MARKETING DEFINITION”

1. MARKETING DEFINITION” MARKETING DEFINITION” IT’S A TOTAL SYSTEM OF BUSINESS ACTIVITIES DESIGNED TO PLAN, PRICE, PROMOTE, & DISTRIBUTE WANT SATISFYING PRODUCTS TO TARGET MARKETS IN ORDER TO ACHIEVE ORGANIZATIONAL OBJECTIVES”

2. NATURE & SCOPE OF MARKETING • EXCHANGE GENERATION • EXCHANGE FACILITIATION. • HISTORY OF MARKETING • PRODUCT ORIENTED ERA • SALES ORIENTED ERA • MARKET ORIENTED ERA

3. MARKETING CONCEPT • CUSTOMER ORIENTATION + ORGANIZATIONAL COORDINATION = CUSTOMER SATISFACTION + ORGANIZATIONAL SUCCESS

4. IMPORTANCE OF MARKETING • GLOBALLY • DOMESTICALLY • ORGANIZATIONALLY • PERSONALLY BY: ADIL ADNAN

5. WHAT IS MARKETED • NORMALLY MARKETERS ARE INVOLVED IN MARKETING 10 TYPES OF ENTITIES • 1. GOODS: LIKE FOOD ITEMS, MOBILE PHONES, FRIDGE, CARS, T.V • 2. SERVICES: LIKE AIRLINES, HOTELS, CAR RENTAL SERVICES, HEALTH SERVICES

6. 3. EVENTS: LIKE CRICKET WORLD CUP, NEW YEAR, EID, BASANT, 14 AUGUST. • 4. EXPERIENCES : LIKE DINING EXPERIENCE WITH A CELEBRITY, HIKING EXPERIENCE AT A HILL STATION, FREE STAY IN SWITZERLAND.

7. 5. PERSONS : CELEBRITY MARKETING TREND IS INCREASING DAY BY DAY, EACH CELEBRITY TODAY HAS GOT THEIR PERSONAL MANAGER TO MARKET THEMSELVES OR TO DEAL WITH MEDIA OR OTHER GENERAL PUBLIC, e.g AMITABH, AISHWARIA, SANIA MIRZA.

8. 6. PLACES: ATTRACTING TOURISTS TO HILL STATIONS, IN RECENT CRICKET WORLDCUP WESTINDIES WAS MARKETED AS A PLACE WHERE EVENT TOOK PLCAE. • 7.PROPERITIES : PROPERTIES ARE BOUGHT & SOLD & THIS REQUIRE MARKETING, E.G REAL ESTATE, BONDS & STOCK

9. 8. ORGANIZATIONS: LIKE IQRA UNIVERSITY, TELENOR, U-FONE, NGO’S, WAPDA, PTCL • 9. INFORMATION: ENCYCLOPEDIAS, YELLOW PAGES, MAGAZINES & OTHER GENERAL PUBLICATIONS PROVIDE INFORMATION.

10. 10. IDEAS: SOCIAL MARKETERS PROMOTE DIFFERENT SORTS OF IDEAS FOR THE BETTERMENT OF THE SOCIETY. E.G EDUCATE A WOMEN, BUILD A NATION, BIJLI BACHAYE APNE LIYE, KOM K LIYE, DO NOT SMOKE, LOVE URSELF, SAVE WILDLIFE .

11. WHO MARKETS ? • MARKETERS & PROSPECTS : • MARKETERS ARE THE PERSONS WHO USED TO SEEK RESPONSE FROM ANOTHER PARTY CALLED “PROSPECTS”. • MARKETERS SEEK TO INFLUENCE THE LEVEL, TIMING, & COMPOSITION OF DEMAND, DEMAND CAN EXIST IN FOLLOWING MANNER

12. 1. NEGATIVE DEMAND : IN THIS CASE CONSUMER DISLIKE PRODUCT & HIS DEMEND IS SAID TO BE THE NEGATIVE. • 2. NON-EXISTENT DEMAND: DEMAND DOES NOT EXIST DUE TO UNAWARENESS OR DUE TO LACK OF INTREST IN THE PRODUCT

