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Evolution ofmarketing
Marketing
EvolutionBusiness orientation
References
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Marketing
'Marketing' is the craft of
linking the producers (or
potential producers) of aproduct orservice with
customers, both existing and
potential. It is an inevitableand necessary consequence
ofcapitalism.
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Marketing
However marketing is not limited
to capitalist countries. Marketing
techniques are applied in allpolitical systems, and in many
aspects of life. Marketing
methods are informed by manyof the social sciences,
particularly psychology,
sociology, and economics.
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Marketing
Marketing research
underpins these activities.Through , it is also related
to many of the creative
arts.
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What marketing involves
Contrary to the popular
conception, marketing is
not just about promotion --it can be divided into four
sections, often called the
"four Ps".
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Four Ps
Product - The Product
management aspect ofmarketing deals with the
specifications of the actual good
or service, and how it relates to
the end-user's needs and wants.
Pricing - This refers to the
process of setting a price for a
product, including discounts.
They are:
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Four Ps Promotion - This includes ,
publicity, word of mouth, and
personal selling, and refers to the
various methods of promoting the
product, brand, or company.
Place ordistribution refers to how
the product gets to the customer;for example, point of sale
placement orretailing.
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Four PsThese four elements are often
referred to as the marketing mix. A
marketer will use these variablesto craft a marketing plan. For a
marketing plan to be successful,
the mix of the four "p's" must
reflect the wants and desires of
the consumers in the target
market.
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Four Ps
Trying to convince a market
segment to buy something they
don't want is extremely expensiveand seldom successful. Marketers
depend on marketing research to
determine what consumers wantand what they are willing to pay
for.
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Four Ps
Marketers hope that this
process will give them a
sustainable competitive
advantage. Marketing
management is thepractical application of this
process.
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Evolution of marketing
Marketing as we know it
today began in the 1970's
with the birth of the"marketing orientation".
During the first stage of
capitalism business had aproduction orientation.
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Evolution of marketing
Business was concerned
with production,
manufacturing, andefficiency issues. By the mid
1950's a second stage
emerged, the salesorientation stage.
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Evolution of marketing
Business's prime concern was
to sell what it produced. By
the early 1970's a third stage,the marketing orientation
stage emerged as businesses
came to realize that consumerneeds and wants drove the
whole process.
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Evolution of marketing
Marketing research became
important. Businesses realized it
was futile putting a lot of
production and sales effort intoproducts that people did not
want. Some commentators
claim that we are now on theverge of a fourth stage, one of a
personal marketing orientation.
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Evolution of marketing
They believe that the
technology is available today
to market to people on anindividual basis (see
personalized marketing,
permission marketing, andmass customization).
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Evolution of marketing
They feel it is no longer
necessary to think in
broad aggregatedterms like market
segments or targetmarkets.
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Evolution of marketing
Marketing has become an
academic discipline in
itself, with tertiary
degrees in the field now
routinely awarded.
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Evolution of marketing
Masters and Doctrinal degreescan be obtained in numeroussubcategories of marketing
including: Marketing Research,Consumer Behaviour,International Marketing,Industrial Marketing (also called
b-to-b marketing), ConsumerMarketing (also called b-to-cmarketing), Product
Management, and e-Marketing.
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Marketing orientation
A marketing oriented firm
is one that allows the
wants and needs of
customers and potential
customers to drive all thefirm's strategic decisions.
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Marketing orientation
The firm's corporate culture is
systematically committed to
creating customer value. Inorder to determine customer
wants, the company usually
needs to conduct marketingresearch.
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Marketing orientation
The marketer expects that
this process, if donecorrectly, will provide the
company with a
sustainable competitiveadvantage.
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Marketing orientation
extensive use of marketing
research
broad product lines emphasis on a product's
benefits to customers rather
than on product attributes
A marketing oriented firm will
typically show the following
characteristics:
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Marketing orientation
use ofproduct innovation
techniques
the offering of ancillory services
like credit availability, delivery,
installation, and warranty
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Marketing orientation
The concept of marketing
orientation was developed
in the late 1960's and early
1970's at Harvard
University and at a hand-full of foward thinking
companies.
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Marketing orientation
It relaced the previous sales
orientation that was prevalent
between the mid 1950's andthe early 1970's, and the
production orientation that
predominated prior to the mid1950's.
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Marketing Management
Marketing management is the
practical application ofmarketing
techniques. It is the analysis,
planning, implementation, andcontrol of programs designed to
create, build, and maintain
mutually beneficial exchangeswith target markets.
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Marketing Management
The marketing manager
has the task of influencing
the level, timing, andcomposition ofdemand in
way that will achieve
organizational objectives.
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Marketing Management
Involves
Understanding the economic
structure of your industry
Identify segments within your
market
Identifying your target market
Do marketing research to
develop profiles (demographic,
psychographic, and behavioural)
of your core customers
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Marketing Management
Involves
Understand your competitors
and theirproducts
Develop new products
Establish environmental
scanning mechanisms to detect
opportunities and threats
Understand your company's
strengths and weaknesses
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Marketing Management
Involves
Audit your customers'experience of yourbrand in full
Develop marketing strategies foreach of your products using themarketing mix variables ofprice,
product, distribution, andpromotion
Create a sustainablecompetitive advantage
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Marketing Management
Involves
Understand where you want
your brands to be in the future,
and write marketing plans on aregular basis to help you get
there
Setup feedback systems to help
you monitor and adjust the
process
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References
This Presentation is based
onFact Index
Adaptationby
Finntrack
http://www.fact-index.com/index.htmlhttp://www.fact-index.com/index.htmlhttp://www.finntrack.com/http://www.finntrack.com/http://www.fact-index.com/index.htmlhttp://www.fact-index.com/index.htmlTop Related