Summary of Lecture-1 Marketing Involves having the Right Product available in the Right Place at the Right Time and making sure that the customer is Aware of the Product. - Marketing Involves having the Right Product available in the Right Place at the Right Time and making sure that the customer is Aware of the Product.
Simple Marketing System Today’s Topics Road map Road Map - Introduction-an overview of marketing.
- Understanding Marketing and Marketing Process
- Marketing Functions and Customer Relationship Management
Marketing in Historical perspective and Evolution of Marketing - Marketing in Historical perspective and Evolution of Marketing
- Marketing Challenges in the 21st century
- Marketing Management Process
- Marketing Management Process (cont….)
- Strategic Planning and Marketing Process
- The Marketing process
- The Marketing process (cont…)
Marketing Environment (Micro) - Marketing Environment (Micro)
- Marketing Environment (Macro)
- Analyzing Marketing opportunities and developing strategies-MIS
- Marketing Research
- Consumer Market-understanding the consumer
- Consumer Markets and consumer buying behavior
- Consumer Markets and consumer buying behavior (cont…)
Buying Behaviors for New Products and services - Buying Behaviors for New Products and services
- Business Buying Behavior
- Business Buying Behavior (cont..)
- Market segmentation
- Market segmentation (cont..)
- Developing the Marketing Mix--- 4 P’s
- Product Planning
- Product Planning (cont..)
- Product Planning (cont..)
- Service Strategy
- Pricing
- Pricing Strategies
- Price Adjustment and Price Changes
- Distribution Channels
- Distribution Channels (cont..)
- Logistics Management
- Retailing and wholesaling
- Promotion Planning
Advertising - Advertising
- Public Relations
- Personal Selling
- Sales Promotion
- Sales Force Management
- Integrating and analyzing the marketing plan
- Global Marketing
- Technological developments and Marketing
Web base Marketing - Web base Marketing
- Social Marketing
- Social, Ethical and Consumer issues
- Review
- Marketing in a Glance
Actors and Forces in a Modern Marketing System - Marketing
- inter-
- mediaries
Simple Marketing System Simple Questions, Hard Answers - Who are our customers?
- What important & unique benefits do we provide?
- Are these benefits sustainable?
Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. - Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
More simply: - More simply:
- Marketing is the delivery of customer satisfaction at a profit.
- Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.
- Kotler 1994
Core Marketing Concepts - Value, satisfaction,
- and quality
- Needs, wants,
- and demands
Needs - Needs
- ‘...a state of felt deprivation’
- Wants
- needs ‘...shaped by culture and individual personality’
- Demands
- wants ‘...backed by purchasing power’
- Value, satisfaction,
- and quality
- Needs, wants,
- and demands
- Exchange, transactions,
- and relationships
A Product is.... - ‘...anything that can be offered to a market for attention, acquisition, use or consumption and that may satisfy a need or want’
includes: - includes:
- physical goods, services, people, places, organizations, activities, ideas etc
- Value, satisfaction,
- and quality
- Needs, wants,
- and demands
- Exchange, transactions,
- and relationships
Exchange is... - ‘...the act of obtaining a desired object from someone by offering something in return’
Five conditions - Five conditions
- 1. Two parties
- 2. Something of value to offer each other
- 3. Willing to deal
- 4. Free to accept or reject offer
- 5. Able to communicate and deliver
A transaction is... - ‘...a trade between two parties that involves:
- at least two things of value;
- agreed upon conditions;
- a time of agreement; and
- a place of agreement’
- may be monetary or barter
- Value, satisfaction,
- and quality
- Needs, wants,
- and demands
- Exchange, transactions,
- and relationships
A market is... - ‘...a set of actual and potential buyers of a product’
- A place
- Marketing satisfies the needs of markets by facilitating the exchange process
- Value, satisfaction,
- and quality
- Needs, wants,
- and demands
- Exchange, transactions,
- and relationships
Goals of the Marketing System Stimulate maximum consumption - Stimulate maximum consumption
- Maximize consumer satisfaction
- Maximize variety and choice
- Maximize quality of life
Marketing Process Activities - Understand the organization’s mission
- Develop a marketing strategy
- Implement the marketing strategy
- Design performance measures
- Evaluate marketing efforts--change if needed
Summary Road Map - Road Map
- Understanding Marketing and Marketing Process
- Core Marketing Concepts
Core Marketing Concepts - Value, satisfaction,
- and quality
- Needs, wants,
- and demands
- Exchange, transactions,
- and relationships
Next…. - Marketing Functions
- Customer Relationship Management
- MGT301 Principles of Marketing
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