Marketing Management with xclusiveoffer

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

1. What features to design into a new product
2. What prices to offer customers
3. Where to sell products
4. 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

1. Negative demand: dislike the product
2. Nonexistent demand: unaware and uninterested
3. Latent demand: strong need that cannot be satisfied by an existing product.
4. Declining demand: consumer begin to buy the product less frequently or not at all
5. 5. Irregular demand: Vary on a seasonal, monthly, weekly, daily, or even hourly basis.
6. 6. Full demand: adequately buying all products put into the marketplace.
7. 7.Overfull demand: More consumers would like to buy the product
8. 8.Unwholesome demand: Products that have undesirable social consequences.
9. Traditionally “ market is a physical place where buyers and sellers gathered to buy and sell goods.
10. Economists describe a market as a collection of buyers and seller who transact over a particular product or product class.
11. Five basic markets:
12. 1. Manufacturers markets
13. 2. Resource markets
14. 3. Intermediary  markets
15. 4. Consumer markets
16. 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

1. Relationship marketing
2. Integrated marketing
3. Internal marketing
4. 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:

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.

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.