13. 3. LATENT DEMAND : IF NEED REMAINED UNSATISFIED FROM THE EXISTING PRODUCTS. • 4. DECLINING DEMAND: DEMAND FOR A PRODUCT OR A SERVICES DIMINSHES OR REDUCES WITH THE PASSAGE OF THE TIME. • 5. IRREGULAR DEMAND: CONSUMER PURCHASES PRODUCTS IRREGULARLY SOMETIMES DAILY, WEEKLY, MONTHLY, OR QUARTERLY

14. 6. FULL DEMAND: CONSUMER PURCHASES PRODUCTS ALL THE TIMES REGULARLY. • 7. OVERFULL DEMAND: MORE CONSUMERS OR A LARGE NUMBER OF CONSUMERS PURCHASES PRODUCTS ON REGULAR BASIS • UNWHOLESOME DEMAND: DESIRE FOR USING SOCIALLY OR ETHICALLY PROHIBITED PRODUCTS, E.G BEER, PIG MEAT, ETC.

15. MARKETS • MARKET IS A MEETING PLACE OF BUYER & SELLER WHERE EXCHANGE OCCURS BETWEEN THOSE TWO PARTIES. • KEY CUSTOMER MARKETS: • CONSUMER MARKETS: A MARKET WHERE THE ULTIMATE BUYER PURCHASES PRODUCTS EITHER FOR THEIR PERSONAL USE OR FOR DOMESTIC CONSUMPTION.E.G WE PURCHASE A MOBILE PHONE FOR PERSONAL USE & OVEN FOR DOMESTIC USE NOT FOR RESALE.

16. BUSINESS MARKETS • INCLUDES GOODS & SERVICES THAT ARE PURCHASED & SOLD FOR THE PURPOSE OF RESALE OR EARNING PROFIT. • GLOBAL MARKETS: ALSO REFERS TO INTERNATIONAL MARKETS, WHERE THE MARKETERS KEEP IN MIND THE CULTURAL, POLITICAL, ECONOMICAL & SOCIAL ASPECTS OF THE SOCIETY.

17. NON PROFIT & GOVTAL MARKETS • NON PROFIT MARKETS INCLUDES NON PROFIT ORGANIZATIONS SUCH AS CHURCHES, CHARITABLE ORGANIZATIONS, NGOS WORKING FOR THE SOCIAL WELFARE OF THE SOCIETY. • GOVT PURCHASING INVOLVES CALLING FOR THE BIDS, QUOTATIONS, TENDERS ETC.

18. MARKETPLACES, MARKETSPACES & METAMARKETS • MARKETPLCE REFERS TO THE PHYSICAL FACTOR OF THE MARKET, ITS PRESENCE OR EXISTANCE E.G A STORE, A SHOP, WHILE MARKETSPACE IS DIGITAL, I.E SHOPPING THROUGH INTERNET, CREDIT OR DEBIT CARDS ETC.

19. METAMARKET • CONCEPT WAS INTRODUCED BY MOHAN SAWHENY, IT REFERS TO A CLUSTER OF COMPLEMENTARY PRODUCT AND SERVICES THAT ARE CLOSELY RELATED IN MIND OF CUSTOMERS BUT ARE SPREAD ACROSS A DIVERSE SET OF INDUSTERIES.

20. FOR EXAMPLE, AUTOMOBILE META MARKETS CONSISTS OF AUTOMOBILE PRODUCERS, DEALERS, FINANCING COMPANIES, INSURANCE COMPANIES, SPAREPARTS DEALERS ETC.

21. HOW BUSINESS & MKG ARE CHANGING • BUSINESS & MKG SCENARIO IS CHANGING DAY BY DAY, & CERTAIN FACTORS HAVE CONTRIBUTED IN THIS CHANGE, INCLUDING: • CHANGING TECHNOLOGY: • GLOBALIZATION • PRIVATIZATION • CUSTOMER EMPOWERMENT:

22. REFERS TO THE POWER HELD BY THE CUSTOMER IN EFFECTING THE OVERALL BUSINESS DECISIONS. • CUSTOMIZATION • MASSIVE PRODUCTION FOR THE MASSESS AND ACCORDING TO THIER PREFERENCES.

