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BASICS OF MARKETING – 1 SESSION 2 Key terminologies

BASICS OF MARKETING – 1 SESSION 2 Key terminologies. Learning objectives. To understand the scope of marketing function To understand the key terminologies used in marketing text. Scope of marketing. Goods :Soaps, Shampoos Services : Banks, Insurance Experiences :Esselworld

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BASICS OF MARKETING – 1 SESSION 2 Key terminologies

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  1. BASICS OF MARKETING – 1 SESSION 2 Key terminologies SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  2. Learning objectives • To understand the scope of marketing function • To understand the key terminologies used in marketing text SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  3. Scope of marketing • Goods :Soaps, Shampoos • Services : Banks, Insurance • Experiences :Esselworld • Events : IPL • Persons :Religious gurus • Places : Kerala Tourism • Properties :Real estate • Organizations : Any corporate/social organization • Information :Britanica Encyclopedia • Ideas :Every market offering includes idea-Some other idea examples –”Save the tiger” campaign , “Lead India” campaign from TOI SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  4. Scope of marketing Marketing decision making relates to : • Consumer markets • Business markets • Global markets • Non profit and government markets SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  5. Core marketing concepts Target market and segmentation • Marketers view the sellers as constituting the industry and the buyers as constituting the market • Marketers can rarely satisfy everyone in the market. So they start with ‘ market segmentation’. • Market segmentation involves identifying and profiling different groups of buyers. • Target Markets present the greatest opportunity – those whose needs the firm can meet in a superior fashion. SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  6. Core marketing concepts Markets as various grouping of customers: • Need markets (the diet seeking market) • Product markets (the shoe market) • Demographic markets (the youth market) • Geographic market (the Maharashtra market) • Other markets like voter markets, donor markets, etc. SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  7. Core marketing concepts • Product or offerings • A product is any offering that can satisfy a need • or want. • Major typed of basic offerings: Goods, services, • Experiences, events, persons, places, • properties, organizations, information and • ideas. • A brand is an offering from a known source. • Product and brand are not the same. The brand • experience is perceived , and much more than a • physical product experience SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  8. Core marketing concepts • Value Proposition : A statement by company on what value is being delivered to the consumer • Market Share : Percentage of total sale of the category by the company • It could be in value as well as volume terms • It could be for a brand or for more than a brand by the company in the same category SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  9. Core marketing concepts Marketing channels To reach a target market marketer uses three different kinds of marketing channels. • Communication channel: The marketer uses communication channels to deliver and receive messages from target buyers. These also include dialogue channels (e mail, toll free numbers). • Distribution channels: To display and deliver the physical product or service to the buyer or user. They include trade channels such as distributors, wholesalers, retailers etc. • Service channels: They include banks and insurance companies that facilitate transactions, transporters, etc. which help to carry out transactions with potential buyers. SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  10. Core marketing concepts Supply chain • Supply chain represents a value delivery system. When a company moves upstream or downstream, the aim is to capture a higher percentage of supply chain value. SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  11. Core marketing concepts Competition Competition includes all the actual and potential rival offerings and substitutes that a buyer might consider. SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  12. Four levels of competition • Brand competition: Similar products or services to the same customers at similar prices. • Industry competition: All companies making the same product or the class of product. • Form competition: All companies manufacturing the products that supply the same service. • Generic competition: All companies that compete for the same consumer money. SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  13. Examples • Example: Company – Maruti Udyog • Brand competition: Others n the same price bracket • Industry competition: All automobile manufacturers • Form competition: Automobiles + Motorcycles + Bicycles + Trucks • Generic competition: Consumer durables + Foreign Vacations + New Homes SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  14. Core marketing concepts Marketing mix The set of marketing tool that the firm uses to pursue its marketing objectives in the target market. • Product • Price • Place • Promotion SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

  15. Ref: Marketing Management by Philip Kotler SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I

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