History & Origin of Marketing

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INTRODUCTION TO MARKETING


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It is the process of planningand executing theconception, pricing, promotionand distribution

of ideas, goods and services to create exchanges

that satisfy individual and organizational goals.

Management definition


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What is Marketing?

Marketing is meeting the needs profitablyboth of marketers and customers.

The aim of marketing is to know and

understand the customer so well that theproduct or service fits him and sells itself.

e.g. Waiting lines and customer full restaurants,

waiting period for the vehicles etc.


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3 Keys to Marketing

Understand

Provide

Communicate


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Nature Of Marketing

What is the Purpose of Marketing?

Satisfaction

Functional Satisfaction

Psychological Satisfaction

The Four Utilities

Consumer Problems

Providing Benefit Bundles

Offering a Total Consumption System Increments of Satisfaction

Facilitating Exchanges


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Simple Marketing System

Industry

(a collection

of sellers)

Market

(a collection

of Buyers)

Goods/services

Money

Information

Communication


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Market Placeis physical as when you shop in

a store

Market space - is digital as when you shop on

the internet


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Implications of marketing

Who are our existing / potential customers?

What are their current / future needs?

How can we satisfy these needs?

Can we offer a product/ service that the

customer would value?

Can we communicate with our customers?

Can we deliver a competitive product of

service? Why should customers buy from us?


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Successful marketing requires:

Profitable

Offensive (rather than defensive)

Integrated Strategic (is future orientated)

Effective (gets results)


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Needsare basic human requirements.

Wantsare needs directed to specificobjects/services that might satisfy the need.

Demandis the wants for specific products

backed by an ability to pay.

Need, Want & Demand


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Exchange & Transaction

Exchangeis get something (product /service) by

offering something in return. Eg. kind (barter)

or money (value ) . Exchange is a value creating

process because it leaves both parties better off

(winwin situation)

A transactionis an exchange between two

things of value on agreed conditions and a timeand place of agreement.


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Customer Satisfaction

&

Customer Delight

Customer delightis surprising a customer by exceeding

his/her expectations and thus creating a positive emotional

reaction. This emotional reaction leads to word of mouth.

Customer satisfactionmeasures the extent to which the

expectations of a customer are met

Customer value is the difference between the values the

customer gains from owing and using a product and the

costs of obtaining the product.


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The Scope Of Marketing

Marketers are involved with marketing tentypes of entities:

1. Physical Goods

2. Services3. Experiences

4. Events

5. Persons

6. Places

7. Properties

8. Organizations

9. Information

10. Ideas


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PHILOSOPHIES OF MARKETING


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The PRODUCTION CONCEPT

Holds that consumers will prefer products

that are widely available and inexpensive.


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The PRODUCT CONCEPT

Holds that consumers will favor those

products that offer the most quality,

performance, or innovative features


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The SELLING CONCEPT

Holds that consumers and businesses, willordinarily not buy enough of theorganizations products. The organizationmust therefore, undertake an aggressiveselling and promotion effort.


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The MARKETING CONCEPT

holds that the key to achieving itsorganizational goals consists of thecompany being more effective thancompetitors in creating, delivering,

and

communicating customer value to itschosen target markets.

.


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The SOCIETAL MARKETING

CONCEPT

holds that the organizations task is todetermine the needs, wants, and interests ofthe target markets and to deliver the desiredsatisfactions more effectively thancompetitors in a way that preserves theconsumers and societys well-being.


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Societal Marketing Concept


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Marketing management process

Analysis/Audit - where are we now?

Objectives - where do we want to be?

Strategies - which way is best? Tactics - how do we get there?

Implementation - Getting there!

Control - Ensuring arrival


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Why is marketing planning necessary?

Systematic futuristic thinking by management

better co-ordination of a companys efforts

development of performance standards forcontrol

sharpening of objectives and policies

better prepare for sudden developments


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MARKETING PROCESS


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The Marketing Process consists of

Analyzing Marketing Opportunities

Researching and Selecting Target MarketsDesigning Marketing Opportunities

Planning Marketing Programs

Organizing, Implementing, and Controllingthe Marketing Effort


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Marketing Process


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Marketing Strategy

Marketing Strategy is the marketing logic by

which the business unit hopes to achieve its

marketing objectives


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Marketing Strategy and the MarketingMix

Market segmentation is the division of a marketinto distinct groups of buyers who have distinctneeds, characteristics, or behavior and whomight require separate products or marketing

mixesMarket segment is a group of consumers who

respond in a similar way to a given set ofmarketing efforts

Market targeting is the process of evaluating eachmarket segments attractiveness and selectingone or more segments to enter


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Marketing Strategy

Market positioning is the arranging for a

product to occupy a clear, distinctive, and

desirable place relative to competing

products in the minds of the target

consumer


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Marketing Mix

Marketing mix is the set of controllable

tactical marketing toolsproduct, price,

place, and promotionthat the firm blendsto produce the response it wants in the

target market


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Marketing Strategy and the Marketing Mix

Developing an Integrated Marketing Mix


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Marketing Activities

Product:

Develop new products

Modify existing products

Test-market products

Select brand name Package product

Pricing:

Establish price objectives

Conduct cost analysis

Analyze competitors price

Set actual prices

Promotion:

Determine types of promotion

Design the advertising massage

Selecting advertising media

Schedule the advertisements

Distribution:

Select wholesalers and retailers

Establish procedures forhandling and moving products

Find the best locations forplants, warehouses and retailoutlets


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7 Ps of the Marketing Mix

People

Process

Physical Evidence

Product

Price

Place

Promotion

History & Origin of Marketing

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