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Alok Yadav
8/9/2012
The Marketing Function is the Process of bringing Buyers and Sellers together
CONSUMERS PRODUCERS
MARKETING
Goods/services Money
Information
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The Industrial Revolution gave rise to large scale manufacturing, so this personal contact ended. With mass production came mass markets and mass distribution. Manufacturers were no longer able to offer a personalised service, and techniques of marketing were developed to fill this gap.
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Production
Product
Selling
Marketing
Societal Mktg
As business philosophy has evolved, so has the role of marketingcustomer satisfaction is now at the core of most successful corporations
Marketing Philosophies Production Concept: The whole focus of the company is the production Give them better and cheaper products we can do this by : company improving production distribution Good method if: demand is higher than supply cost of producing is too high
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Marketing Philosophies Product Concept: The whole focus is to improve the product features make the product better The idea is that if we make it better they will keep buying it problem with this: May be the customers want something different other products may replace this product
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Marketing Philosophies Selling Concept: The company pushes promotion and advertising The idea is that the more we promote, the more they will buy we use this method to educate and tell the customers about the product or service This is not a complete process. starts with the product then they sell....unlike the marketing process
Marketing Philosophies Marketing Concept: (this is the one we will use) this is a complete approach process: first find out the needs and wants of customers then develop and deliver the goods that will satisfy these needs and want this process starts with the needs and wants and then builds the product...unlike the selling concept most major successful companies use this concept
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Marketing Philosophies Societal Marketing Concept: This is the newest marketing philosophy It is the marketing concept with a conscience they think of what is good for society they think about environmental items they think about a better life for people they think about the world and social impact
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Chapter 1- slide 23
1. 2. 3. 4. 5.
Customer needs, wants, and demands Market offerings Value and satisfaction Exchanges and relationships Markets
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Form that needs take as they are shaped by culture and individual personality
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Customers
Value and satisfaction
Marketers
Set the right level of expectations Not too high or low
Marketing occurs when people decide to satisfy needs and wants through exchange relationships
A transaction consists of a trading of values between two parties. Marketing consists of actions taken to build & maintain desirable exchange relationships with target audiences. Marketers want to build strong relationships by consistently delivering superior customer value. This is part of relationship marketing.
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Markets and the marketing system A market is the set of actual and potential buyers Marketing means managing markets to bring about profitable customer relationships. Buyers also carry on marketing. Consumers do marketing when they search for the goods they need at prices they can afford. Company purchasing agents do marketing when tracking sellers & bargain for good terms
Main elements in a modern marketing system Company & competitors send offers & messages to consumers. All actors in the system are affected by environmental forces
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Market segmentation refers to dividing the markets into segments of customers Target marketing refers to which segments to go after Marketing management is customer management and demand mgt
Demarketing is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it
The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs Company must decide how it will serve targeted customers - how it will differentiate & position itself in the marketplace. Value propositions differentiate one brand from another answering, Why should I buy your brand rather than a competitors?
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The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs Company must decide how it will serve targeted customers - how it will differentiate & position itself in the marketplace. Value propositions differentiate one brand from another answering, Why should I buy your brand rather than a competitors?
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Production
Finance
Legal
Collaborators
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Production
Finance
Legal
Collaborators
Basic Concepts 1
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The set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market.
Marketing Mix
Product
Place
Price
Promotion
Marketing Mix
Product
Price
Promotion
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Basic concepts 2
Segmentation: Dividing the market into distinct groups of buyers based on demographic, psychographic and behavioural considerations
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Targeting is the actual selection of the segment you want to serve the target market is the group of people or organizations whose needs a product is specifically designed to satisfy
Positioning
is defined as the act of designing the companys offering and image to occupy a distinctive place in the mind of the target market
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