topic :-introduction to marketing for customer value ...€¦ · marketing concept - the 4 p’s...
TRANSCRIPT
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Prof.Priyanka
HoD- MBA
Koshys Institute of Management Studies
Topic :-Introduction To Marketing for Customer Value
Subject :-Marketing for Customer Value
Class :-I Semester MBA
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FLOW STRUCTURE IN MODERN EXCHANGE ECONOMY
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What is Marketing?
Marketing is an organizational functionand 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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Simple Marketing System
Industry
(a collection
of sellers)
Market
(a collection
of Buyers)
Products/services
Money
Communication
Information
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1-5
What is Marketed?
• Goods (tangible)
• Services (intangible)
• Events (time based—trade
shows) and Experiences (Theme parks)
• Persons (Artists, Musicians,
CEO, Physicians)
• Places (Cities, States, Regions,
Nations) and Properties (Intangible rights of ownership of real estate or financial properties)
• Organizations (Universities,
Museums, Performing Arts Organization)
• Information (Books, Schools,
Magazines)
• Ideas
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Marketing Management Tasks• Developing marketing
strategies (strategic fit)
• Capturing marketing insights (obtaining information)
• Connecting with customers (relationships)
• Building strong brands(understand strengths and weaknesses)
• Shaping market offerings
• Delivering value
• Communicating value
• Creating long-term growth(positioning and new-product development)
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Core Concepts
• Needs, wants, and demands
• Segmentation, Target markets, positioning (in mind of target buyers)
• Offerings and brands (offering from a known source)
• Value and satisfaction(set of benefits )
• Marketing channels(communications, distribution, and service)
• Supply chain
• Competition
• Marketing environment-task and broad environment
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The marketplace isn’t what it used to be…
Changing technology (digital revolution)
Globalization (transportation, shipping, communication)
Deregulation (airlines industry)
Privatization (British Airways and British telecom)
Heightened competition (Domestic, Foreign, Store and Brands)
Customization
Convergence (Computing and consumer electronics—Dell/ HP)
Disintermediation
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Production Concept
Product Concept
Selling Concept
Marketing Concept
Consumers prefer products that are widely available and inexpensive
Consumers favor products thatoffer the most quality, performance,
or innovative features
Consumers will buy products only ifthe company aggressively
promotes/sells these products
Focuses on needs/ wants of target markets & delivering value
better than competitors
Company Orientations Towards the Marketplace
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Production Concept
Consumers prefer products
that are widely available and inexpensive
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Product Concept
Consumers favor products thatoffer the most quality,
performance,or innovative features
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Selling Concept
Consumers will buy products only if
the company aggressivelypromotes/sells these products
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Marketing Concept
Focuses on needs/ wants of target
markets & delivering value
better than competitors
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Production-Oriented and Marketing-Oriented Managers Have Different Views of the Market
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MarketIntegratedmarketing
Profits throughcustomer
satisfaction
Customerneeds
(b) The marketing concept
FactoryExisting
productsSelling andpromotion
Profits throughsales volume
Startingpoint Focus Means Ends
(a) The selling concept
Marketing and Sales Concepts Contrasted
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Holistic Marketing Dimensions
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The Four P’s of Marketing
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Marketing Concept - The 4 P’sThe 4 Cs
Marketing
Mix
Product
Price
Promotion
Place
Customer
Solution
Customer
CostCommunication
Convenience
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Marketing-Mix Strategy
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Importance of marketing in Indian economy
1.Increase in employment opportunities2.Balanced growth of the country3.Increase in per capita income4.Increase in the sale of goods5.Increase in profits6.Development of the means of the communication7.Development of the means of the transportation8.Development of the banking and insurance industries9.Expansion in scope and area of marketing10.Improvement in the standard of living11.Industrial progress12.Maximum utilization of available resources
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STRATEGIC PLANNING
• Levels of Strategic planning
1.Corporate level
2.Division level
3.Business level
4.Product level
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The strategic planning, Implementation,and control process
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Corporate and division strategic planning
• Defining the corporate mission
• Establishing strategic business units
• Assigning resources to each SBU
• Assessing growth opportunities
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Good Mission Statements
• Focus on a limited number of goals
• Stress major policies and values
• Define major competitive spheres
• Take a long-term view
• Short, memorable, meaningful
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• Google mission
“To organize the world’s information and make it universally accessible and useful”.
Infosys:
“To achieve our objectives in an environment of fairness, honesty, and courtesy towards our clients, employees,vendors and society at large.”
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Characteristics of SBUs
• It is a single business or collection of related businesses
• It has its own set of competitors
• It has a leader responsible for strategic planning and profitability
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Assessing growth opportunities
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Business unit strategic planning process
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Business unit strategic planning
• The business mission
• SWOT Analysis
• Goal formulation
• Strategic formulation
• Program formulation and implementation
• Feedback and control
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Goal Formulation
• They must be arranged hierarchically, from the most to the least important.
• Objectives should be quantitative whenever possible.
• Objectives should be realistic.
• Objectives must be consistent
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Strategic Formulation
• Porter’s generic strategies
• Overall cost leadership
• Differentiation
• Focus
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Product planning: The Nature and contents of a Marketing Plan
• Executive summary and table of contents
• Situation analysis
• Marketing Strategy
• Financial projections
• Implementation controls
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Scanning the environment
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The demographic environment
• World wide population growth
• Population age mix
• Literacy levels of population
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Economic Environment
Households Annual IncomeDestitutes Rs 16,000Aspirants Rs 16,000-22,000Climbers Rs 22,000-45,000Consuming Class Rs 45,000-2,15,000Rich > 2,15,000
•Income Distribution
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• Social cultural environment
• Natural environment
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Technological environment
• Accelerating pace of change
• Unlimited opportunities for innovation
• Varying R&D budgets
• Increased regulation of technological change
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Political legal environment
• Increase in business legislation
• Growth of special interest groups
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Introduction and Definitions
• Competitors– Firms operating in the same market, offering similar products and
targeting similar customers
• Competitive Rivalry– Ongoing set of competitive actions and competitive responses occurring
between competitors as they contend with each other for an advantageous market position
• Competitive Behavior (offensive and defensive)– Set of competitive actions and competitive responses the firm takes to
build or defend its competitive advantages and to improve its market position
• Competitive Dynamics– Total set of actions and responses of all firms competing within a market -
all competitive behavior
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