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MKTG Introduction

This document provides an overview of key marketing concepts and philosophies. It defines marketing as "an organizational function and a set of processes for creating, communicating, delivering, and exchanging market offerings that have value for customers, clients, marketers, and society at large." The document discusses different marketing philosophies including the production concept, product concept, selling concept, marketing concept, and holistic marketing concept. It also contrasts the differences between marketing and selling philosophies and discusses the concept of "marketing myopia."

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58 views39 pages

MKTG Introduction

This document provides an overview of key marketing concepts and philosophies. It defines marketing as "an organizational function and a set of processes for creating, communicating, delivering, and exchanging market offerings that have value for customers, clients, marketers, and society at large." The document discusses different marketing philosophies including the production concept, product concept, selling concept, marketing concept, and holistic marketing concept. It also contrasts the differences between marketing and selling philosophies and discusses the concept of "marketing myopia."

Uploaded by

zishanmallick
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPSX, PDF, TXT or read online on Scribd
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Marketing Management-I

Introduction

A market is...
...a set of actual and potential buyers of a product
Marketing satisfies the needs of markets by facilitating the exchange process

Marketing Defined

Marketing
.is an organisational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders.

Marketing is the activity, conducted by organizations and individuals, that operates through a set of institutions and processes for creating, communicating, delivering, and exchanging market offerings that have value for customers, clients, marketers, and society at large.
-American Marketing Association Definition of Marketing (2004)

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.
- Philip Kotler

Value
Value reflects the relationship benefits to costs, or what you get for what you give. of

Customers seek a fair return in goods and/or services for their hard earned money and scarce time.

Marketing Management

Marketing Management.
.is the art and science of choosing target markets and building profitable relationships with them.
Creating, delivering and superior customer value is key. communicating

Simple Marketing System

Simple Marketing System


Communication

Goods/services Industry (a collection Money of sellers)

Market (a collection of Buyers)

Information

Target Market
Group of people toward whom the firm decides to direct its marketing efforts.

What Can Be Marketed?


Goods Services Experiences Events Persons
Places Properties Organizations Information Ideas

Marketing is Everywhere in

Your Life

Core Marketing Concepts

t s, an ds , w an ds em ee d N d an

uc Se and ts rvi ce s

Pr od

Core Marketing Concepts


ts ke ar M

Value, satisfaction, and quality

Exchange, transactions, and relationships

Needs ...a state of felt deprivation Wants specific satisfiers...shaped by culture and individual personality Demands wants ...backed by purchasing power and willingness to pay

A Product is...
...anything that can be offered to a market for attention, acquisition, use or consumption and that may satisfy a need or want

Product includes:

Goods Services Experiences Events Persons

Places Properties Organizations Information Ideas

Exchange is...
...the act of obtaining a desired object from someone by offering something in return

Five conditions for exchange to take place:


1. Two parties 2. Something of value to offer each other 3. Willing to deal 4. Free to accept or reject offer 5. Able to communicate and deliver

A transaction is...
...a trade between two parties that involves:
at least two things of value; agreed upon conditions; a time of agreement; and a place of agreement
may be monetary or barter

Transfer
A transfer is a one way exchange without receiving anything in return.

Marketing Philosophies

PRODUCT CONCEPT

HOLISTIC MARKETING CONCEPT

KEY MARKETING PHILOSOPHIES PRODUCTION CONCEPT SELLING CONCEPT MARKETING MARKETING CONCEPT CONCEPT

The Production Concept


....Holds that consumers will favor products that are available and affordable.
Implies work towards mass production and low cost

The Product Concept


Assumes customers favor products that offer the most quality, performance, and features.
Implies firm should strive to continually upgrade product and product features.

The Selling Concept


The idea that customers will not buy enough of the organizations products unless the organization undertake a large scale selling and promotion efforts.

The Marketing Concept


Holds that achieving organizational goals depends upon determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than do competitors.

The Marketing Concept


Consumer Orientation Marketing Concept Market-Driven Approach Value-Based Philosophy Integrated Marketing Focus Goal Orientation

The Holistic Marketing Concept


It is based on the development, design, and implementation of marketing programs, processes, activities that recognises their breadth and interdependencies. Recognises that Everything matters with marketing Four components:
Relationship marketing Integrated marketing Internal marketing Social responsibility marketing

Marketing vs. Selling

Focus of Selling Philosophy

Production

Selling

Consumption

Focus of Marketing Philosophy

Consumer Need Evaluation

Integrated Marketing Effort

Consumer Satisfaction

Achievement of Organizational Goals

Feedback

Selling Philosophy
Output Sold to Consumers Looks at Individual, Single Consumer Seeks Sales Rather than Profit Short-Term Goal Orientation Concerned with Current Inventory Reduction Narrower View of Consumer Needs Little Adaptation to Environment Informal Planning and Feedback

Marketing Philosophy
Consumer-Oriented Stresses Research and Consumer Analysis Looks at Groups of Consumers Profit-Oriented Directed to Long-Range Goals Two-Way Interactive Process Appropriate Adaptation to Marketing Environment Broad View of Consumer Needs Integrated Planning and Feedback

Marketing and Sales Concepts Contrasted

Marketing Myopia
Narrow-minded approach to a marketing situation where only short-range goals are considered or where the marketing focuses on only one aspect out of many possible marketing attributes. Because of its shortsightedness, marketing myopia is an inefficient marketing approach.

Thank You!

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