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Introduction To Marketing: Good Marketing Is Not An Accident But The Result of Careful Planning and Execution

This document provides an overview of key marketing concepts. It defines marketing as meeting customer needs profitably through understanding customers and creating value. The document outlines different marketing concepts like production, product, and marketing orientation. It also discusses the importance of understanding customer needs and wants, demand, exchange, and transactions. Additionally, it covers developing a marketing plan and strategy to guide a company's efforts to satisfy customers.

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Aitm Mba Belagavi
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74 views

Introduction To Marketing: Good Marketing Is Not An Accident But The Result of Careful Planning and Execution

This document provides an overview of key marketing concepts. It defines marketing as meeting customer needs profitably through understanding customers and creating value. The document outlines different marketing concepts like production, product, and marketing orientation. It also discusses the importance of understanding customer needs and wants, demand, exchange, and transactions. Additionally, it covers developing a marketing plan and strategy to guide a company's efforts to satisfy customers.

Uploaded by

Aitm Mba Belagavi
Copyright
© © All Rights Reserved
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Introduction to Marketing

Good Marketing is not an accident but the result of


careful planning and execution .

What is Marketing?
Social definition
A societal process by which individuals and
groups obtain what they need and want
through creating, offering and freely
exchanging products and services of value
with others

What is Marketing?
Management definition
It is the process of planning and executing
the conception, pricing, promotion and
distribution of ideas, goods and services to
create exchanges that satisfy individual
and organizational goals.

Marketing is an art and science

Finance, operations accounting , production


and other functions will not really matter if
there is no sufficient demand for the
products and services.

What is Marketing?
Marketing is meeting the needs profitably
both of marketers and customers.
The aim of marketing is to know and
understand the customer so well that the
product or service fits him and sells itself.
e.g. Waiting lines and customer full
restaurants, waiting period for the vehicles
etc.

Needs and Wants


Needs are basic human requirements.
Wants are needs directed to specific
objects/services that might satisfy the need.

Demand
This is the wants for specific products backed by
an ability to pay.
Marketers should try to shape the wants. Many
customers don't know what they want when the
product is new, concept or service is new.
So companies help the customers to learn what
they want.
E.g. chips, soft drinks are the party food,
chocolates for celebrations, diet food product,
fitness and weight loss programs etc.

Exchange
Get something (product /service) by
offering something in return.
Eg. kind (barter) or money (value )
Exchange is a value creating process
because it leaves both parties better off
(win win situation)

Transaction
A transaction is an exchange between two
things of value on agreed conditions and a
time and place of agreement.
To make successful transaction a marketer
should understand what each party expects
from transction.

What is Marketed?

Goods
Services
Events
Experiences
Persons
Places
Properties
Organizations
Information
Ideas

Concepts under which firms


conduct marketing activities

Production concept
Product Concept
Selling Concept
Marketing Concept
Holistic Marketing Concept
Societal marketing Concept

Production concept
Consumers will prefer products that are
widely available and inexpensive.
Managers of production oriented businesses
concentrate on achieving high production
efficiency, low costs, mass distribution.

Product Concept
Consumers will favor those products that
offer the most quality, performance,
innovative features.
Managers in these organizations focus on
making superior products and imporoving
them over time.

Selling Concept
Consumers ,if left alone,will ordinarily not
buy enough of the organizations products.
The organization must therefore, undertake
and aggressive selling and promotion effort.
The aim is to sell what companies make
rather that what the market wants.

Marketing Concept
Customer-centered, sense and response
philosophy.
The job is to find right products for your
customers.
The key to achieve organizational goals consists of
the company being more effective than
competitors in creating , delivering and
communication superior customer value to its
chosen target markers.

Holistic Marketing Concept


Based on development, design and
implementation of marketing programs,
processes and activities .(fig.1.3)

Four Themes of Holistic Marketing


1.Relationship Marketing
Building long term mutually satisfying
relations with customers, suppliers,
distributors in order to retain their long term
preference and business1.

2.Integrated Marketing
It is the tools that an organization employs
to pursue its marketing objectives in the
target market
Product, Price, Place, Promotion
4 Cs Customer solution, Cost,
Convenience, Communication

3.Internal Marketing
Marketing Department
Senior Management
Other departments

4.Socially Responsible Marketing


Cause and effect if marketing clearly extend
beyond the company and the customers.
Ethics
Environment
Legal
Community

Societal marketing Concept


Organizations tasks is to determine the
needs, wants and interests of target markets
and to deliver the desired satisfactions more
effectively and efficiently than competitors
in a way that preserves or enhances the
consumers and the societys well being.

Marketing and Customer Value


Value and Satisfaction
Value = Benefits/Costs
Benefits = Functional Benefits + Emotional
benefits
Costs = Monetary costs + Time + Energy +
Psychic costs
Offer should contain value for the product.

Value Creation and Delivery


sequence
Choose the value- homework marketer
must do before the product exists.
1. Customer segmentation
2. Market selection focus
3. Value positioning
(fig 2.1)

Providing the value


1. Product development
2. Service development
3. Pricing
4. Distribution

Communicating the value


1. Sales force
2. Sales promotion
3. Advertising

The Value Chain

A tool for identifying ways to create more


customer value .
The primary activities
i. Bringing materials to the business (inbound
logistics)
ii. Converting them into final products (operations)
iii. Shipping out final products (outbound logistics)
iv. Marketing them (marketing and sales)
v. Provide services

The support activities


i. Procurement
ii. Technology development
iii. Human resource management
iv. Firm infrastructure

Value exploration -How can a company


identify new value opportunities?
Value creation- How can a company
differently create more promising new value
offerings?
Value delivery- How can a company use its
capabilities and infrastructure to deliver the
bew value offerings more efficiently?

Strategic Planning
A game plan for achieving companys long
term objectives.
Key areas
Managing companys business as an
investment portfolio
Assessing each business that market.
Establishing a strategy.

Planning, Implementation and


Control
Planning
Corporate planning
Division planning
Business planning
Product planning
(fig.2.4)

Implementing
Organizing
Implementing
Control
Measuring results
Diagnosing results
Taking corrective actions

A marketing plan is the central instrument


for direction and coordination the marketing
efforts.
The strategic marketing plan lays out the
target markets and the value proposition
that will be offered based on an analysis of
the best market opportunities.

The tactical marketing plan specifies the


marketing tactics including product
features, promotion, merchandising ,pricing
,sales channels and service.

Marketing Plan
It summarizes what the marketer has
learned about the marketplace and
indicated how the firm plans to reach its
marketing objectives.
It contains tactical guidelines for marketing
programs and financial allocations over the
planning period.

Objectives of the marketing plan


Acts as a roadmap
Assist in management control and monitoring
the implementation strategy
Informs new participants in the plan of their
role and function
To obtain resources for implementation
To stimulate thinking and make better use of
resources.

Contents of the Marketing Plan


Executive summary and table of content.
Brief summary of main goals

Situation analysis
Data on sales, costs, the market competitors and the
various forces in the microenvironment. How is
market defined, how big it is, how fast it is
growing?

Marketing strategy
Financial projections
Sales forecast an expense forecast and break even
analysis.

Implementation controls
Review of each periods results, steps to be taken in
response to specific environmental developments
such as price wars.

Implications of Marketing

Who are our existing/potential customers?


What are their current/future needs?
How can we satisfy these needs/
Can we offer a product/service that the
customer would value?
Can we communicate with our customers?
Can we deliver a competitive product or
service?
Why should customers buy from us?

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