mm lecture 1 am

8/22/2019 MM Lecture 1 AM

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Unit - IIntroduction to Marketing

Management

Concept, Nature &Scope

Arun MishraAsst. Professor

VNS Business School

(M) 9893686820

Email: [email protected]


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What Is Marketing?

Marketing is about identifying & meeting human &social needs.

Marketing is the act iv i ty , set of inst i tu t ions and

processes for creat ing, communicat ing,

deliver ing and exchang ing of fer ings that have

value for cus tomers, cl ients, partners & soc iety

at large. - AMA

Social Definition: Marketing is a societal

process by which indiv iduals & groups ob tain

what they need and want through creat ing,

of fer ing and freely exchanging products and

services of value of o thers.


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What Is Marketing?

Marketing is a process by which companies

create value for customers and build strong

customer relationships to capture value from

customers in return Thus, 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.


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Scope of Marketing:What can be Marketed?

Goods: Physical goods like car, television cosmetics,watches etc.

Services: include the work of airlines, hotels, lawyers,doctors etc.

Events: Time-based events such as trade shows, artisticperformance, global sporting events like Olympics, World

Cup etc.

Experiences: Such as amusement park or a water park.

Persons:Artists, musicians, CEOs, Physicians and otherprofessionals all get help from celebrity marketers.

Places: Cities, States, Regions, Nations are marketed toattract tourists, residents, factories & Companies etc.


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Scope of Marketing:What can be Marketed?

Properties: are intangible rights of ownership to eitherreal property or financial property. Real estate agents,

Banks and investment companies market these.

Organisations: Many organisations undertake socially

useful initiative such as, health, education etc. as part oftheir corporate social responsibility.

Information: News Papers, Books, Schools,Universities are marketed at a price to parents, students

and communities. Ideas: That lead to responsible action and influence

attitude and behaviour such as creating HIV/AIDS

awareness.


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Understanding the Marketplaceand Customer Needs

States of deprivation

Physicalfood, clothing, warmth, safety

Socialbelonging and affection

Individualknowledge and self-expression

Needs

Form that needs take as they are shaped by cultureand individual personalityWants

Wants backed by buying power

Demands

Customer Needs, Wants, and Demands


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Understanding the Marketplace

and Customer Needs

Market offerings are some combination of

products, services, information, or experiences

offered to a market to satisfy a need or want

Marketing myopia is focusing only on existingwants and losing sight of underlying consumer

needs

Exchange is the act of obtaining a desired object

from someone by offering something in return

Markets are the set of actual and potential

buyers of a product


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Marketing ManagementOrientations

Productionconcept

Productconcept

Sellingconcept

Marketingconcept

Societalconcept


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Production concept is the idea that

consumers will favor products that are

available or highly affordable

Product concept is the idea that

consumers will favor products that offer

the most quality, performance, and

features. Organization should thereforedevote its energy to making continuous

product improvements.


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Selling concept is the idea that consumerswill not buy enough of the firms products

unless it undertakes a large scale selling

and promotion effort Marketing concept is the idea that

achieving organizational goals depends on

knowing the needs and wants of the targetmarkets and delivering the desired

satisfactions better than competitors do.


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Societal marketing concept is the

idea that a company should make

good marketing decisions byconsidering consumers wants, the

companys requirements, consumers

long-term interests, and societys long-run interests


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mm lecture 1 am

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