01. introduction to marketing
TRANSCRIPT
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THARAKA DIASDirector – My Media Network
MBA(USA), BBA(USA), Dip in Mgt, ACIM(UK), FAEA(Dip in AEA-UK),
FinstSMM(UK), CPM(Asia), MSLIM, PM(Sri-Lanka)
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Why is marketing important? What is the scope of marketing? What are some fundamental marketing
concepts? How has marketing management
changed? What are the tasks necessary for
successful marketing management?
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Consumer benefits from the digital revolution include: Increased buying power. Greater variety of goods and services. Increased information. Enhanced shopping convenience. Greater opportunities to compare product
information with others.
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Firm benefits from the digital revolution include: New promotional medium. Access to richer research data. Enhanced employee and customer
communication. Ability to customize promotions.
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A human need - a feeling of felt deprivation.
A human want - the form that a human need takes as shaped by culture and individual personality.
Demands - human wants that are backed by buying power.
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ExperiencesExperiences PersonsPersons
ProductsAnything that can be Offered to a Market to Satisfy a Need or Want
ProductsAnything that can be Offered to a Market to Satisfy a Need or Want
PlacesPlaces
OrganizationsOrganizations IdeasIdeasActivit iesAct ivit ies
ServicesActivity or Benefit Offered for Sale That is Essentially
Intangible and Doesn’t Result in the Ownership of Anything
ServicesActivity or Benefit Offered for Sale That is Essentially
Intangible and Doesn’t Result in the Ownership of Anything8AOT - www.tharakadias.com
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Production ConceptProduction Concept
Product ConceptProduct Concept
Selling ConceptSelling Concept
Marketing ConceptMarketing Concept
Societal Marketing ConceptSocietal Marketing Concept
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"Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements at profit, in a Sociably acceptable manner while protecting industry ethics.." The official academic definition from The Chartered Institute of Marketing (CIM).
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Industry(a collection
of sellers)
Market(a collection of Buyers)
Goods/services
Money
Communication
Information11AOT - www.tharakadias.com
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Goods Services Events and
experiences Persons
Places and properties Organizations Information Ideas
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Negative Nonexistent Latent Declining
Irregular Unwholesome Full Overfull
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Consumer markets Business markets Global markets Nonprofit/Government markets
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Four Ps Product Price Place Promotion
Four Cs Customer solution Customer cost Convenience Communication
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Developing marketing strategies
Capturing marketing insights
Connecting with customers
Building strong brands
Shaping market offerings
Delivering value Communicating
value Creating long-
term growth
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• Increased customer satisfaction• Increased customer loyalty• Increased reputation• Increased motivation among staff• Increased market share• Reduction of waste• Combat threats from competitors
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Value creation► Accurately knowing what customers value
► Producing to incorporate such values
Communicate the value
► Inform, convince, remind, motivate
► Servicing the customers
► Physical delivery
► Servicing the customers
► Physical delivery
Deliver the value
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Internal marketing is the task of hiring, training, and motivating able
employees who want to serve customers well.
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• Customer retention has become a major problem in the competitive world of business.
• Relationship Marketing is the process of creating, building and managing long term relationship with customers, distributors and suppliers. Life Time Value of a customer is emphasized more than a value of a single transaction
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• Traditional Marketing is concerned with the exchanges with customers.
• The emphasis was to develop products that will satisfy customers and focus was basically on (single) transaction.
• Not much effort was kept on keeping the customer for a long time and Life Time Value was not considered much.
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Marketing Research New product developmentNew product development Branding Marketing communication Sales CSR
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The process of planning, collecting, and analyzing data relevant to a marketing decision.
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CollectCollectDataDataCollectCollectDataData
Plan Design/Plan Design/Primary DataPrimary DataPlan Design/Plan Design/Primary DataPrimary Data SpecifySpecify
SamplingSamplingProcedureProcedure
SpecifySpecifySamplingSamplingProcedureProcedure
DefineDefineProblemProblemDefineDefineProblemProblem
AnalyzeAnalyzeDataDataAnalyzeAnalyzeDataData
Prepare/Prepare/PresentPresentReportReport
Prepare/Prepare/PresentPresentReportReport
Follow UpFollow UpFollow UpFollow Up
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Introducing totally new innovative products & services to the market
Adding new & innovative features for your existing products & services
Example: The pocket calculator created a new market & made
obsolete the Slide-Rule. At the other extreme a shampoo which is different from
the existing products only by means of its brand name, fragrance, packaging & color’s is also a new product.
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Idea generationIdea generation
CommercialisatioCommercialisationn
Test marketingTest marketing
Idea screeningIdea screening Concept testingConcept testing
Business Business AnalysisAnalysis
11 22 33
Product Product DevelopmentDevelopment
66 77
44 55
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Any activity or benefit that one party can offer to another that is essentially intangible & does not result in ownership of anything
Characteristics of a service: Intangible Inseparable Perishable Heterogeneous Does not result in ownership Produces & consumed at the same time
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A brand is a name, term, sign, symbol or combination of them intended to identify the goods or services of one seller or a group of sellers and to differentiate them from those of competition(AMA)
A way of differentiate a product from a mere commodity
The simplest definition is , branding is all about naming a commodity
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TANGIBLE ATTRIBUTES
Product Packaging Labeling Attributes Functional benefits
INTANGIBLE ATTRIBUTES
Quality Emotional benefits Value Culture Image
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Push - Pushing the product into the distribution channels.
Example: Personal selling, exhibitions, sales promotions & trade advertising
Pull - Pulling the product through, by encouraging customer demand through advertising, sales promotions & in-store merchandising
Profile - Responding to & receiving information from stakeholders.
Example: Developing dialog with stakeholders in order to better inform them about the organization, its policies & also to position the corporate brand in the minds of the stakeholders
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Inform Remind Persuade
Strategies DRIP AIDCA
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Advertising (ATL/BTL) Personal selling Direct Marketing Publicity Sales Promotions
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The sales function could be also referred to as distribution. The main responsibility of this function would be to make your products & services available at the most appropriate & convenient locations for your customers
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Business dictionary defines CSR as "A company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies express this citizenship
Through their waste and pollution reduction processes, By contributing educational and social programs and By earning adequate returns on the employed
resources.
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Differentiating you self from competition Truly adding some value to the society Proactive approach of minimizing the
damages from future negative or adverse publicity
Recognition from the government & other regulatory bodies
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