Ch 01 Defining Marketing

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Defining Marketing

Chapter 1

Jayesh Patel

Lecturer,

VMPIM


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Chapter Questions

Why is marketing important? What is the scope of marketing?

What are some fundamental marketing

concepts?

How has marketing management

changed?

What are the tasks necessary forsuccessful marketing management?


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What is Marketing?

Marketing is an organizational function

and a set of processes forcreating,

communicating, and delivering value

to customers and for managing

customer relationships

in ways that benefitthe

organization and its stakeholders.

Marketing is meeting customers needs

profitably


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What is Marketing Management?

MarketingManagement is the

art and scienceof choosing target markets

and getting, keeping, and growing

customers through

creating, delivering, and communicatingsuperior customer value.


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Selling is only the tip of the iceberg

There will always be need for

some selling. But the aim of marketing

is to make selling superfluous. The aim

of marketing is to know and understand

the customer so well that the product or

service fits him and sells itself. Ideally,

marketing should result in a customer

who is ready to buy. All that should beneeded is to make the product or

service available.

Peter Drucker


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What is Marketed?

Goods

Services

Events & Experiences

Persons

Places & Properties

Organizations

Information

Ideas


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Demand States

Nonexistent Latent

Declining Irregular

Full UnwholesomeOverfull

Negative


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Key Customer Markets

Consumer markets

Business markets Global markets

Nonprofit/Government markets.


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Production Concept

Product Concept

Selling Concept

Marketing Concept

Consumers prefer products that arewidely available and inexpensive

Consumers favor products thatoffer the most quality, performance,

or innovative features

Consumers will buy products only if

the company aggressivelypromotes/sells these products

Focuses on needs/ wants of targetmarkets & delivering value

better than competitors

Company Orientations Towards

the Marketplace


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Core Marketing Concepts

Needs, wants, anddemands

Target markets,

positioning,segmentation

Offerings(intangible value

proposition madephysical)

Brand )offering fromknown source)

Value and satisfaction

Marketing channels

Supply chain

Competition (actualand potential rivals-substitutes)

Marketingenvironment

1. Task- immediateactors

II. Broad


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I want it, I need it

Five Types of Needs

Stated needs Real needs

Unstated needs

Delight needs

Secret needs.


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The marketplace isnt what it used to be

Information technologyGlobalization

Deregulation

Privatization

Competition

Convergence

Consumer resistance

Retail transformation


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New Consumer Capabilities

A substantial increase in buying power

A greater variety of available goods andservices

A great amount of information about practicallyanything

Greater ease in interacting and placing andreceiving orders

An ability to compare notes on products andservices

An amplified voice to influence public opinion.


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The Four Ps


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Marketing Mix and the

Customer

Four Ps Product Price Place PromotionThree Service Ps Physical Evidence People

Process

Packaging

Four Cs

Customer solution

Customer cost

Convenience

Communication.


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Internal Marketing

Internal marketing is the task of

hiring, training, and motivating able

employees who want to servecustomers well.


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Social

Responsibility

Marketing

Social Initiatives

Corporate social

marketing

Cause marketing

Corporate

philanthropy


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Marketing Management Tasks

Develop market strategies and plans Capture marketing insights

Connect with customers

Build strong brands Shape market offerings

Deliver value

Communicate value Create long-term growth


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Ch 01 Defining Marketing

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