Download - Marketingconcepts@ Vikas Singh
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M-Mix Flat Real World M-Mix Flat Real World
MARKETING CONCEPTS & ITS ENVIRONMENT
MARKETING CONCEPTS & ITS ENVIRONMENT
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Marketing = ?Marketing = ?
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals
American Marketing Association
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals
American Marketing Association
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What is Marketing…??What is Marketing…??
Selling?
Advertising?
Promotions?
Making products available in stores?
Maintaining inventories?
All of the above, plus much more!
Selling?
Advertising?
Promotions?
Making products available in stores?
Maintaining inventories?
All of the above, plus much more!
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Marketing = ?Marketing = ?
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.
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.
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Simple Marketing SystemSimple Marketing System
Industry(a collection
of sellers)
Market(a collection
of Buyers)
Goods/services
Money
Communication
Information
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Marketing = ?Marketing = ? Marketing is the sum of all activities that take you to a
sales outlet. After that sales takes over. Marketing is all about creating a pull, sales is all about
push. Marketing is all about managing the four P’s –
product price place promotion
Marketing is the sum of all activities that take you to a sales outlet. After that sales takes over.
Marketing is all about creating a pull, sales is all about push.
Marketing is all about managing the four P’s – product price place promotion
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The 4 Ps & 4CsThe 4 Ps & 4Cs
MarketingMix
Product
Price Promotion
Place
CustomerSolution
CustomerCost
Communication
Convenience
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Difference Between - Sales & Marketing ?
Difference Between - Sales & Marketing ?
Salestrying to get the customer to want what the company produces
Marketing trying to get the company produce what the customer wants
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Scope – What do we marketScope – What do we market
Goods Services Events Experiences Personalities Place Organizations Properties Information Ideas and concepts
Goods Services Events Experiences Personalities Place Organizations Properties Information Ideas and concepts
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Core Concepts of MarketingCore Concepts of Marketing
Based on : Needs, Wants, Desires / demand Products, Utility, Value & Satisfaction Exchange, Transactions & Relationships Markets, Marketing & Marketers.
Based on : Needs, Wants, Desires / demand Products, Utility, Value & Satisfaction Exchange, Transactions & Relationships Markets, Marketing & Marketers.
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Needs, wantsdemands
Markets Marketing &Marketers
Utility, Value &Satisfaction
Xchange, TransactionRelationships
Products
Core Concepts of MarketingCore Concepts of Marketing
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In order to understand Marketing let us begin with the Marketing Triangle
In order to understand Marketing let us begin with the Marketing Triangle
Customers
CompetitionCompany
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Who is a Customer ??Who is a Customer ??
Anyone who is in the market looking at a product /
service for attention, acquisition, use or consumption
that satisfies a want or a need
CUSTOMER IS . . . . .
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Customer –Customer –
CUSTOMER has needs, wants, demands and desires
Understanding these needs is starting point of the entire marketing
These needs, wants …… arise within a framework or an ecosystem
Understanding both the needs and the ecosystem is the starting point of a long term relationship
CUSTOMER has needs, wants, demands and desires
Understanding these needs is starting point of the entire marketing
These needs, wants …… arise within a framework or an ecosystem
Understanding both the needs and the ecosystem is the starting point of a long term relationship
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How Do Consumers Choose Among Products & Services?
How Do Consumers Choose Among Products & Services?
Value - the value or benefits the customers gain from using the product versus the cost of obtaining the product.
Satisfaction - Based on a comparison of performance and expectations.
Performance > Expectations => Satisfaction
Performance < Expectations => Dissatisfaction
Value - the value or benefits the customers gain from using the product versus the cost of obtaining the product.
Satisfaction - Based on a comparison of performance and expectations.
Performance > Expectations => Satisfaction
Performance < Expectations => Dissatisfaction
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Customers - Problem SolutionCustomers - Problem Solution
As a priority , we must bring to our customers “WHAT THEY NEED”
We must be in a position to UNDERSTAND their problems
Or in a new situation to give them a chance to AVOID the problems
As a priority , we must bring to our customers “WHAT THEY NEED”
We must be in a position to UNDERSTAND their problems
Or in a new situation to give them a chance to AVOID the problems
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Customer looks for ValueCustomer looks for Value
Value = Benefit / Cost
Benefit = Functional Benefit + Emotional Benefit
Cost = Monetary Cost + Time Cost + Energy Cost + Psychic Cost
Value = Benefit / Cost
Benefit = Functional Benefit + Emotional Benefit
Cost = Monetary Cost + Time Cost + Energy Cost + Psychic Cost
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The Marketing PlanThe Marketing Plan
A written document that acts as a guidebook of marketing activities for the marketing manager
A written document that acts as a guidebook of marketing activities for the marketing manager
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CONTENTS of MARKETING PLAN CONTENTS of MARKETING PLAN Business Mission Statement
Objectives
Situation Analysis (SWOT)
Marketing Strategy Target Market Strategy Marketing Mix
Positioning Product Promotion Price Place – Distribution People Process
Implementation, Evaluation and Control
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The Marketing ProcessThe Marketing Process
Business Mission Stateme
nt
Objectives
Situation or SWOT Analysis
Implementation Evaluation,
Control
Target Market Strategy
Marketing Strategy
Product
Promotion
Place/Distribution
Price
Marketing Mix
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Factors Influencing Company’s Marketing Strategy
Factors Influencing Company’s Marketing Strategy
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DemographicsDemographics
SocialChangeSocial
Change
EconomicConditionsEconomicConditions
Political & Legal FactorsPolitical &
Legal Factors
TechnologyTechnology
CompetitionCompetition
EnvironmentalScanning
EnvironmentalScanning
Target Market
ProductDistributionPromotion
Price
ProductDistributionPromotion
Price
External Environment is not controllable
External Environment is not controllable Ever-Changing
MarketplaceEver-Changing
Marketplace
External Marketing EnvironmentExternal Marketing Environment
Physical / Natural
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The macro-environmentThe macro-environment
is the assessment of the external forces that act upon the firm and its customers, that create threats & opportunities
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P r o d u c tP r o d u c t
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Anything that is offered to the market for
attention, acquisition, use or consumption that
satisfies a want or a need
Product is . . . . . Product is . . . . .
