01. introduction to mm

THARAKA DIASMBA(USA), BBA(USA), Dip in Mgt, ACIM(UK),

FAEA(Dip in AEA-UK), FinstSMM(UK), CPM(Asia),

Needs - state of felt

deprivation

including physical,

social, and

individual needs

(e.g., food)

AOT - www.tharakadias.com

Wants - form that

a human need

takes as shaped takes as shaped

by culture and

individual

personality (e.g.,

pastry)

3AOT - www.tharakadias.com

This is the early stage of stone

age. The only food the man

knew and consumed was raw

meat. With blunt stones and meat. With blunt stones and

clubs they could kill only a few

very small animals. Thus,

everyone had to hunt to

produce a little food. Therefore,

there was no surplus and no

exchange

Something of ValueSomething of ValueSomething of ValueSomething of Value

Ability to Ability to Ability to Ability to

At Least Two At Least Two At Least Two At Least Two PartiesPartiesPartiesParties

Necessary Necessary Necessary Necessary

Desire to Deal With Desire to Deal With Desire to Deal With Desire to Deal With Desire to Deal With Desire to Deal With Desire to Deal With Desire to Deal With Other PartyOther PartyOther PartyOther Party

Freedom to Accept Freedom to Accept Freedom to Accept Freedom to Accept or Rejector Rejector Rejector Reject

Ability to Ability to Ability to Ability to Communicate OfferCommunicate OfferCommunicate OfferCommunicate Offer

Necessary Necessary Necessary Necessary Conditions for Conditions for Conditions for Conditions for

ExchangeExchangeExchangeExchange

� The firm is focused on what it does best

� Less concerned on customers’ needs

� Implies work towards mass production and � Implies work towards mass production and

low cost

� Assumes customers favor products that

offer the most quality, performance, and

features.features.

� Implies firm should strive to

continually upgrade product and

product features.

Start Focus Means Ends

Factory Production

efficiency

Profits through

sales volume & low costOutput

ProductProduct

Quality

Improvement

& InnovationProfits through

better product features

PRODUCTION CONCEPT

PRODUCT CONCEPT

� Aggressive sales techniques

� Less sought out items

The marketing concept states that

the social and economic

justification for an organization’s justification for an organization’s

existence is the satisfaction of

customer wants and needs while

meeting organizational objectives.

� Focuses on customer wants and needs to

distinguish products from competition

� Integrates all organization’s activities to satisfy

customer wants and needs

� Achieves organization’s long-term goals by

satisfying customer wants and needs

� Top management leadership

� A customer focus� A customer focus

� Competitor intelligence

� Inter functional coordination

� Customer relationships

•Organized resistanceOrganized resistanceOrganized resistanceOrganized resistance

•Slow learningSlow learningSlow learningSlow learning

•Fast forgettingFast forgettingFast forgettingFast forgetting

� Less toxic products

Marketing that preserves or enhances an individual’s

and society’ssociety’ssociety’ssociety’s long-term best interests

� Less toxic products

� More durable products

� Products with reusable or

recyclable materials

Production Concept

Product Concept

•Consumers favor products that are available and highly affordable.

•Improve production and distribution.

•Consumers favor products that offer the most quality, performance, and

Product Concept

Selling Concept

Marketing Concept

Societal Marketing Concept

the most quality, performance, and innovative features.

•Consumers will buy products only if the company promotes/ sells theseproducts.

•Focuses on needs/ wants of target markets & delivering satisfaction better than competitors.

•Focuses on needs/ wants of target markets & delivering superior valueto the society.

Identifying & meeting human and social needs profitably.profitably.

Marketing is the management process which Identify, Anticipate and Satisfy Customer

requirements most Effectively and Efficiently with Profits, in a Socially acceptable manor (CIM UK)

Simply put: Marketing is the delivery of customer Simply put: Marketing is the delivery of customer Simply put: Marketing is the delivery of customer Simply put: Marketing is the delivery of customer

satisfaction at a profit.satisfaction at a profit.satisfaction at a profit.satisfaction at a profit.satisfaction at a profit.satisfaction at a profit.satisfaction at a profit.satisfaction at a profit.

Goals: Attract new customers by promising superior Goals: Attract new customers by promising superior Goals: Attract new customers by promising superior Goals: Attract new customers by promising superior

value value value value andandandand

keep and grow current customers by delivering keep and grow current customers by delivering keep and grow current customers by delivering keep and grow current customers by delivering

satisfactionsatisfactionsatisfactionsatisfaction....

