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Marketing Management-I
Introduction
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A market is...
...a set of actual and potentialbuyers of a product
Marketing satisfies the needs ofmarkets by facilitating the exchange
process
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Marketing Defined
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.is an organisational function and aset of processes for creating, capturing,communicating, and delivering value to
customers and for managing customerrelationships in ways that benefit theorganisation and its stakeholders.
Marketing
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Marketing is the activity, conducted byorganizations and individuals, that operatesthrough a set of institutions and processes forcreating, communicating, delivering, andexchanging market offerings that have value forcustomers, clients, marketers, and society atlarge.
-American Marketing Association Definition of Marketing (2004)
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Marketing is a societal process by whichindividuals and groups obtain what they needand want through creating, offering, and freelyexchanging products and services of value withothers.
-Philip Kotler
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ValueValue reflects the relationship ofbenefits to costs, or
what you getfor what you give.
Customers seek a fair return in goods
and/or services for their hard earnedmoney and scarce time.
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Marketing Management
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Marketing Management.
.is the art and science of choosingtarget markets and building profitablerelationships with them.
Creating, delivering and communicatingsuperior customer value is key.
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Simple Marketing
System
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Simple Marketing System
Industry
(a collection
of sellers)
Market
(a collection
of Buyers)
Goods/services
Money
Information
Communication
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Target Market
Group of people toward whom thefirm decides to direct its marketing
efforts.
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What Can Be Marketed?
Goods
Services
ExperiencesEvents
Persons
Places
Properties
Organizations
Information
Ideas
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Marketing is Everywherein
Your Life
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Core Marketing Concepts
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ProductsandServ
ices
Value,
satisfa
ction,
and
qu
ality
Needs,w
ants,
anddema
nds
Exchange,transactions,
andrelationships
M
arkets
Core
MarketingConcepts
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Needs
...a state of felt deprivation
Wants
specific satisfiers...shaped by culture and
individual personalityDemands
wants ...backed by purchasing power andwillingness to pay
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A Product is...
...anything that can be offered toa market for attention,
acquisition, use or consumptionand that may satisfy a need orwant
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Product includes:
Goods
Services
Experiences
Events
Persons
Places
Properties
Organizations
Information
Ideas
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Exchange is...
...the act of obtaining a desiredobject from someone by offering
something in return
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Five conditions for exchange totake place:1. Two parties
2. Something of value to offer each other
3. Willing to deal
4. Free to accept or reject offer
5. Able to communicate and deliver
A t ti i
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A transaction is...
...a trade between two parties that involves:at least two things of value;
agreed upon conditions;
a time of agreement; and
a place of agreement
may be monetary orbarter
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Transfer
A transfer is a one way exchangewithout receiving anything inreturn.
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Marketing Philosophies
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HOLISTIC
MARKETING
CONCEPT
PRODUCTION
CONCEPT
PRODUCTCONCEPT
MARKETING
CONCEPT
MARKETING
CONCEPT
KEYMARKETING
PHILOSOPHIES
SELLING
CONCEPT
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The Production Concept
....Holds that consumers will favorproducts that are available and
affordable.Implies work towards mass productionand low cost
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The Product Concept
Assumes customers favorproducts that offer the most quality,performance, and features.
Implies firm should strive to continuallyupgrade product and product features.
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The idea that customers will notbuy enough of the organizations
products unless the organizationundertake a large scale selling andpromotion efforts.
The Selling Concept
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The Marketing Concept
Holds that achieving organizationalgoals depends upon determining the needsand wants of target markets and delivering
the desired satisfactions more effectivelyand efficiently than do competitors.
Th M k ti C t
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The Marketing Concept
ConsumerOrientation
GoalOrientation
MarketingConcept
Market-DrivenApproach
Value-BasedPhilosophy
IntegratedMarketing
Focus
Th H li ti M k ti C t
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The Holistic Marketing Concept
It is based on the development, design, and implementationof marketing programs, processes, activities that recognisestheir breadth and interdependencies.
Recognises that Everything matters with marketing
Four components:Relationship marketing
Integrated marketing
Internal marketing
Social responsibility marketing
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Marketing vs. Selling
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Focus of Marketing Philosophy
Consumer
Need
Evaluation
Integrated
Marketing
Effort
Achievement ofOrganizational
Goals
Consumer
Satisfaction
Feedback
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Selling Philosophy
Output Sold to ConsumersLooks at Individual, Single Consumer
Seeks Sales Rather than Profit
Short-Term Goal Orientation
Concerned with Current Inventory Reduction
Narrower View of Consumer Needs
Little Adaptation to Environment
Informal Planning and Feedback
Marketing Philosophy
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Marketing Philosophy
Consumer-OrientedStresses Research andConsumer Analysis
Looks at Groups of
ConsumersProfit-Oriented
Directed to Long-RangeGoals
Two-Way InteractiveProcess
Appropriate Adaptation toMarketing Environment
Broad View of ConsumerNeeds
Integrated Planning and
Feedback
Marketing and Sales Concepts Contrasted
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Marketing and Sales Concepts Contrasted
M k ti M i
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Marketing Myopia
Narrow-minded approach to a marketing situation
where only short-range goals are considered or
where the marketing focuses on only one aspect out
of many possible marketing attributes. Because of its
shortsightedness, marketing myopia is an inefficient
marketing approach.
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Thank You!