Defining Marketing

for the 21st Century

Marketing Management

A South Asian Perspective, 13th ed

Chapter Questions

Why is marketing important?

What is the scope of marketing?

What are some fundamental marketing

concepts?

How has marketing management changed?

Good Marketing is No Accident

The roaring success

of four-wheeler Tata

Ace, in a market

earlier dominated by

three-wheeler load

carriers, was due to a

deep understanding

of the market needs

and customer

requirements.

End of Wait List Economy

New Consumer Capabilities

A substantial increase in buying power

A greater variety of available goods and services

A great amount of information about practically anything

Greater ease in interacting and placing and receiving orders

An ability to compare on products and services

An amplified voice to influence public opinion

Markets are the set of actual and potential buyers of a

product .

Also, refers to Demand.

What is Marketing

Is an Art of Selling?

Selling is only the tip of the iceberg

“There will always be a 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 be

needed is to make the product or

service available.”

Peter Drucker

What is Marketing?

Marketing is an organizational function

and a set of processes for creating,

communicating, and delivering value

to customers and for managing

customer relationships

in ways that benefit the

organization and its stakeholders.

What is Marketing Management?

Marketing management is the

art and science

of choosing target markets

and getting, keeping, and growing

customers through

creating, delivering, and communicating

superior customer value.

Marketplace, Marketspace and

Metamarkets

Market Place is physical such as a store you shop in;

Market Space is digital as when you shop on the

internet.

Metamarkets: A cluster of complimentary products

and services that are closely related in the minds of

consumers but spreads across diverse set of

industries.

Marketing Myopia

Marketing Myopia: The mistake of paying more

attention to the specific products a company offers

than to the benefits and experiences produced by

these products.

Hewlett Packard

HP ad, “ There’s hardly

anything that you own

that is more personal.

Your personal computer

is your back up brain.

It’s your life….. It’s

your astonishing

strategy, staggering

proposal, dazzling

calculation. It’s

autobiography, written

in thousand daily

word.”

What is Marketed?

Goods

Services

Events & Experiences

Persons

Places & Properties

Organizations

Information

Ideas

Difference Between Selling &

Marketing

Selling starts with

seller and is

preoccupied all the

time with the needs of

the seller and the

seller’s existing

products.

Seller is the centre of

business universe.

Marketing starts with

buyers and focuses

constantly on their

needs.

Buyer is the centre of

the universe: activities

follow and the buyer

& his needs.

Difference Between Selling &

Marketing

Emphasis is on saleable

surplus available with

the corporation.

Firm makes the product

and figures out how to

sell it.

Emphasis on

identification of

customer needs. Aimed

at converting customer

needs into product.

Product is determined

by the buyer. Focus is

on customer’s wants.

Structure of Flows in a Modern Exchange Economy

A Simple Marketing System