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MARKETING MANAGEMENT

-Dr. Archana Sharma

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What is Marketing?

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What is Marketing?

Marketing is a social and managerial process

by which individuals and groups obtain what

they need and want through creating,offering,

and exchanging products of value with others.

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Needs,Wants and Demand

Need is a sense of felt deprivation of somebasic satisfaction.

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Wants are desires for specific satisfiers ofneeds

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Demands are wants for specific products thatare backed by an ability and willingness to buy

them

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Products

Goods

Services

Experiences

Events Persons

Places

Properties

Organizations Information

Ideas

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Value,Cost and Satisfaction

Value is the consumers estimate of the

products overall capacity to satisfy his or herneeds

Cost may be of

opportunity,acquisition,ownership,and of use.

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Product value

Services value

Personnel value

Image value

Monetary cost

Time cost

Energy cost

Psychic cost

Total customer

value

Total customer

cost

Customer

Delivered

value

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Exchange and Transaction

Exchange is the act of obtaining a desired

product from someone by offering something

in return.

Transaction is a trade of values between two

or more parties

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Relationship and Networks

Relationship marketing is creating a long

term,trusting,win-win relationship with all the

stakeholders of the company.

The ultimate aim of relationship marketing is

to build a marketing network.

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Markets

A market consists of all the potential

customers sharing a particular need or wantwho might be willing and able to engage in

exchange to satisfy that need or want.

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Marketers and Prospects

Marketer-the party which actively seeks an

exchange.

P

rospect-someone whom the marketeridentifies as potentially willing and able to

engage in an exchange in values.

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What is Marketing?

Marketing is a social and managerial process

by which individuals and groups obtain whatthey need and want through creating,offering

and exchanging products of value with others.

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Need,want

& demand

Products

Value,cost

& satisfaction

Exchange &

transactions

Relationships &

networks

markets

Marketers &

prospects

The Core Concepts of Marketing

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Co. Orientation towards the Marketplace

The Production Concept

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Co. Orientation towards the Marketplace

The Product Concept

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Co. orientation towards the marketplace

The Selling Concept

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Co. Orientation towards the Marketplace

The Marketing Concept

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4Pillars of The Marketing Concept

Target Market

Customer Needs

Integrated Marketing Profitability

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Starting pt. Focus Means Ends

S

EL

L

I

N

G

M

R

KT

I

N

G

factory productsselling

&

promoting

Profits throughSales Volume

target

market

customer

needs

integrated

marketing

Profits through

customer

satisfaction

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Co. Orientation towards the Marketplace

The Societal Marketing Concept

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How Business and Marketing are

Changing

Changing Technology

Globalization

Deregulation Privatization

Customer Empowerment

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How Business and Markets are

Changing

Customization

Heightened Competition

Industry Convergence Retail Transformation

Disintermediation

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Process of Marketing(Choosing the

Value)

Segmentation

Targeting

Positioning

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Process of Marketing(Delivering the

value)

Product

Price

Place Promotion