What is a company's orientation towards marketplace
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The document discusses different marketing concepts: 1. The production concept focuses on efficient production and wide distribution to drive sales. 2. The product concept emphasizes product innovation, quality, and performance to attract customers. 3. The selling concept relies on aggressive selling techniques but risks alienating customers. 4. The marketing concept prioritizes customer satisfaction over sales by understanding customer needs. 5. The holistic marketing concept integrates marketing activities, builds internal/external relationships, and measures performance to create long-term customer value.
What is a company's orientation towards marketplace
- 3. Production Concept Widely available and inexpensive products Mass distribution High production efficiency Low costs Useful when 1) Demand exceeds supply 2) Product’s cost is too high Used to expand the market E.g. Lenovo and Haier, in China,
- 4. Product Concept Innovation Proper distribution Proper advertising Chances of better- mousetrap fallacy Quality feature Better Performance Proper pricing
- 5. Selling Concept Marketing based on hard selling is risky. or Complain to the consumer organization or Bad mouth the product They should not return it back Consumers & Businesses, if left alone, won’t buy enough products Selling unsought goods like insurance or cemetery plots rather Buy the products again
- 6. Marketing Concept Delivering superior customer values Preoccupied with the idea of satisfying the needs of customers by means of product Needs of Buyer rather than Needs of Seller Better communication Job is to find not the right customers for your product, but the right products for your customers Creating superior values for the buyer
- 7. Holistic Marketing Integrated marketing Performance marketing Internal marketing Relationship marketing Communications Products & Services Channels Marketing department Senior management Other departments Customers Channel PartnersBrand & customer equity Legal Community Environment Ethics Sales revenue
- 8. Integrated Marketing The whole is greater than sum of its parts Integrated channel strategy Consistent brand message at every contact Communication option should reinforce and complement each other Marketing activities and programs To create, communicate, and deliver value to customers Integrated communications Direct effect on sales and brand equity
- 9. Internal Marketing Motivating the employees Vertical alignment with senior management It succeeds when all departments work together It becomes a company wide undertaking Hiring able employees Training the employees Marketing is no longer responsibility of a single department Horizontal alignment with other departments
- 10. Relationship Marketing Ultimate outcome is a unique marketing network Conduct customer relationship management Effective network with stakeholders and profits will follow Customers, employees, suppliers, distributors, retailers and others Deep, enduring relationship with people and organizations Mutually satisfying long term relationship Consisting of company and stakeholders And partner relationship management
- 11. Performance Marketing Marketing metrics: quantifying and comparing marketing performance Environmental Ethnical SOCIAL RESPONSIBILITY MARKETING FINANCIAL ACCOUNTABILITY Justify investment in financial and profitability terms Marketing research and statistical analysis Legal Social
- 12. Presentation by YASH SHARMA (IIT BHU) (during a summer intern under Prof. Sameer Mathur IIM Lucknow)
- 13. RECAP 1) The Production Concept 2) The Product Concept 3) The Selling Concept 4) The Marketing Concept 5) The Holistic Marketing Concept • Internal Marketing • Integrated Marketing • Relationship Marketing • Performance Marketing