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What is Marketing?

What is Marketing?. Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange and satisfy individual and organizational objectives (AMA)

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What is Marketing?

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  1. What is Marketing? • Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange and satisfy individual and organizational objectives (AMA) • Marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably (CIM)

  2. Marketing components d P p1 p0 p2 d Q q0 q1 q2 P= price Q= quantity supply= ? d= demand

  3. Demand = the Market • Different demands on different markets • Can the market be differentiated based on differences in needs? • Identifying the market • Industrial Market • Consumer Market

  4. Supply = the Competition • The same supply on the same market • Can the supply be differentiated based on how it satisfy the needs? • Identifying the needs • What needs should be satisfied? • Generalization or specialization?

  5. The Product • The product: goods and services • Satisfaction of needs • Quality by standardization • factual quality • expected quality 100 50 goods services 0

  6. The Price • Pricing based on costs Costs Quantity

  7. Markets and Competition Supply Same supply Different supply Demand Same demand Different demand

  8. The Marketing Planning Process

  9. A broadly defined, enduring statement of purpose of the business • What business are we in? • What business do we want to be in?

  10. Defining the Product • Differentiation by satisfaction Potential product Augmented product Tangible product Core product

  11. Deciding the Price • Pricing based on demand and supply Costs Pricing methods Market Competition

  12. Determining the position(Where are we?) • SWOT • internal source • strengths • weakness • external source • opportunities • threats • Benchmarking • internal • external

  13. Identifying the Markets Markets (customer groups) Professional customers Home customers Business Customers Products (customer needs)

  14. Identifying the customers • Market segmentation Markets (customer groups) Professional customers Home customers Business Customers Products (customer needs)

  15. Identifying the competitors Tertiary competitors Secondary competitors Immediate competitors Technically similar products Different products solving the same problem in a similar way Different products solving or eliminating the problem in a different way

  16. What shall we be? • How should it be measured?

  17. How shall we do? • Where and how compete • Positioning, the choice of • target market (where) • differential advantage (how) Consistency Clarity Successful positioning Credibility competitiveness

  18. Connecting to the market • Communication • information from the market • market research • information to the market • promotion and advertising • personal selling • Distribution • channels/entries • transport and logistics

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