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Unit 1(marketing in the changing world)

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marketing introduction(As Kathmandu University syllabus)

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Unit 1(marketing in the changing world)

  1. 1. Unit 1 Marketing in the Changing World Marketing Management 1
  2. 2. Marketing meaning & concept What is Marketing? • Marketing is all about identifying and meeting human and social needs. Simple Definition: Marketing is managing profitable customer relationships. Goals: 1. Attract new customers by promising superior value. 2. Keep and grow current customers by delivering satisfaction. Marketing Management 2
  3. 3. Marketing meaning & concept Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others PHILIP KOTLER Marketing Management 3
  4. 4. Marketing meaning & concept Marketing Defined: 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– American Marketing Association. Marketing Management 4 OLD View of Marketing: Making a Sale – “Telling & Selling” New View of Marketing: Satisfying customer needs NEW View of Marketing: Satisfying Customer Needs
  5. 5. Marketing Management 5 Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas What is Marketed?
  6. 6. Marketing System Markets • Relationship between the industry and the market Marketing Management 6
  7. 7. Core Marketing Concepts Needs, Wants, and Demands • Needs: Needs describe basic human requirements such as food, air, water, clothing, and shelter. • State of felt deprivation including physical, social, and individual needs. • Wants: Wants are desires for specific satisfiers of the deeper needs. Needs are few and wants are many • Demands: are wants backed by willingness and Ability to buy Marketing Management 7
  8. 8. PRODUCTS / OFFERS / SATISFIERS / RESOURCES • Anything that can be offered to someone to satisfy a need or want is a product . • Product refers to physical object • Services refer to intangible object
  9. 9. VALUE AND SATISFACTION • Customers’ estimate of the Product’s capacity to satisfy a set of goals • The ratio between what the customer gets and what he gives (V=B/C) • Customer gets benefits & assume costs – WHEN :Customer Expectance=Performance (satisfied) – Customer Expectance>Performance (dis-satisfied) – Customer Expectance<Performance (Highly satisfied)
  10. 10. EXCHANGE AND TRANSACTION • Exchange is the act of obtaining a desired product by offering something in return . • Exchange takes place when 5 conditions are satisfied: (a) Two parties should be there (b) Each party must have something of value to the other (c) Each party is capable of communication & delivery (d) Each party is free to accept or reject the offer (e) Each party believes that it is appropriate to deal with the other party
  11. 11. EXCHANGE AND TRANSACTION • Exchange is a process rather than event. It is a value creating process because it normally leaves both parties better off. • A transaction is a trade of values between two or more parties ( A BARTER TRANSACTION OR A MONETARY TRANSACTION ).
  12. 12. Core Marketing Concepts Segmentation, Target Markets, and Positioning • Identify and profile distinct groups of buyers who might prefer or require varying products and services mixes by examining – Demographic information – Psychographic information – Behavioral information • Target market – Which market presents the greatest opportunity • Positioning – the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market. Marketing Management 12
  13. 13. Core Marketing Concepts • Marketing Channels –Communication channels; Distribution channels; Service channels; Supply Chain • Competition –All the actual and potential rival offerings and substitutes a buyer might consider • Marketing environment – Microenvironment – Microenvironment Marketing Management 13
  14. 14. Marketing Philosophies Production Concept • Philosophy if the goods/services are cheap and they can be made available at many places, there cannot be any problem regarding sale. • Focus was to produce more not on market • The basic assumptions were: – It is the consumer who look good product at the low price – The consumer knows the prices of the competitive products and compare them in terms of quality and price – The consumer does not care about the difference among the rival product, except in the case of price – Main aim of the organisation is to improve efficiency of the production and distribution while keeping the prices down, hence keep the customer Consumer Behavior 14
  15. 15. Product Concept • If the quality of goods or services is of good standard, the customers can be easily attracted. • Direct their activities towards improving the quality of the product • Do not consider whether consumer want that feature or not • Results marketing myopia i.e. too much focus on the product rather than consumers 15
