix
Product Promotion Place/Distribution Price
Marketing Environment
Why a product like radio declined and now once again emerging as an entertainment medium ?
What Were the Drivers of This Change ? Technology ? Government policy ? Other media substitutes ?
Physical / Natural
Competition
Target Market
Political & Legal Factors
Environmental Scanning
Technology
The macro-environment
is the assessment of the external forces that act upon the firm and its customers, that create threats & opportunities
Product
Product is . . . . .
Anything that is offered to the market for attention, acquisition, use or consumption that satisfies a want or a need
Types of Products
PRODUCTS
Consumer Products
Services
Industrial Products
Product Item
Product Line
Product Mix
Product Mix
Width how many product lines a company has Length how many products are there in a product line Depth how many variants of each product exist within a product line Consistency how closely related the product lines are in end use
Classification of Services
Banking
Good Transportation Major Service with Minor Product Business Hotels Product = Service Computers Major Product with Minor Services Materials / Components
Ability to add value and to differentiate as a firm focuses more on the top levels
New Economy
Organize by customer segments Focus on customer lifetime value Look also at marketing scorecard Focus on stakeholders Everyone does the marketing Build brands through performance Focus on customer retention Measure customer satisfaction and retention rate Under-promise, over-deliver
Myth 1 The larger the range of products, the more customer-centric I am.
Myth 3 Launch
using instantly.
- Give a customer a card and he will learn how to play
with it immediately
Mythbuster Selling focuses on the needs of the seller; marketing on the needs of the buyer.
Mythbuster Trust is not a differentiator at all it is the very minimum that the customer expects!!
Technology ? Brand ?
Customer Service !