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Process of finding out customer needs and serving those needs profitably
Profit is a legitimate goal of a business organization Essence of marketing is providing desired value to customers
Marketing is defined as, a social and managerial process, by which, individuals and groups, obtain what they need and want, through creating, offering and exchanging, products of value with others. - Philip Kotler.
Markets Buyers & Sellers Cash/ Cards, Exchange Demand & Supply
SELLERS
BUYERS
Flow of Money
LOCAL MARKET
REGIONAL MARKET
NATIONAL MARKET
INTERNATIONAL MARKET
PRDN
PRDN
HR MARKETING
Selling Concept
Marketing Concept
Holistic Concept
Emphasis on Mass Production Low Cost High Efficiency Customers have to buy, whatever is produced in Bulk. For E.g. Ford T-Model Car (All models
available in black colour).
Emphasis on maximizing the sales through customer satisfaction. Conducts Market Research, to know the customer taste and preferences. Manufactures innovative products.
It is based on the developments, design and implementation of marketing programs, processes and activities that recognizes the interdependencies of firm and its environment.
PLACES
PROPERTIES IDEAS INFORMATION ORGANIZATIONS
EVENTS
PERSONS
PERSONS GOODS
PROPERTIES
ORGANISATIONS SERVICES
MARKETING
INFORMATION EXPERIENCES
PLACES EVENTS
IDEAS
SELLING
Older Concept Narrow Concept Quantity Based
MARKETING
Modern Concept Broader Concept Quality Based
product
Focus on Maximizing Profit through
Customer Satisfaction
Love the Customer & not the product Consumer determines Price, Price
determines Cost
Suppliers
Competitors Environment
Marketing Intermediaries
Value Proposition A set of benefits offered by the company to satisfy customer needs
Offering Value proposition is made physical by an offering which is a combination of products, services, information and experiences.
Customer Value - benefit that the customer gains from owning and using a product compared to the cost of obtaining the product. Customer Satisfaction - depends on the products perceived performance in delivering value relative to a
VALUE
Service Price
Value = Benefits/Costs
Increase in Costs
5) Decrease Benefits by less than the
Decrease in Costs
Personal value
Image value
Energy cost
Psychic cost
STUDENTS
( Prospects)
Cust. Seg
Mkt Selection
Provide the Value
Value Positioning
Distributing
Sourcing/
Making
Pricing
Pdt/Service
Dvlpmt
Sales Promo.
Advtsg
Nonprofit Marketing
Ethical Concerns
Emerging Challenges
Changing World Economy
Globalization
Relationship marketing is the process of attracting, maintaining, and enhancing relationships with key people. Relationship Marketing works in Stages.
Using the relationship marketing approach, programs are customized for individual consumer groups and the stage of the process they are going through, rather than giving everybody the same promotions, with perhaps a change in offer. E.g. Customer Life Cycle
Interaction > Communication > Valuation > Termination Awareness > Comparison > Transaction > Reinforcement
A set of tools that firms uses to pursue its marketing objectives, in the target markets. It is developed by Prof. E. Jerome McCarthy.
7 8
MARKETING MIX
PLACE
PRODUCT Variety Quality Design Features Brand Packing Sizes Services Warranties Returns
PRICE
List price Discounts Allowances P. Period Credit terms
PROMOTION
Product Variety
Quality Design Features Brand Name
Packaging
Sizes Services
Discount
Allowances
Payment Period
Credit Terms
Sales Promotion
Advertising
Sales Force
PR
Direct Marketing
Channels
Coverage
Assortments
Locations
Inventory
Transport
4 Ps +
PHYSICAL EVIDENCE
PROCESS
PEOPLE
4 P+ 3P+
PACKAGING
POSITIONING
PACE
Four Ps
PRODUCT PRICE
Four Cs
Customer Solutions
Customer Cost
PLACE
PROMOTION
Customer Convenience
Commn with Customer
INDUSTRY COST
STRUCTURE MARKET TRENDS
It is an orientation for achieving the objectives, by developing superior value to consumers. 6 principles lies for value driven marketing: Customer Principle (focus on creating and delivering
competitive alternatives).
Proactive Principle (Offers changes in the firm based on the
changes in environment)
Assembling).
Functions of Physical Supply (Transportation, Storage
& Warehouses).
Facilitating Functions (Financing, Risk Bearing,
Standardization).
Functions of Research (Market Research, New
Product Development).