Marketing 2

Marketing

Market

Market was a physical place where buyers

and sellers gathered to buy and sell

goods

Marketing• The management process through which

goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing:

• (1) identification, selection and development of a product,

• (2) determination of its price,• (3) selection of a distribution channel to reach the

customer's place, and• (4) development and implementation of a

promotional strategy.• For example, new Apple products are developed to

include improved applications and systems, are set at different prices depending on how much capability the customer desires, and are sold in places where other Apple products are sold. In order to promote the device, the company featured its debut at tech events and is highly advertised on the web and on television

Definition

• Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”

Marketing &Selling• Marketing is much wider and much

more dynamic than selling.• Marketing revolves around the

needs and interest of the buyer, selling revolves around the needs and interest of the seller

• The purpose of marketing is to make what the customers want, The purpose of selling is to sell what is made.

Marketing concepts

Needs:Needs are the basic Human requirements

Maslows Need Hierarchy Theory

Marketing conceptsWants:Needs becomes wants when they are directed to specific objects

Marketing concepts

• Demand: Demands Demand: Demands are wants for specific products backed by an ability to pay

Marketing concepts

• Production concept• Product concept• Selling concept• Marketing concept• Holistic marketing concept

Marketing concepts

• Production concept: The production concepts holds that customers will favor those products that are widely available & low in cost. Managers of production oriented organizations concentrate on achieving high production efficiency & wide distribution coverage.

Marketing concepts

• Product Concept: The product concept holds that consumers will favor those products that offer the most quality, performance or innovative features. Managers in these product oriented organizations focus their energy on making superior products & improving them over time.

Marketing concepts

• Selling Concept: The selling concept holds that consumers, in left alone, will ordinarily not buy enough of the organizations products

Marketing concepts

• The Marketing Concept: The marketing concept holds that the key to achieving organizational goals consists in determining the needs & wants of target markets& delivering the desired satisfaction more effectively & efficiently competitors

• .

Marketing concepts

• The Societal Marketing Concept: Societal marketing concept holds that the organization¶s task is to determine the needs,wants & interests of target markets & to deliver the desired satisfaction more effectively &efficiently than competitors in a way that preserves or enhances the consumer¶s &society¶s well being.

• S.No. Selling Marketing

• 1. Selling starts with the seller• & the needs of the seller• Marketing starts with the• buyer & needs of buyer• 2. Seeks to quickly convert• products into cash.• Seeks to convert customer• ‘needs’ into products• 3. Seller is the centre of• business universe• Buyer is the centre of the• business universe• 4. Views Business as a goods• producing process• Views businesses as a• customer satisfying process.• 5. Seller preference determines• the formulation of marketing• mix.• Buyer determines the shape• marketing mix should take.• 6. Selling is product oriented Marketing is customer• oriented.• 7. Sellers motives dominate• marketing communication• Marketing communication is• looked upon as a tool for• communicating the benefits /• satisfactions provided by the