�� MarketingMarketing

The process of creating, distributing,

promoting, and pricing goods, services, &

ideas to facilitate satisfying exchangeideas to facilitate satisfying exchange

relationships with customers in a dynamic

environment.

�� CustomersCustomers

The purchasers of organizations’ products;

the focal point of all marketing activities

� What is the Purpose of MarketingWhat is the Purpose of MarketingWhat is the Purpose of MarketingWhat is the Purpose of Marketing????Satisfaction

Satisfaction

is a person’s feelings of pleasure or disappointment

resulting from comparing a product’s perceived

performance (or outcome) in relation to his or her

expectations.

� Goal: to meet or exceed

customer expectationscustomer expectations

� The customer determines the

expectation

� Treat customers like human

beings24AOT - www.tharakadias.com

� Plays an important role in society

Vital to business survival, profits � Vital to business survival, profits

and growth

� Offers career opportunities

� Affects your life every day

““““Marketing is too important Marketing is too important Marketing is too important Marketing is too important

to be left to the to be left to the to be left to the to be left to the

marketing departmentmarketing departmentmarketing departmentmarketing department.” .” .” .”

--------David Packard David Packard David Packard David Packard

HewlettHewlettHewlettHewlett----PackardPackardPackardPackard

Understand the organization’s missionUnderstand the organization’s missionUnderstand the organization’s missionUnderstand the organization’s mission

Set marketing objectivesSet marketing objectivesSet marketing objectivesSet marketing objectives

Gather, analyze, interpret “SWOT” informationGather, analyze, interpret “SWOT” informationGather, analyze, interpret “SWOT” informationGather, analyze, interpret “SWOT” information

Develop a marketing strategyDevelop a marketing strategyDevelop a marketing strategyDevelop a marketing strategy

Implement the marketing strategyImplement the marketing strategyImplement the marketing strategyImplement the marketing strategy

Design performance measuresDesign performance measuresDesign performance measuresDesign performance measures

Evaluate marketing effortsEvaluate marketing effortsEvaluate marketing effortsEvaluate marketing efforts--------change if neededchange if neededchange if neededchange if needed

� Defines who may buy

your product or serviceyour product or service

� Size and potential

� Select one or more target marketstarget marketstarget marketstarget markets

� Set market objectivesmarket objectivesmarket objectivesmarket objectives

� Develop & maintain a marketing mixmarketing mixmarketing mixmarketing mixDevelop & maintain a marketing mixmarketing mixmarketing mixmarketing mix

� Characteristics

� Consistent with company objectives

� Measurable

� Time specific

� Benefits

� Energize employees

� Set standards of performance

� PPPProductPPPProduct

� PPPPlace (Distribution)

� PPPPromotion

� PPPPrice

Possession utilityPossession utilityPossession utilityPossession utility

Place utilityPlace utilityPlace utilityPlace utility

Time utilityTime utilityTime utilityTime utility

Form utilityForm utilityForm utilityForm utility

Oriental rugOriental rugOriental rugOriental rug

Store has it in stockStore has it in stockStore has it in stockStore has it in stock

Delivered to your homeDelivered to your homeDelivered to your homeDelivered to your home

Pay with your VISA cardwith your VISA cardwith your VISA cardwith your VISA card

Communication

Industry

(a collection

of sellers)

Market

(a collection

of Buyers)

Goods/services

Information

The feeling that a

product has met or product has met or

exceeded the

customer’s

expectations.

� Meet or exceed customer’s expectations

� Focus on delighting customers� Focus on delighting customers

� Provide solutions to customer’s problems

The name of a strategy

that entails forging that entails forging

long-term partnerships

with customers, both

individuals and firms.x

Attracting a new customer may be Attracting a new customer may be Attracting a new customer may be Attracting a new customer may be

TEN TIMES the cost of keeping an TEN TIMES the cost of keeping an TEN TIMES the cost of keeping an TEN TIMES the cost of keeping an

old customerold customerold customerold customer

� Customer-oriented personnel

� Effective training programs� Effective training programs

� Empowered employees

� Teamwork

Value creation

► Accurately knowing

what customers value

► Producing to incorporate

such values

Communicate

the value ► Inform, convince,

remind, motivate

► Servicing the

customers

► Physical delivery

Deliver the value

01. introduction to mm

needs state

customers needsimplies

blunt stones andclubs

blunt stones andmeat

organizations activities

todistinguish products

little food

tocontinually upgrade

Business

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