23. INTENSE COMPETITION: • COMPETITION IS GETTING TOUGHER & TOUGHER BOTH IN LOCAL & DOMESTIC MARKETS. • RETAIL TRNSFORMATION”: • RETAILERS ARE NOW OFFERING MORE ADVANCED SERVICES & THEIR NATURE IS CHANGING REGULARLY FROM

24. A SMALL KARIANA STORE TO GAINT SUPERMARKETS SO IT HAS ALSO INCREASED THE CUSTOMER PURCHASING PATTERNS. • ONLINE SERVICES • COMPANY ORIENTATIONS TOWARD MARKET PLACE • THE PRODUCTION CONCEPT:

25. IT REFERS TO THE MASS PRODUCTION OF PRODUCTS THAT ARE WIDELY AVAILABLE AND ARE INEXPENSIVE, HERE MARKETERS EMPHASIZE ON HIGH PRODUCTION EFFICIENCY, LOWER COSTS, AND MASS DISTRIBUTION. E.G CHINA HAS GOT CHEAPER LABOR FORCE AND IS

26. PRODUCING HIGHER OUTPUTS. • THE PRODUCT CONCEPT: • MARKETERS OFFERS MOST QUALITY, PERFORMANCE OR INNOVATIVE FEATURES IN PRODUCTS OFFERED FOR SALE TO ULTIMATE CUSTOMERS. • THE SELLING CONCEPT:

27. HERE MARKETERS FOCUS MORE ON IMPROVING SELLING TECHNIQUES AND ADVANCED PROMOTIONAL EFFORTS. MORE FOCUS IS PLACED ON SELLING ASPECT. • THE MARETING CONCEPT: • HERE THE FOCUS IS ON CUSTOMER SPECIFICATIONS, WE START THINKING FROM

28. CUSTOMER AND END AT CUSTOMER. • HOLISTIC MARKETING CONCEPT: • THERE ARE 4 COMPONENTS OF HOLISTIC MARKETING • 1. RELATIONSHIP MKG • IT REFERS TO BUILDING & MAINTAINING LONGTERM

29. RELATIONSHIPS WITH KEY PARTIES: CUSTOMERS, SUPPLIERS, OTHER ORGANIZATIONS ETC. • INTEGRATED MARKETING: • THROUGH INTEGRATED MARKETING A MARKETER BASICALLY TRY TO MAKE A BALANCE IN BETWEEN 4PS & 4CS, 4PS MEANS,

30. PRODUCT: IN PRODUCT COMES: • PRODUCT VARIETY • QUALITY • DESIGN • FEATURES • BRAND NAME • PACKAGING

31. SIZES • SERVICES ETC. • PRICE: INCLUDES • LIST PRICE • DISCOUNTS • PAYMENT PERIOD • CREDIT TERMS

32. PROMOTION INCLUDES: • SALES PROMOTION • ADVERTISING & PR • PUBLICITY & PERSONAL SELLING • PLACE INCLUDES: • CHANNELS • COVERAGE • LOCATIONS • TRANSPORT

33. 4 CS • CUSTOMER SOLUTION (PROBLEM SOLUTION THROUGH PRODUCTS & SERVICES) • CUSTOMER COST ( PRICE) • CONVENIENCE (PLACE) • COMMUNICATION (PROMOTION)

34. INTERNAL MARKETING • IT REFERS TO HIRING, TRAINING, AND MOTIVATING WORKERS WHO WILL BE THEN DEALING WITH CUSTOMERS. • SOCIAL RESPONSIBILITY MARKETING : • IT REFERS TO ETHICAL, ENVIRONMENTAL, LEGAL AND SOCIAL CONTEXT OF MARKETING ACTIVITIES AND

35. PROGRAMS .THE EFFECT OF MARKETING ACTIVITIES IS CLEARLY EXTENDED BEYOND THE COMPANY & THE CONSUMERS TO SOCIETY AS A WHOLE. E.G KFC IS OFFERING GOOD QUALITY FAST FOOD, BUT THEY ARE ETHICALLY & SOCAILLY BOUND TO OFFER NUITRITIOUS FOOD BY: ADIL ADNAN. ASSISTANT PROFESSOR INU.