MARKETING MANAGEMENT WITH DEALSOTHON

DEFINITION OF MARKET AND MARKETING Dealsothon - Market refers to the group of consumers or

organization that is interested in the product, has the resources to purchase the product and is permitted by law and other regulations to acquire the product.

Marketing: According to Chartered Institute of Marketing “ The management process responsible for identifying, anticipating and satisfying customer requirements profitable.

Social definition “ Marketing role is to deliver a higher standard of living”.

Marketing Management “ Marketing management sis a business discipline which is focused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities.

DEALSOTHON - IMPORTANCE OF MARKETING Marketing managers must take

major decisions such as1. What features to design into a

new product2. What prices to offer customers3. Where to sell products4. How much to spend on

advertising or sales

SCOPE OF MARKETING WITH DEALSOTHON To be a marketer, you need to

understand What marketing is How it works What is marketed Who does the marketing

How it worksFour ways to obtain productExchange and Transactions

WHAT IS MARKETED Goods Services Events Experiences Persons Places Properties Organizations Information Ideas

WHO MARKETS Marketers and Prospects: A marketer is someone

who seeks a response ( attention, a purchase, a vote, a donation) from another party, called the prospect.

If two parties are seeking to sell something to each other, we call them both marketers.

Marketers are responsible for demand management. Marketing managers seek to influence the level,

timing, and composition of demand to meet the organization's objectives.

Eight demand states are possible1. Negative demand: dislike the product2. Nonexistent demand: unaware and uninterested3. Latent demand: strong need that cannot be

satisfied by an existing product.

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4. Declining demand: consumer begin to buy the product less frequently or not at all

5. Irregular demand: Vary on a seasonal, monthly, weekly, daily, or even hourly basis.

6. Full demand: adequately buying all products put into the marketplace.

7.Overfull demand: More consumers would like to buy the product

8.Unwholesome demand: Products that have undesirable social consequences.

MARKETSTraditionally “ market is a physical place

where buyers and sellers gathered to buy and sell goods.

Economists describe a market as a collection of buyers and seller who transact over a particular product or product class.

Five basic markets:1. Manufacturers markets2. Resource markets3. Intermediary markets4. Consumer markets5. Government markets

KEY CUSTOMER MARKETS Consumer Markets Business Markets Global Markets Nonprofit and Governmental

Markets

Marketplaces, Market spaces & Metamarkets

COMPANY ORIENTATION TOWARD THE MARKETPLACE The Production Concept: consumers will prefer

products that are widely available and inexpensive The Product Concept: consumers will favor those

products that offer the better quality, [performance or innovative features.

The selling Concept: is practiced most aggressively with unsought goods, goods that buyers normally do not think of buying.

The Marketing Concept: instead of a product-centered “ make and sell” philosophy, business shifted to a customer centered “ sense and respond” philosophy.

the job is not to find the right customers for your products, but the right products for your customers.

COMPANY ORIENTATION TOWARD THE MARKETPLACE The Holistic Marketing Concept: is

based on the development , design, and implementation of marketing programs, processes, and activities that recognizes their breadth and interdependencies.

Four components of holistic marketing are

1. Relationship marketing2. Integrated marketing 3. Internal marketing4. Social responsibility marketing

COMPONENTS OF HOLISTIC MARKETING Relationship marketing: has aim of building mutually

satisfying long-term relationships with key parties- customers, suppliers, distributors, and other marketing partners in order to earn and retain their business.

The ultimate outcome of relationship marketing is the building of a unique company asset called a marketing network.

Marketing Network consists of the company and its supporting stakeholders with whom it has built mutually profitable business relationships.

Integrated Marketing: is a strategy to unifying different marketing methods such as mass marketing, one-to-one marketing, and direct marketing. Its objective is to complement and reinforce the market impact of each method, and to employ the market data generated by these efforts in product development, pricing, distribution, customer service, etc.

COMPONENTS OF HOLISTIC MARKETING Two key themes of integrated marketing1. Many different marketing activities are

employed to communicate and deliver value.2. All marketing activities are coordinated to

maximize their joint effects. McCarthy classified marketing tools into four

broad groups which he called the 4 Ps of marketing : product, price, place and promotion

These Ps represent the seller’s view of the marketing tools available for influencing buyers.

From buyer’s point of view each marketing tool is designed to deliver a customer benefit. Robert Lauterborn customers’ four Cs

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Four Ps Four Cs Product Customer

solution Price

Customer cost Place

Convenience Promotion

Communication

COMPONENTS OF HOLISTIC MARKETING Internal Marketing: ensure that everyone is the

organization hold and carry appropriate marketing principles, especially senior management

Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well.

Internal marketing must take place on two levels:1. The various marketing functions- sales force,

advertising, customer service, product mgt etc.2. Marketing must be hold and carry by the other

departments also. They must also think customer.

SOCIAL RESPONSIBILITY MARKETING

It holds that the organization’s task is to determine the needs, wants and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitor s in a way that preserves or enhances the consumer’s and the society’s well-being.

FUNDAMENTAL MARKETING CONCEPTSCore concepts Needs: water, clothing, education Wants: burger, French fries soft drink Demands: Mercedes

We can distinguish among five types of needs1. Stated needs: customer wants an inexpensive car2. Real needs: customer wants a car whose operating

cost , not its initial price, is low3. Unstated needs: customer expects good service

from the dealer4. Delight needs: customer would like the dealer to

include an security system in car5. Secret needs: appreciated by friends

FUNDAMENTAL MARKETING CONCEPTS Target Markets, Positioning and

Segmentation: Offerings and Brands: offering combination

of products, services, information and experiences . A set of benefits they offer to customers to satisfy their needs. The intangible value proposition is made physical by an offering

Brand: is a offering from a known source. A brand name carries many associations in the minds of people. These associations make up the brand image.

Value and satisfaction:

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