introduction to marketing - dsbm - 01

THARAKA DIASDirector – Essence BTC

MBA(USA), MBA(Aldersgate),BBA(USA), Dip in Mgt, ACIM(UK), FAEA(Dip in AEA-UK), FinstSMM(UK),

CPM(Asia), MSLIM, PM(Sri-Lanka)

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The history of Marketing What is Marketing Definitions of marketing Development of marketing The evolution of the Marketing concept Marketing orientation Relationship Marketing Internal Marketing

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People were self sufficient System of Barter Introduction of Money Introduction of Market Introduction of the

Middlemen

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Goods Services Events and

experiences Persons

Places and properties

Organizations Information Ideas

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Marketing is a corporate philosophy and a central business function that creates value for its customers and other stakeholders through competitive, profitable and sustainable exchange process. (SLIM-2013)

"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).

Identifying customer requirements Satisfying and delighting customers Identifying favorable market opportunities Targeting the right customers Facilitating exchange relationships (products or

service for payments) staying ahead in dynamic environment Utilizing resources/ assets effectively Differentiate a product or service from competitors Enhancing profitability through customer satisfaction Creating value to both the customer and organisation

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Industry(a collection

of sellers)

Market(a collection

of Buyers)

Goods/services

Money

Communication

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Identifying customer requirements through market research

Anticipate customer requirements into the future by way of forecasting

Work with the other departments to develop products to satisfy customer wants

Organize pricing strategies and distribution strategies

Analysis, planning, implantation and control of all marketing activities

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Marketing is so basic that it cannot be considered a separated a separate function. It is the whole business seen from the point of view of its final result, that is , from the customers point of view…business success is not deteminced by the prducter but by the customer. A way of business thinking A way of working which runs through every aspect of the forims activities. An approach to bisiness that combies and intergrated the entire orgnaisation

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BARTER

PRODUCTIONPRODUCT

RELATIONSHIPMARKETING

SOCIALIZING

SELLING

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Customer values = Perceived benefits – perceived sacrifice

Customer satisfactionCompetitive advantaged i. Being betterii.Being fasteriii.Being closer

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Review and change the organizational structure

Establish an effective marketing information system (MIS)

Engage in internal marketing Effective internal communication system Training all staff members on customer

care Bench mark the organizations performance

and processes against competitors

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Customer centric Customer satisfaction and delight enhances the

profits Enhanced image and reputation Customer loyalty provides competitive edge Customer retention is high Staff are motivated Quick respond to change of customer needs Value created for both customer and organization Effective utilization of resource Positive WOM

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Lack of committed leadership and vision Manager fail to realize or understand the

true concept Conflict between marketing and others Lack of customer knowledge Change of organizational structure creates

issues in other managers and cost Fear of change from employees Autocratic leadership Lack of infrastructure

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Relationship marketing is the process of creating, building up and managing long term relationships with customers, distributors and suppliers. It aims to change the focus from getting customers to keeping customers

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CHARACTERISTICS TRANSACTION MARKETING

RELATIONSHIP MARKETING

Focus Single sale Customer retentionOrientation Product features Product benefits Time scale Short Long Customer service Little emphasis High emphasisCustomer commitment

limited High

Customer contact Moderate High Quality Concern of the

production department

Concern of all

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Retaining customers is cheaper than new Regular customers tend to be less expensive to

service due to the brand knowledge Loyal customers are less likely to switch to

competitors . Customer loyalty leads to long term stability and

growth Satisfied customers can be a good referral Increased customer retention makes jobs easier

and happier Ability to make customer oriented marketing

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“orienting and motivating customer contact employees and supporting service people to work as a team to provide customer satisfaction” – Kotler

Alignment of the organizations purpose with employee behavior.

Employees internalizing the core values of the organization.

Motivation, reframing and empowerment of employee attitude.

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Internal newsletters Staff magazines Staff meetings Team building exercises Award ceremonies Company trips Annual events

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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

Deliver the value

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diastharaka@gmail.com0773869007