lecture-1
DESCRIPTION
Lecture-1TRANSCRIPT
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Class Methodology• Lecture/Presentation• Video and Discussion• Case studies• Marks
1. Class discussion2. Presentation /Assignments3. Project4. Quiz
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• 100 Marketing Tag Lines/Slogans• 100 Advertisements
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Marketing for the 21st Century
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What is Marketing?
Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing
customer relationships in ways that benefit the
organization and its stakeholders.
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What is Marketing Management?
Marketing management is the
art and science of choosing target markets
and getting, keeping, and growing customers through
creating, delivering, and communicatingsuperior customer value.
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Selling is only the tip of the iceberg
“There will always be a need for some selling. But the aim of marketing is to
make selling superfluous. The aim of marketing is to know and understand the
customer so well that the product or service fits him and sells itself. Ideally, marketing
should result in a customer who is ready to buy. All that should be needed is to make
the product or service available.”
Peter Drucker
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What is Marketed?GoodsGoods
ServicesServices
Events & ExperiencesEvents & Experiences
PersonsPersons
Places & PropertiesPlaces & Properties
OrganizationsOrganizations
InformationInformation
IdeasIdeas
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Marketing Can Promote Ideas
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A Simple Marketing SystemA.K.A. The Exchange Process
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Structure of Flows in a Modern Exchange Economy
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For an exchange to occur….• There are at least two parties.• Each party has something that might be of value to
the other party.• Each party is capable of communication and delivery.• Each party is free to reject the exchange offer.• Each party believes it is appropriate or desirable to
deal with the other party.
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Core Marketing Concepts
• Needs, wants, and demands
• Target markets, positioning, Segmentation
• Offerings and brands
• Value and satisfaction• Marketing channels• Supply chain• Competition• Marketing
environment
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Maslow’s Hierarchy of Needs
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1. Needs - states of felt deprivation including physical needs for food, social needs for belonging and individual needs for self-expression. i.e. I am thirsty.
2. Wants - form that a human need takes as shaped by culture and individual personality. i.e. I want a Coca-Cola/Pizza.
3. Demands - human wants backed by buying power. i.e. I have money to buy a Coca-Cola/Pizza
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New Consumer Capabilities• A substantial increase in buying power• A greater variety of available goods and services• A great amount of information about practically
anything• Greater ease in interacting and placing and
receiving orders• An ability to compare notes on products and
services• An amplified voice to influence public opinion
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Company Orientations
Production
Selling Marketing
Product
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Holistic Marketing Dimensions
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The Four P’s
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Internal Marketing
Internal marketing is the task of hiring, training, and motivating able employees who want to
serve customers well.
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Performance Marketing
• Financial Accountability
• Social Responsibility Marketing
Social Initiatives• Corporate social marketing• Cause marketing• Corporate philanthropy• Corporate community
involvement• Socially responsible
business practices
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Marketing Management Tasks
• Develop market strategies and plans• Capture marketing insights• Connect with customers• Build strong brands• Shape market offerings• Deliver value• Communicate value• Create long-term growth
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Levels of a Marketing Plan
• Strategic– Target marketing
decisions– Value proposition– Analysis of
marketing opportunities
• Tactical– Product features– Promotion– Merchandising– Pricing– Sales channels– Service
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Product-Market Expansion Grid
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The Business Unit Strategic Planning Process
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Organizational Charts
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Marketing Debate: Take a Position!
Does marketing shape consumer needs? or Does marketing merely reflect the needs and wants of consumers?
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Three V’s Approach to Marketing
Define the value segmentDefine the value segment
Define the value propositionDefine the value proposition
Define the value networkDefine the value network
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What is the Value Chain?
The value chain is a tool for identifying ways to create more
customer value because every firm is a synthesis of primary and support
activities performed to design, produce, market, deliver, and support its product.
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Porter’s Value Chain
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Model of Consumer Behavior
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Key Psychological Processes
Motivation
MemoryLearning
Perception
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Motivation
Freud’sTheory
Behavioris guided by subconsciousmotivations
Maslow’sHierarchyof Needs
Behavioris driven by
lowest, unmet need
Herzberg’sTwo-Factor
Theory
Behavior isguided by motivating
and hygienefactors
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Maslow’s Hierarchy of Needs
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Successive Sets Involved in Consumer Decision Making
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How Customers Use and Dispose of Products
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Behavioral Segmentation Breakdown
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Five Forces Determining Segment Structural Attractiveness
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