  16. 16. Selling Concept • Emphasis on selling and promotional activities • Consumers needs to be persuaded to sell the product • Gives emphasis to firms interest of selling what is available • Assumptions are; – Customer normally tend to hold comparisons when buying things they do not urgently need – Through persuasion the consumer can buy more – Organisation must have strong sales department 16
  17. 17. Marketing Concept • Success can be achieved only through consumer satisfaction • Needs and wants of the specific target market should be determined and deliver the desired satisfaction • they do not sell what they can make but they make what they can sell • Concept of consumer research 17
  18. 18. Societal Marketing Concept • Managerial orientation that considers the essential activity of the organisation to be: – The determination of the needs and wants of the target markets – Achievement of the satisfaction more efficiently and effectively and in the way that preserves or strengthens integration between the consumer and society • Public interest should be considered apart from achieving consumer satisfaction 18
  19. 19. Holistic Marketing Dimensions 19Marketing Management
  20. 20. The Holistic Marketing Concept • Relationship Marketing – Aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business – A marketing network (Customers; Channel; Partners; financiers) • Integrated Marketing – Devise marketing activities and assemble fully integrated marketing programs to create, communicate, and deliver value for the consumers. – 4Ps and SIVA (Product – Solution; Promotion – Information; Price – Value; and Place – Access) • Internal Marketing – The task of hiring, training, and motivating able employees who want to serve customers well. • Performance Marketing – Social Responsibility Marketing – Financial Accountability Marketing Management 20
  21. 21. Marketing Concept Starting point Main focus Means End Goal Production factory Production orientation Production of goods at affordable/low cost Profit through production efficiency Product factory Quality oriented Production of high quality goods and better performance Profit through quality assurance Selling factory Seller’s need oriented Aggressive selling and heavy promotion Profit through high sales volume Marketing Target market Customer oriented Integrated marketing Profit through customer satisfaction Societal marketing Target society Society oriented IM with socially and ethically responsible marketing Goal achievement through social responsibility Holistic marketing Target market All aspects of customer as well as social needs and want Application of IM,RM,>>. Developing corporate culture in marketing Marketing Management 21
  22. 22. The New Marketing Realities "The marketplace is not what it used to be." • Major Societal Forces affecting Marketing: A. Network information technology (development of ICT) B. Globalization (going global) C. Deregulation (more freedom to business community) D. Privatization (very few govt. enterprises and reducing) E. Heightened Competition (Many players, easy entry) F. Industry Convergence (having few major player in the market) G. Consumer Resistance (more information to customers) H. Retail Transformation (power of retailer) I. Disintermediation (direct to customer thru non-traditional way) Marketing Management 22
  23. 23. • New Consumer Capabilities A. A substantial increase in buying power B. Greater variety of goods and services C. Great deal of information available D. Greater ease in interacting and placing orders E. Ability to compare products and services • New Company Capabilities A. Internet B. Research C. Speed of internal information D. Speed of external information “buzz’ E. Better target marketing F. Mobile marketing G. Differentiated goods H. Improved purchasing, recruiting, training, and communications Marketing Management 23
  24. 24. Marketing management • Planning production and control of entire marketing activity of the firm or a division of a firm including the formulation of marketing objectives, policies, programs, strategies and reappraising product development organization to carry out their plans professional working operation and controlling operations Marketing Management 24
  25. 25. Functions • Planning • Organizing • Directing • controlling Marketing Management 25
  26. 26. • All elements within the control of the firm that communicate the firm’s capabilities and image to customers or that influence customer satisfaction with the firm’s product and services: – Product – Price – Place – Promotion – People – Process – Physical Evidence Marketing Management 26
  27. 27. 4Ps of Marketing Marketing Management 27
  28. 28. Emerging Marketing Concepts Guerilla Marketing • Guerrilla marketing is an advertising strategy in which low-cost unconventional means (graffiti, sticker bombing, flash mobs) are utilized, often in a localized fashion or large network of individual cells, to convey or promote a product or an idea. The term guerrilla marketing is easily traced to guerrilla warfare which utilizes atypical tactics to achieve a goal in a competitive and unforgiving environment. • The concept of guerrilla marketing was invented as an unconventional system of promotions that relies on time, energy and imagination rather than a big- marketing budget. • Typically, guerrilla marketing campaigns are unexpected and unconventional, potentially interactive, and consumers are targeted in unexpected places. • The objective of guerrilla marketing is to create a unique, engaging and thought-provoking concept to generate buzz, and consequently turn viral. Marketing Management 28
