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Your thoughts
What do you mean by Marketing?
What comes to your mind?
Narrate your experience as a customer (Good / Bad)
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Definition of Marketing
Marketing is the activity, set of institutions, and
processes for creating, communicating, delivering,
and exchanging offerings that have value for
customers, clients, partners, and society at large.
[Source: American Marketing Association - Approved July 2013]
Overview of Marketing
Exchange Process & Specialized Roles
Exchange enabling actions Marketing Mix
Setting the Mix
Market Selection
Market Segmentation
Product Differentiation
Marketing Process
Situation & Environmental Analysis
Formulating Strategy
Executing Strategy & Assessing Performance
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Marketing as Exchange
Meaning of exchange
An act of giving one thing and receiving another in
return.
synonyms: trade, swap, switch, barter, change,
interchange
Marketing as Exchange
Utilitarian Exchange
Goods given in return for money / other goods
Foundations of Economic Man
Rational behavior
Utility maximization (satisfaction)
Complete information on alternatives available
Exchanges are free from external influences
Symbolic Exchange
Mutual transfer of psychological / social / intangible
entities between two or more parties
People buy things not only for what they can do, but
also for what they mean
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Marketing as Exchange
Mixed Exchange
Marketing exchanges are mixed exchanges
Involves both utilitarian and symbolic aspects
Difficult to separate the two
Exchange Process
Exchanges involve a seller / provider and one or
more buyer(s)
Exchange of Goods [or/and] Services
Common set of exchange conditions:
Buyers outnumber sellers
Any individual buyer is weaker than the seller
Total economic power of buyers can assure business
for sellers [or put them out of business]
Sellers compete to sway the largest number of buyers
Sellers modify their behaviors to sway the largest
number of buyers and to counter competition
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Products /
Services
Place
Channels, Coverage, Assortments,
Locations, Inventory, Transport
Promotion
Advertising, Sales Promotion, Digital
Mktg ., Public Relations, Events, Direct
Marketing
Pricing
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Place
Promotion
Price
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Marketing Process
Situation Analysis
(SWOT)
Strength
Weakness
Opportunities
Threat
Environmental
Analysis
P.E.S.T.E.L. Analysis
Porters
Five
Forces Model
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Marketing Process
Strategy Formulation
Fundamental aim is to appeal to the target audience
and differentiate the product / service from
competition
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