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DEFINING MARKETING FOR THE 21st CENTURY

Prepared By,Mr. Nishant Agrawal

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DEFI

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Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others

Social Definition

Marketing is the 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.

Definition

Marketing is about identifying and Meeting human and social needs

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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.

Kotler Definition

WHA

T IS

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SERVICESEVENTSEXPERIENCES

PERSONS

PLACES

PROPERTIES

ORGANIZATIONS

INFORMATION

IDEAS

Goods

• Physical goods.

• Indian Market cars , trucks, television sets, machines tools, machines, watches,

cosmetics etc

Service

It includes work of airlines, hotels, accounts, bankers, lawyers, engineers, doctors,

software programmers etc

Events

Market promotes time based events. Such as trade show, artists performance,

workshops, exhibition etc

Experience

Several services and goods amusement park or water park, customer enjoy thrill

provided by these experience

Persons

Artist, CEO, musicians, financiers, lawyers also get help from

celerity marketers. Ex. Salman Thumps Up

Places

Cities, states, nations compete to attract tourists, residents and

factories, etc. Tourism is Best Example of Place Marketing

Properties

They are bought and sold and these exchange required

marketing.

Organization

It works to build a strong , favorable and unique image in the

mind of their target public.

Information

The production, packaging and distribution information are

major industries. Information is essential.

Ideas

Every market offering includes a basic idea. Product and service

are platforms for delivering some ideas.

Marketing has important role in influencing attitude and

behaviors.

DEM

AND

STAT

ES• Dental Work• VaccinationNegative Demand

• Foreign Language CoursesNo Demand

• Harmless Cigarettes• Fuel-Efficient CarsLatent Demand

• ChurchesDeclining Demand

• Hotels• Mass-TransitIrregular Demand

• Changing Preference• Increasing CompetitionFull Demand

• DemarketingOverfull Demand

• Cigarettes• AlcoholUnwholesome Demand

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CEPT

SMarketplace

Physical

Store

Metamarket

Cluster of complementary

products

Spread across a diverse set of

industries

Automobile

www.marutitruevalue.comMetamarket describe a cluster of

complementary Product and service closely related in minds of consumers

Core

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CEPT

S Needs, Wants and Demands• Needs – Basic Human Requirements• Wants – Directed at specific objects• Demands – Backed by ability to pay

Target Markets, Positioning & Segmentation

Offerings and Brands• Offering – Value Proposition made Tangible• Brand – Offering from a known source

Value & Satisfaction• Value – Benefits / Cost• Customer Value Triad – Quality, Service and Price• Satisfaction – Product’s perceived performance

Marketing Channel• Communication Channel – Deliver & Receive message• Distribution Channel – Display, sell & Deliver• Service Channel – Carry out transactions

Needs, Wants and Demands• Needs become wants when they are directed to specific

objects that might satisfy demand. • Indian needs foods but may want chapattis, rice etc.

American needs food but may want rice, carrot, Salad etc.• Wants are shaped by our society. • Demands are wants for specific products backed by ability

to pay. Many people want BMW but only few are able to buy one.

• Oldest Concept• Consumers will prefer products that are widely available &

Inexpensive• Concentrate on achieving high production efficiency, low

costs and mass distribution• Eg: - Largest PC maker Lenovo

Com

pany

orie

ntati

onTo

war

ds m

arke

tpla

ceThe Production Concept

• Consumers favor products that offer most quality, performance and innovative features.

• Make superior products and improve them over time.

The Product Concept

• Consumers, if left alone, wont buy enough of the organization’s products.

• Must undertake an aggressive selling and promotion effort.• Practiced most aggressively with unsought goods.• Eg:- Insurance• Aim is to sell what they make rather than make what the

market wants.

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The Selling Concept

• Customer Centered instead of Product Centered.• Not to find right customers for your products, but to find

right products for your customers.• Eg:- Dell• Reactive Market Orientation – Understanding and meeting

customers’ expressed needs• Proactive Market Orientation - Understanding and meeting

customers’ hidden needs

The Marketing Concept

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Holistic Marketing Concept

Internal Marketing

Performance Marketing

Relationship Marketing

Integrated Marketing

CustomersChannel

PartnersSales RevenueBrand & Customer Equity

EthicsEnvironmentLegal

Commodity

Communications

Products & Services

ChannelsMarketing Dept

Senior Mgmt

Other Depts

• Holistic marketing concept is a part of the series on concepts of

marketing and it can be defined as a marketing strategy which

considers the business as a whole and not as an entity with various

different parts.