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Types of ProductsTypes of Products
ConsumerProducts
IndustrialProducts
PRODUCTS
Services
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Product Items, Lines, and MixesProduct Items, Lines, and Mixes
Product ItemProduct Item
Product LineProduct Line
Product MixProduct Mix
A specific version of a product that can be designated as a distinct offering among an organization’s products.
A specific version of a product that can be designated as a distinct offering among an organization’s products.
A group of closely-related product items.
A group of closely-related product items.
All products that an organization sells.
All products that an organization sells.
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Product MixProduct Mix
Width – how many product lines a company has
Length – how many products are there in a product line
Depth – how many variants of each product exist within a product line
Consistency – how closely related the product lines are in end use
Width – how many product lines a company has
Length – how many products are there in a product line
Depth – how many variants of each product exist within a product line
Consistency – how closely related the product lines are in end use
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The Marketing MixThe Marketing Mix
The conventional view of the marketing mix consisted of four components (4 Ps): Product, Price, Place/ distribution and Promotion.
Generally acknowledged that this is too narrow today; now includes , Processes, Productivity [technology ]People [employees], Physical evidence
Marketers today are focused on virtually all aspects of the firm’s operations that have the potential to affect the relationship with customers.
The conventional view of the marketing mix consisted of four components (4 Ps): Product, Price, Place/ distribution and Promotion.
Generally acknowledged that this is too narrow today; now includes , Processes, Productivity [technology ]People [employees], Physical evidence
Marketers today are focused on virtually all aspects of the firm’s operations that have the potential to affect the relationship with customers.
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The “8Ps” of Integrated Service Management vs. the Traditional “4Ps”
The “8Ps” of Integrated Service Management vs. the Traditional “4Ps”
► Product elements
► Place, cyberspace, and time
► Process
► Productivity and quality
► People
► Promotion and education
► Physical evidence
► Price and other user outlays
► Product elements
► Place, cyberspace, and time
► Process
► Productivity and quality
► People
► Promotion and education
► Physical evidence
► Price and other user outlays
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The Give and Get of MarketingThe Give and Get of Marketing
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Great Words on MarketingGreat Words on Marketing
1. “The purpose of a company is ‘to create a customer…The only profit center is the customer.’”
2. “A business has two—and only two—basic functions: marketing and innovation. Marketing and innovation produce results: all the rest are costs.”
3. “The aim of marketing is to make selling unnecessary.”
4. “While great devices are invented in the Laboratory, great products are invented in the Marketing department.”
5. “Marketing is too important to be left to the marketing department.”
1. “The purpose of a company is ‘to create a customer…The only profit center is the customer.’”
2. “A business has two—and only two—basic functions: marketing and innovation. Marketing and innovation produce results: all the rest are costs.”
3. “The aim of marketing is to make selling unnecessary.”
4. “While great devices are invented in the Laboratory, great products are invented in the Marketing department.”
5. “Marketing is too important to be left to the marketing department.”
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Drivers of Customer SatisfactionDrivers of Customer Satisfaction
Many aspects of the firm’s value proposition contribute to customer satisfaction: The core product or service offered
Support services and systems
The technical performance of the firm
Interaction with the firm and it employees
The emotional connection with customers
Ability to add value and to differentiate as a firm focuses more on the top levels
Many aspects of the firm’s value proposition contribute to customer satisfaction: The core product or service offered
Support services and systems
The technical performance of the firm
Interaction with the firm and it employees
The emotional connection with customers
Ability to add value and to differentiate as a firm focuses more on the top levels
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Marketers and MarketsMarketers and Markets
Marketers are focused on stimulating exchanges with customers who make up markets – B2C or B2B.
The market is comprised of people who play a series of roles: decision makers, consumers, purchasers, and influencers.
It is absolutely essential that marketers have a detailed understanding of consumers, their needs and wants.
Much happens before and after the sale to affect customer satisfaction
Marketers are focused on stimulating exchanges with customers who make up markets – B2C or B2B.
The market is comprised of people who play a series of roles: decision makers, consumers, purchasers, and influencers.
It is absolutely essential that marketers have a detailed understanding of consumers, their needs and wants.
Much happens before and after the sale to affect customer satisfaction
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Stages of Customer InteractionStages of Customer Interaction
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What Changed in Marketing…What Changed in Marketing…
• Organize by product units• Focus on profitable transactions• Look primarily at financial
scorecard• Focus on shareholders• Marketing does the marketing• Build brands through advertising• Focus on customer acquisition• No customer satisfaction
measurement• Over-promise, under-deliver
• Organize by product units• Focus on profitable transactions• Look primarily at financial
scorecard• Focus on shareholders• Marketing does the marketing• Build brands through advertising• Focus on customer acquisition• No customer satisfaction
measurement• Over-promise, under-deliver
• Organize by customer segments• Focus on customer lifetime value• Look also at marketing scorecard
• Focus on stakeholders• Everyone does the marketing• Build brands through performance• Focus on customer retention• Measure customer satisfaction and
retention rate• Under-promise, over-deliver
Old Economy New Economy
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Dynamic era of Marketing Dynamic era of Marketing
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THANK YOU….
THANK YOU….