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Session 1 MG 220 BBA - 9 Aug 10
1. Part 1: Understanding Marketing Management > Importance of Marketing > Scope of Marketing > Company orientation toward the marketplace Class Presentation | Session 1 | 9 Aug 2010
2. Importance of MarketingWhy it is required Financial success & Marketing ability Making the right decision Simple? Skillful marketing: A never-ending pursuit MG 220 Marketing Management 2
3. Scope of MarketingWhat is Marketing Some definitions: “Meetingneedsprofitably” AMA: “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” MG 220 Marketing Management 3
4. Scope of MarketingWhat is Marketing Some definitions (contd.): Kotler: “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” MG 220 Marketing Management 4
5. Scope of MarketingExchanges & Transfers Exchange Process of obtaining a desired product from someone by offering something in return Transaction Trade of values between two or more parties Transfer One party gives something to other but doesn’t receive anything in return MG 220 Marketing Management 5
6. Scope of MarketingWhat is marketed? Goods Services Events Experiences Persons Places Properties Organizations Information Ideas MG 220 Marketing Management 6
7. Scope of MarketingWho markets? Marketer, someone who seeks a response from another party, called Prospect Marketers are responsible for Demand Management Negative Non-Existent Latent Declining Irregular Full Overfull Unwholesome MG 220 Marketing Management 7
8. Scope of MarketingWho markets? Markets, collection of buyers and sellers who transact over a particular product or product class MG 220 Marketing Management 8
9. Scope of MarketingWho markets? Key Customer Markets Consumer Branding | Mass selling | Insights Business Professional buyers | well-informed Global Adaptability | Operational matters N0n-profit & Government Highly price sensitive | Competitive pricing MG 220 Marketing Management 9
11. Scope of MarketingHow businesses are changing “The Marketplace isn’t what it used to be” Changing technology Globalization Deregulation MG 220 Marketing Management 11
12. Scope of MarketingHow businesses are changing “The Marketplace isn’t what it used to be” Privatization Customer empowerment Customization Heightened competition MG 220 Marketing Management 12
13. Scope of MarketingHow businesses are changing “The Marketplace isn’t what it used to be” Industry convergence Retail transformation Disintermediation MG 220 Marketing Management 13
14. Company Orientations toward the marketplace Different approaches companies use for marketing Production Product Selling Marketing Holistic Marketing MG 220 Marketing Management 14
15. Company Orientations toward the marketplace The Production Concept Consumers will favor products that are “widely available” & “inexpensive” Focus on “Production” The Product Concept Consumer will favor those products that offer the most quality, performance or innovation Focus entirely on “Product development” What if: not priced, distributed, advertised and sold properly? MG 220 Marketing Management 15
16. Company Orientations toward the marketplace The Selling Concept Customers (consumers & businesses), if not engaged, will not buy enough Aggressive selling & promotion is required Practiced with unsought goods The Marketing Concept Replace product-centred “make-and-sell” with “sense-and-respond” Reactive market orientation Proactive market orientation MG 220 Marketing Management 16
17. Company Orientations toward the marketplace The Holistic Marketing Concept “Everything matters” Based on the development, design and implementation of marketing programs, processes, and activities that recognizes their breadth and interdependenices 4 Components Relationship marketing Integrated marketing Internal marketing Social responsibility marketing MG 220 Marketing Management 17
22. Quick Recap Importance of Marketing Scope of Marketing Company orientation toward the marketplace MG 220 Marketing Management 22
23. Part 1: Understanding Marketing Management > Fundamental Marketing Concepts, Trends and Tasks > Marketing & Customer Value > Corporate and Division Strategic Planning > Business Unit Strategic Planning > Product Planning: The Nature and Contents of a Marketing Plan Class Presentation | Session 2 | 11 Aug 2010