• According to holistic marketing concept, even if a business is made

of various departments, the departments have to come together to

project a positive & united business image in the minds of the

customer.

• The process of holistic marketing takes into account the

considerations of stakeholders, customers, employees, suppliers &

the community as a whole when creating and implementing

marketing strategies.

1. Relationship Marketing

• Build strong, long-lasting relationships with various stakeholders

• It is a form of marketing that emphasizes customer retention and

satisfaction

• It differs from other forms of marketing in that it recognizes the long

term value of customer relationships

2. Integrated Marketing

• All activities within integrated marketing including advertising,

public relations, direct marketing, online communications

and social media marketing work in sync with one another to

ensure the customers & business partners have the same

experience with and perception of the company.

• As consumers spend more time online and on mobile devices, all

exposures of the brand need to tie together so they are more likely

to be remembered.

3. Internal Marketing

• Internal marketing ensures that employees are satisfied with the work they perform

each day as well as the philosophy and direction of the organization as a whole.

• Greater satisfaction among employees leads to increased customer satisfaction over

time.

• The objective is to reduce departmental conflicts among the various business arms

within a single organization.

4. Performance Marketing

• It require understanding of financial and nonfinancial return to business and Socially

Responsive Marketing activities.

• Company should take into consideration what is in the best interest of society in the

present and long term.

• Socially responsible companies should aspire to produce desirable products.

• Desirable products provide immediate satisfaction and long term benefits.

Understand four Ps (Marketing Mix)

4Ps

Product

PricePlace

Promotion

1. Product• A product is seen as an item that satisfies what a

consumer demands. It is a tangible good or an intangible service.

• marketer must also consider product development strategies and product life cycle.

2. Price• The amount a customer pays for the product. The

price is very important as it determines the company's profit

• The marketer should set a price that complements the other elements of the marketing mix.

3. Place• providing the product at a place which is convenient for

consumers to access.4. Promotion• All of the methods of communication that a marketer may

use to provide information to different parties about the product.

• It comprises elements such as: advertising, public relations, sales organisation and sales promotion.

5. Physical evidence6. People7. Process

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TASK

SDeveloping Marketing Strategies & Plan

Capturing Marketing Insights

Connecting with Customers

Building strong brands

Shaping the market offering

Delivering Value

Communicating Value

Creating Long-Term Growth

Nature of Marketing Management

1) It Combines the Fields of Marketing and Management

• As the name implies, marketing management combines the fields of marketing

and management.

• Marketing consists of discovering consumer needs and wants, creating the

goods and services that meet those needs and wants; and pricing, promoting,

and delivering those goods and services.

2) Marketing Management is a Business Process

• MM is a business process, to manage marketing activities in profit seeking and

non profit organisations at different levels of management, i.e. supervisory,

middle-management, and executive levels.

• MM decisions are based on strong knowledge of marketing functions and clear

understanding and application of supervisory & managerial techniques.

3) Marketing Management is Both Science and Art

• “Marketing management is art and science of choosing target markets

and getting, keeping and growing customers through creating,

delivering and communicating superior customer value.” .

• Marketing management is a science because it follows general

principles that guides the marketing managers in decision making. The

Art of Marketing management consists in tackling every situation in an

creative and effective manner. Marketing Management is thus a

science as well as an art.

Assignments

1. What is marketing management? Explain different marketable entities

with suitable examples.

2. What is Managing Holistic Marketing Organization? Explain in detail

3. Define Marketing. Differentiate between Marketing and Selling with

suitable example(s).

4. Trends and forces defining the 21st century indicate that Holistic

Marketing will be the future of Marketing. List and explain the four broad

components of Holistic Marketing with relevant examples

5. Explain the basic philosophies of marketing.

6. Explain the nature and scope of marketing management

Thank You..!!

“Success is walking from failure to

failure with no loss of

enthusiasm”