Description
Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers.
•Managing •Attracting
profitable customer relationships
new customers by promising superior value and to keep and grow customers by delivering satisfaction
•Understanding
needs
•The
and responding to customers
4p’s – product, price, place and promotion
•Helps
understand customers needs, wants and demand •Helps design a customer driven strategy •Creates customer value and satisfaction •Helps building customer relationships •Builds customer equity -CLV •Helps design rapid globalised strategies
Communication
Industry ( as a collection of sellers)
Goods/Services
Market ( a collection of buyers)
Money
Information
?
Market place - A marketplace is the space, actual or metaphorical, in which a market operates. The 'real world' in which products and services are provided and consumed. Market Space -Market space - an information and communication based electronic exchange environment - is a relatively new concept. Since physical boundaries no longer interfere with buy/sell decisions, the world has grown into several industry specific market spaces which are integration of marketplaces through sophisticated computer and telecommunication technologies.. In a market space, information and/or physical goods are exchanged and transactions take place through computers and networks.
?
?
?
Metamarket - Meta Market is a web-based market centered around an event or an industry, rather than a single product. These are markets of complementary products that are closely related in the minds of consumers, but spread across different industries. The web allows us to match producers' desire for economies of scale, and consumers' desire for variety of choice to satisfy a set of needs. Thus we can have a meta market for a wedding (event) that includes sources for engagement rings and wedding gowns. These types of markets are easier to establish in the web world, than they were before the web, and can prove very effective.
Relationships and Networks ? Relationship Marketing Relationship marketing is a form of marketing which emphasizes customer retention and satisfaction, rather than a dominant focus on point-of-sale transactions. ? Relationship marketing differs from other forms of marketing in that it recognizes the long term value to the firm of keeping customers, as opposed to "Intrusion" marketing, which focuses upon acquisition of new clients by targeting majority demographics based upon prospective client lists.
?
Marketing Network - Multi-level marketing (MLM), (also called as network marketing is a term that describes a marketing structure used by some companies as part of their overall marketing strategy The structure is designed to create a marketing and sales force by compensating the promoters of company products not only for sales they personally generate, but also for the sales of other promoters they introduced to the company, creating a downline of distributors and a hierarchy of multiple levels of compensation.
Food
Clothing
shelter
Form of human needs shaped by culture and individual personality
Mauritius food preference would be mango, rice, beans etc.
American needs food but wants Big Mac, french fries and soft drink
When backed by buying power WANTS become DEMAND Value - Value of a product within the context of marketing means the relationship between the consumer's expectations of product quality to the actual amount paid for it. Expressed as Value = benefits/price EXCHANGE – The act of obtaining a desired object by someone by offering something in return
Most business theorists see a continuum with pure service on one terminal point and pure commodity goods on the other terminal point. Most products fall between these two extremes. For example, a restaurant provides a physical good (prepared food), but also provides services in the form of ambience, the setting and clearing of the table, etc.
Utilities are usually treated as services.(e.g.place, form )
Product The goods and services combination the company offers to the target market Market The set of all actual and potential buyers of a product or a service
The extent to which a product perceived performance matches a buyers expectations
Customer Delight means more than just feeling great about a product or service
GMI's mantra "CUSTOMER DELIGHT" gets recognition
•
•
•
•
• •
Product concept Production concept Sales concept Marketing concept Societal marketing concept Relational – CRM
•
Product concept
The product concept holds that consumers will favor products that offer most in quality, performance and innovative features.
This concept holds that consumers will favor products that are available and highly affordable. Concentration is on mass production and low labor costs
Selling concept holds that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort. Most of the times the case with unsought goods
?
E.g. ? Insurance ? Fire extinguishers
Focuses on knowing the NEEDS & WANTS of the of target markets and delivering the desired satisfactions better than the competitors do. E.g. ATM’s, 24 hours online buying, notebook computers, cell phones etc.
?
?
The societal marketing concept holds that marketing strategy should deliver value to its customers in a way that improves both the consumers and the society’s wellbeing Fast food (Tylenol)
?
Managing detailed information about individual customers and carefully managing the touch points in order to maximize customer loyalty
?
E.g. an automobile manufacturer maintaining a database of when and how repeat customers buy their products, the options they choose, the way they finance the purchase etc., is in a powerful position to develop one-to-one marketing offers and product benefits.
?
Most of the organizations are too constricted by a narrow understanding of what business they are in. (also called as short sightedness) It exhorted CEOs to re-examine their corporate vision; and redefine their markets in terms of wider perspectives. It trains managers to look beyond their current business activities and think "outside the box".
?
?
?
Selling : Undertaking large scale selling and promotion effort Marketing : Knowing the needs and wants of the target market and delivering desired satisfaction better than competitors do
Starting Point Focus Existing products Means Selling & promoting Ends Profits through sales volume
The Selling Concept
Factory
The Mktg. Concept
Market
Customer needs
Integrated mktg.
Profits throu customer satisfaction
doc_888625902.pptx
Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers.
