Marketing Management with Fashionothon

1. By fashionothon Marketing Management with fashionothon

2. Fashionothon - 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. Marketing: According to Chartered Institute of Marketing “ The management process responsible for identifying, anticipating and satisfying customer requirements profitable. Social definition “ Marketing role is to deliver a higher standard of living”. 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. Definition of market and marketing

3. Marketing managers must take major decisions such as What features to design into a new product What prices to offer customers Where to sell products How much to spend on advertising or sales Fashionothon - Importance of marketing

4. To be a marketer, you need to understand What marketing is How it works What is marketed Who does the marketing How it works Four ways to obtain product Exchange and Transactions Scope of Marketing with Fashionothon

5. Goods Services Events Experiences Persons Places Properties Organizations Information Ideas What is Marketed

6. Marketers and Prospects: A marketer is someone who seeks a response ( attention, a purchase, a vote, a donation) from another party, called the prospect. If two parties are seeking to sell something to each other, we call them both marketers. Marketers are responsible for demand management. Marketing managers seek to influence the level, timing, and composition of demand to meet the organization's objectives. Eight demand states are possible Negative demand: dislike the product Nonexistent demand: unaware and uninterested Latent demand: strong need that cannot be satisfied by an existing product. Who markets

7. 4. Declining demand: consumer begin to buy the product less frequently or not at all 5. Irregular demand: Vary on a seasonal, monthly, weekly, daily, or even hourly basis. 6.Full demand: adequately buying all products put into the marketplace. 7.Overfull demand: More consumers would like to buy the product 8.Unwholesome demand: Products that have undesirable social consequences. Fashionothon

8. Traditionally “ market is a physical place where buyers and sellers gathered to buy and sell goods. Economists describe a market as a collection of buyers and seller who transact over a particular product or product class. Five basic markets: 1. Manufacturers markets 2. Resource markets 3. Intermediary markets 4. Consumer markets 5. Government markets Markets

9. Consumer Markets Business Markets Global Markets Nonprofit and Governmental Markets Marketplaces, Market spaces & Metamarkets Key Customer Markets

10. The Production Concept: consumers will prefer products that are widely available and inexpensive The Product Concept: consumers will favor those products that offer the better quality, [performance or innovative features. The selling Concept: is practiced most aggressively with unsought goods, goods that buyers normally do not think of buying. 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

11. The Holistic Marketing Concept: is based on the development , design, and implementation of marketing programs, processes, and activities that recognizes their breadth and interdependencies. Four components of holistic marketing are Relationship marketing Integrated marketing Internal marketing Social responsibility marketing Company orientation toward the Marketplace

12. 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. The ultimate outcome of relationship marketing is the building of a unique company asset called a marketing network. 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. components of holistic marketing

13. Two key themes of integrated marketing Many different marketing activities are employed to communicate and deliver value. All marketing activities are coordinated to maximize their joint effects. McCarthy classified marketing tools into four broad groups which he called the 4 Ps of marketing : product, price, place and promotion These Ps represent the seller’s view of the marketing tools available for influencing buyers. From buyer’s point of view each marketing tool is designed to deliver a customer benefit. Robert Lauterborn customers’ four Cs components of holistic marketing

14. Four Ps Four Cs Product Customer solution Price Customer cost Place Convenience Promotion Communication Fashionothon

15. Internal Marketing: ensure that everyone is the organization hold and carry appropriate marketing principles, especially senior management Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well. Internal marketing must take place on two levels: The various marketing functions- sales force, advertising, customer service, product mgt etc. Marketing must be hold and carry by the other departments also. They must also think customer. components of holistic marketing

16. 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. Social responsibility marketing

17. Core concepts Needs: water, clothing, education Wants: burger, French fries soft drink Demands: Mercedes We can distinguish among five types of needs Stated needs: customer wants an inexpensive car Real needs: customer wants a car whose operating cost , not its initial price, is low Unstated needs: customer expects good service from the dealer Delight needs: customer would like the dealer to include an security system in car Secret needs: appreciated by friends Fundamental Marketing Concepts

18. Target Markets, Positioning and Segmentation: 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. Value and satisfaction: Fundamental Marketing Concepts

19. Fashionothon