Marketing Management with xclusiveoffer
Ò Definition
of market and marketing - Xclusiveoffer - 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.
Ò Marketing:
According to Chartered Institute of Marketing “ The management process
responsible for identifying, anticipating and satisfying customer requirements
profitable.
Ò Social
definition “ Marketing role is to deliver a higher standard of living”.
Ò 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.
xclusiveoffer - Importance of marketing
Ò Marketing
managers must take major decisions such as
- What
features to design into a new product
- What
prices to offer customers
- Where
to sell products
- How much
to spend on advertising or sales
Scope of Marketing with xclusiveoffer
Ò To
be a marketer, you need to understand
Ò What
marketing is
Ò How
it works
Ò What
is marketed
Ò Who
does the marketing
How it works
Four ways to obtain product
Exchange and Transactions
Ò What
is Marketed - Goods
Ò Services
Ò Events
Ò Experiences
Ò Persons
Ò Places
Ò Properties
Ò Organizations
Ò Information
Ò Ideas
Ò 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.
Ò If
two parties are seeking to sell something to each other, we call them both
marketers.
Ò Marketers
are responsible for demand management.
Ò Marketing
managers seek to influence the level, timing, and composition of demand to meet
the organization's objectives.
Ò Eight
demand states are possible
- Negative
demand: dislike the product
- Nonexistent
demand: unaware and uninterested
- Latent
demand: strong need that cannot be satisfied by an existing product.
- 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.
- Traditionally
“ 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 markets
- 2.
Resource markets
- 3.
Intermediary markets
- 4.
Consumer markets
- 5.
Government markets
Ò Company
orientation toward the Marketplace - The
Production Concept: consumers will prefer products that are widely available
and inexpensive
Ò The
Product Concept: consumers will favor those products that offer the better
quality, [performance or innovative features.
Ò The
selling Concept: is practiced most aggressively with unsought goods, goods that
buyers normally do not think of buying.
Ò 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
Ò The
Holistic Marketing Concept: is based on the development , design, and
implementation of marketing programs, processes, and activities that recognizes
their breadth and interdependencies.
Ò Four
components of holistic marketing are
- Relationship
marketing
- Integrated
marketing
- Internal
marketing
- Social
responsibility marketing
Ò 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.
Ò The
ultimate outcome of relationship marketing is the building of a unique company
asset called a marketing network.
Ò 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.
Four Ps
Four Cs
Product Customer solution
Price Customer cost
Place Convenience
Promotion
Communication
components of holistic marketing
Ò Internal
Marketing: ensure that everyone is the organization hold and carry appropriate
marketing principles, especially senior management
Ò Internal
marketing is the task of hiring, training, and motivating able employees who
want to serve customers well.
Ò Internal
marketing must take place on two levels:
- The
various marketing functions- sales force, advertising, customer service,
product mgt etc.
- Marketing
must be hold and carry by the other departments also. They must also think
customer.
Ò 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.
Ò Fundamental
Marketing Concepts
Ò Core
concepts
Ò Needs:
water, clothing, education
Ò Wants:
burger, French fries soft drink
Ò Demands:
Mercedes
Ò We
can distinguish among five types of needs
Ò Stated
needs: customer wants an inexpensive car
Ò Real
needs: customer wants a car whose operating cost , not its initial price, is
low
Ò Unstated
needs: customer expects good service from the dealer
Ò Delight
needs: customer would like the dealer to include an security system in car
Ò Secret
needs: appreciated by friends
Fundamental Marketing Concepts
Ò Target
Markets, Positioning and Segmentation:
Ò 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.
