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What Is Marketing?: Marketing and Innovation. They Are The

The document discusses key concepts in marketing including defining marketing, the core functions of marketing, the marketing mix, and challenges in modern marketing. It provides an overview of how marketing has evolved from a production focus to a customer focus oriented around creating value. Marketing is defined as the process of understanding customer needs and delivering products and services to meet those needs.

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RishabhJain
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37 views

What Is Marketing?: Marketing and Innovation. They Are The

The document discusses key concepts in marketing including defining marketing, the core functions of marketing, the marketing mix, and challenges in modern marketing. It provides an overview of how marketing has evolved from a production focus to a customer focus oriented around creating value. Marketing is defined as the process of understanding customer needs and delivering products and services to meet those needs.

Uploaded by

RishabhJain
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 14

31/07/2019

“There is only one valid definition of Business


purpose: to create a customer……………...
[Therefore], any business enterprise has
two—and only these two—basic functions:
marketing and innovation. They are the
entrepreneurial functions. Marketing is the
distinguishing, the unique function of the
business.”
Peter F Drucker, Practice of Management

What is Marketing?

1
31/07/2019

Everyone knows marketing ??

Advertisements

Sales

Distribution

Price

Targeting & Positioning

Segmentation

Product/Service
Need

2
31/07/2019

Managerial Perspective Versus Consumer


Perspective

Definition

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.

3
31/07/2019

Marketing is the activity, set of institutions, &


processes for creating, communicating,
delivering, & exchanging offerings that have
value for customers, clients, partners, & society
at large.

Sales Vs Marketing
• Get the customer to • Concerned with trying
exchange what he to have what the
has for what you have consumer wants
• Focuses on the needs • Focuses on the needs
of the seller of the buyer
• Focuses on the need • Focuses on customer
to convert product satisfaction
into cash

“Marketing should make selling superfluous”


-Peter Drucker

4
31/07/2019

Core Concept of Marketing –


Exchange

For an exchange to occur


• There are at least two parties.
• Each party has something that might be of
value to the other party.
• Each party is capable of communication
and delivery.
• Each party is free to reject the exchange
offer.
• Each party believes it is appropriate or
desirable to deal with the other party.

5
31/07/2019

What is Marketed?

• Goods • Places
• Services • Properties
• Events • Organizations
• Experiences • Information
• Persons • Ideas

6
31/07/2019

Mouse Trap

7
31/07/2019

What went wrong??

Subsequent research…
• First of all most mousetraps are brought
by urban dwellers who have only
occasional mouse or two in the house
• Generally bought by the husband
• Traps set before retiring for night…..men
set it up
• If the mouse is trapped who throws it out?
• Both trap and mouse are thrown….but at

8
31/07/2019

• Hence it had to be emptied ,cleaned and


stored
• Unpleasant experience
• And end result was that …………….
Thus the product was indeed better but not
by the standards, problems, needs & living
standards of urban household

Product Orientation

9
31/07/2019

Production
Orientation

“You Can have any


colour as long as it
is black”

10
31/07/2019

Henry Ford - Model T

• Production – Consumer will prefer products


that are widely available and inexpensive
• Product Concept – Consumers will favor
those products that offer the most quality,
performance or innovative features, myopia
• Selling Concept – Aggressive selling &
promotion effort
• Marketing Concept- shift from “make-and-
sell” to “sense-and-respond”
• Holistic Marketing – attempts to recognize
and reconcile the scope & complexities…
Time Line

11
31/07/2019

Products &
Senior services
Marketing Channels
Management Other Depts Communications
Dept

Internal Integrated
Marketing Marketing

Holistic
Marketing

Socially
Responsible Relationship
Marketing Marketing

Ethics Community Partners


Customers
Environment Legal Channel

Marketing Mix

Product Place
Product Variety Channels
Quality Target Market Coverage
Design Assortments
Features Locations
Brand name Inventory
Packaging Transport
Sizes
Price Promotion
Services
Warranties List Price Sales promotion
Returns Discounts Advertising
Allowances Sales Force
Payment Period Public Relations
Credit Terms Direct Marketing

12
31/07/2019

Marketing Mix and the Customer

Four Ps Four Cs
• Product • Customer
• Price solution
• Place • Customer cost
• Promotion • Convenience
• Communication

Core Concepts
• Needs, wants, and • Marketing
demands channels
• Target markets, • Supply chain
positioning, • Competition
segmentation • Marketing
• Offerings and environment
brands • Marketing
• Value and planning
satisfaction

13
31/07/2019

Marketing Management Tasks


• Developing • Shaping market
marketing offerings
strategies • Delivering value
• Capturing • Communicating
marketing insights value
• Connecting with • Creating long-
customers term growth
• Building strong
brands

Challenges confronting Marketing


• Brands loosing their power
• Issues of ROMI
• Blurring of functional roles
• Marketing not finding presence in the top
management….

14

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