•Managing •Attracting
profitable customer relationships
new customers by promising superior value and to keep and grow customers by delivering satisfaction
•Understanding
needs
•The
and responding to customers
4p’s – product, price, place and promotion
•Helps
understand customers needs, wants and demand •Helps design a customer driven strategy •Creates customer value and satisfaction •Helps building customer relationships •Builds customer equity -CLV •Helps design rapid globalised strategies
Communication
Industry ( as a collection of sellers)
Goods/Services
Market ( a collection of buyers)
Money
Information
?
Market place - A marketplace is the space, actual or metaphorical, in which a market operates. The 'real world' in which products and services are provided and consumed. Market Space -Market space - an information and communication based electronic exchange environment - is a relatively new concept. Since physical boundaries no longer interfere with buy/sell decisions, the world has grown into several industry specific market spaces which are integration of marketplaces through sophisticated computer and telecommunication technologies.. In a market space, information and/or physical goods are exchanged and transactions take place through computers and networks.
?
?
?
Metamarket - Meta Market is a web-based market centered around an event or an industry, rather than a single product. These are markets of complementary products that are closely related in the minds of consumers, but spread across different industries. The web allows us to match producers' desire for economies of scale, and consumers' desire for variety of choice to satisfy a set of needs. Thus we can have a meta market for a wedding (event) that includes sources for engagement rings and wedding gowns. These types of markets are easier to establish in the web world, than they were before the web, and can prove very effective.
Relationships and Networks ? Relationship Marketing Relationship marketing is a form of marketing which emphasizes customer retention and satisfaction, rather than a dominant focus on point-of-sale transactions. ? Relationship marketing differs from other forms of marketing in that it recognizes the long term value to the firm of keeping customers, as opposed to "Intrusion" marketing, which focuses upon acquisition of new clients by targeting majority demographics based upon prospective client lists.
?
Marketing Network - Multi-level marketing (MLM), (also called as network marketing is a term that describes a marketing structure used by some companies as part of their overall marketing strategy The structure is designed to create a marketing and sales force by compensating the promoters of company products not only for sales they personally generate, but also for the sales of other promoters they introduced to the company, creating a downline of distributors and a hierarchy of multiple levels of compensation.
Food
Clothing
shelter
Form of human needs shaped by culture and individual personality
Mauritius food preference would be mango, rice, beans etc.
American needs food but wants Big Mac, french fries and soft drink
When backed by buying power WANTS become DEMAND Value - Value of a product within the context of marketing means the relationship between the consumer's expectations of product quality to the actual amount paid for it. Expressed as Value = benefits/price EXCHANGE – The act of obtaining a desired object by someone by offering something in return
Most business theorists see a continuum with pure service on one terminal point and pure commodity goods on the other terminal point. Most products fall between these two extremes. For example, a restaurant provides a physical good (prepared food), but also provides services in the form of ambience, the setting and clearing of the table, etc.
Utilities are usually treated as services.(e.g.place, form )
Product The goods and services combination the company offers to the target market Market The set of all actual and potential buyers of a product or a service
The extent to which a product perceived performance matches a buyers expectations
Customer Delight means more than just feeling great about a product or service
GMI's mantra "CUSTOMER DELIGHT" gets recognition
•
•
•
•
• •
Product concept Production concept Sales concept Marketing concept Societal marketing concept Relational – CRM
•
Product concept
The product concept holds that consumers will favor products that offer most in quality, performance and innovative features.
This concept holds that consumers will favor products that are available and highly affordable. Concentration is on mass production and low labor costs
Selling concept holds that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort. Most of the times the case with unsought goods
?
E.g. ? Insurance ? Fire extinguishers
Focuses on knowing the NEEDS & WANTS of the of target markets and delivering the desired satisfactions better than the competitors do. E.g. ATM’s, 24 hours online buying, notebook computers, cell phones etc.
?
?
The societal marketing concept holds that marketing strategy should deliver value to its customers in a way that improves both the consumers and the society’s wellbeing Fast food (Tylenol)
?
Managing detailed information about individual customers and carefully managing the touch points in order to maximize customer loyalty
?
E.g. an automobile manufacturer maintaining a database of when and how repeat customers buy their products, the options they choose, the way they finance the purchase etc., is in a powerful position to develop one-to-one marketing offers and product benefits.
?
Most of the organizations are too constricted by a narrow understanding of what business they are in. (also called as short sightedness) It exhorted CEOs to re-examine their corporate vision; and redefine their markets in terms of wider perspectives. It trains managers to look beyond their current business activities and think "outside the box".
?
?
?
Selling : Undertaking large scale selling and promotion effort Marketing : Knowing the needs and wants of the target market and delivering desired satisfaction better than competitors do
Starting Point Focus Existing products Means Selling & promoting Ends Profits through sales volume
The Selling Concept
Factory
The Mktg. Concept
Market
Customer needs
Integrated mktg.
Profits throu customer satisfaction
doc_888625902.pptx