Nature and Scope of Marketing Presentation 1. By Jyoti Sikka, S.S.C.B.S. . The Importance of Marketing in Our Global Economy. Marketing costs consume a sizable portion of buyers’ dollars Marketing is used in nonprofit organizations Marketing is important to business
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Nature and Scope of Marketing Presentation 1 By Jyoti Sikka, S.S.C.B.S.
The Importance of Marketing in Our Global Economy • Marketing costs consume a sizable portion of buyers’ dollars • Marketing is used in nonprofit organizations • Marketing is important to business • Marketing fuels our global economy
The Importance of Marketing in Our Global Economy (cont’d) • Marketing knowledge enhances consumer awareness • Marketing connects people through technology • Socially responsible marketing can promote the welfare of customers and society • Marketing offers many exciting career prospects
Important to every consumer! Importanttoeveryconsumer! Important to your job! Importantto your job! Affects economic growth and standard of living! Marketing Is Important to You!
Definition Marketing: “The (1) process of (2) planning and (3) executing the (4) conception, (5) pricing, (6) promotion, and (7) distribution of (8) ideas, (9) goods, and (10) services to create (11) exchanges that (12) satisfy (13) individual and (14) organizational (15) objectives.” (American Marketing Association “official” old definition [numbering added].)
Definition: AMA new Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Creating Value Place Product Exchange A B Delivering Value Communicating Value Price Promotion Marketing: the big picture
Marketing Management: Definitions Marketingmanagement is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Marketers are involved with marketing ten types of entities: 1. Physical Goods 2. Services 3. Experiences 4. Events 5. Persons 6. Places 7. Properties 8. Organizations 9. Information 10. Ideas The Scope Of Marketing
Key terms • Marketer • Prospect
Negative Nonexistent Latent Declining Irregular Unwholesome Full Overfull Demand States
Pots Hats Baskets Hoes Knives Ten exchanges required without central market Exchange and Marketing In very basic economic systems, each seller must meet directly with each buyer in order to exchange something of value. As needs increase, the number of exchanges can soon become unmanageable for one person.
Pots Central market middleman Hats Baskets Knives Hoes Exchange and Marketing In a centralized market, a buyer can go to one location to find many different products from many different sellers. By reducing the time both buyers and sellers must spend to complete an exchange, prices can be lowered. Five exchanges required with central market
Satisfying Exchange Relationships Exchange • The provision or transfer of goods, services, or ideas in return for something of value
At Least Two Parties Something of Value Necessary Conditions for Exchange Communication and Delivery Freedom to Accept or Reject Desire to Deal With Other Party The Concept of Exchange
Key Customer Markets • Consumer markets • Business markets • Global markets • Nonprofit/Government markets • Marketplace • Market space • Meta markets- cluster of complementary products and services
A Simple Marketing System COMMUNICATION GOODS & SERVICES MARKET (A collection of buyers) INDUSTRY (A collection of sellers) MONEY INFORMATION
Structure Of Flows In A Modern Exchange Economy Resources Resources Resource Markets Money Money Services & Money Taxes & Goods Services Government Markets Consumer Markets Manufacturer Markets S&m Taxes Taxes & Goods S&m T&g Money Money Intermediary Markets Goods & Services Goods & Services
Changing technology Globalization Deregulation Privatization Empowerment Customization Convergence Disintermediation The marketplace isn’t what it used to be….