  29. 29. Emerging Marketing Concepts Viral Marketing • Marketing phenomenon that facilitates and encourages people to pass along a marketing message. – Viral marketing depends on a high pass-along rate from person to person. If a large percentage of recipients forward something to a large number of friends, the overall growth snowballs very quickly. If the pass-along numbers get too low, the overall growth quickly fizzles. – Viral marketing, viral advertising, referring to marketing techniques that use pre-existing social networks to produce increases in brand awareness or to achieve other marketing objectives (such as product sales) through self replicating viral processes. It can be delivered by word of mouth or enhanced by the network effects of the Internet. – Viral marketing may take the form of video clips, interactive Flash Games, advergames, ebooks, brandable software, images, or text messages. Marketing Management 29
  30. 30. Emerging Marketing Concepts Green Marketing • Green marketing is the marketing of products that are presumed to be environmentally safe. – AMA • Thus green marketing incorporates a broad range of activities, including product modification, changes to the production process, packaging changes, as well as modifying advertising. • Yet defining green marketing is not a simple task where several meanings intersect and contradict each other; an example of this will be the existence of varying social, environmental and retail definitions attached to this term. • Other similar terms used are Environmental Marketing and Ecological Marketing. • Green, environmental and eco-marketing are part of the new marketing approaches which do not just refocus, adjust or enhance existing marketing thinking and practice, but seek to challenge those approaches and provide a substantially different perspective. Marketing Management 30
  31. 31. Emerging Marketing Concepts Meta Marketing • An approach to the study of marketing and its relationship to every aspects of life by focusing all social, ethical, scientific and business experience on marketing, thus establishing a body of knowledge based on the integration of every facet of experience with the human personality. – Philip Kotler. • Marketing of all complimentary products and services that are closely related to a product in the consumer's mind. E.g. when consumer buys a house, he needs finance, furnishing, household goods, interior designing etc. Marketing Management 31
  32. 32. Emerging Marketing Concepts Mega Marketing • The strategic co-ordination of economic, psychological, p0litical, and public relations skills to gain the cooperation of a number of parties in order to enter the market. • Mega marketing is normally used by the large companies who are trying to enter blocked markets. In this marketing approach, the marketing efforts go beyond the 4ps of the marketing Ps. The companies manages other P-factors such as politics and public opinion. Micro Marketing • The practice of tailoring products and marketing programs according to the needs and wants of specific individuals and local customer groups. Marketing Management 32
  33. 33. Marketing Challenges • Competitive position challenges – Threat of new entrant – Threat of substitute product – Increased bargaining power of buyer – Bargaining power of supplier – Rivalry among competing firms in industry Marketing Management 33
  34. 34. Other challenges • Information power of the consumer • Demand for better quality and reliable product • Customers needs wants and expectation are changing rapidly • New product are coming in the market more quickly • Fragmented media and increase in media cost • Global competition rather than local • Increased accountability Marketing Management 34
  35. 35. Relationship marketing • It is the process of creating maintaining and enhancing strong value laden relationship with consumers and other stakeholders • It is building mutually satisfying long term relationship with the key parties in order to retain their business. Marketing Management 35
  36. 36. Importance of relationship marketing • Long term relation • Customer satisfaction • Loyal customer • Development of new partnership • Long term profit • Identification of strength and weakness Marketing Management 36
  37. 37. E-commerce marketing • It refers to the buying and selling something electronically • Features – Individual communication – Online selling – Elimination of middlemen – Data depositary – Enhance promotion – Global alliance – Good relationship – Need of electronic devices Marketing Management 37
  38. 38. Marketing Management 38 Class Discussion: • Does Marketing Create Needs or Satisfy Needs?