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Introduction to Marketing Concept, Evolution of Marketing & Customer Orientation. Defining marketing for the 21 st Century. What constitutes good marketing?. Constantly evolving & Changing. The Important of Marketing ?. Social Media Marketing. What is Marketing?.
Introduction to Marketing Concept, Evolution of Marketing & Customer Orientation
What constitutes good marketing? • Constantly evolving & Changing
What is Marketing? • Marketing is about identifying & meeting human & Social needs. “Meeting needs Profitably”.
The American Marketing Association offers the following formal definitions: • Marketing is the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, & society at large.
Established in 1975, Bhagwan Mahaveer Vikalang Sahayata Samiti ( BMVSS) developed the jaipur foot, the world –renowned artificial limb.
Goods-Car, Trucks ,TV • Services- Banker, lawyers, eng, Dr, software programmer, • Events- Trade show, Olympics, World cup, • Experiences- Water Park, Theme based Restaurant • Persons- Artists, Musicians, CEOs, • Places • Properties • Information
Example Value Proposition
Peter Drucker • Managers sometimes think of marketing as “ the art of selling products,” • The aim of marketing is to know and understand the customer so well that the product or service fits him and sell itself
Thus we see Marketing Management as the art & Science of choosing target markets & getting, Keeping, & growing Customers through creating, delivering, & communicating Superior Customer Value.
Needs and Wants • Are the basic human requirements such as for air, food, water, clothing & shelter. • Humans also have strong needs for recreation, education and entertainment. • A person in India needs food but may wants chapattis, rice, curries and yogurt. • A person in Afghanistan needs food but may want rice, lamb and carrots. • Wants are shaped by our society.
We can Distinguish Five types of Need • Stated Need ( The customer wants an inexpensive car). • Real Needs ( The customer wants a car whose operating cost, not initial price is low,) • Unstated needs ( The customer expects good service from dealer.) • Delight needs ( The customer would like the dealer to include an onboard GPS navigation system) • Secret needs( The customer wants friends to see him or her as a savvy consumer.
Demands • Demands are wants for specific products backed by an ability to pay. • Many People wants Companies must measure not only how many people want their product, but also how many are willing and able to buy it.
MARKETING CONCEPTS Marketing Concept Needs Wants Demands Specific satisfiers of Deeper needs, wants Are many Specific Wants for Products wants+ Purchasing power Ability& willingness to buy Basic satisfaction Existing, few What Natural not created Shaped by status, Aspirations Shaped by social, Family, Inst Promotion Influencer Food,clothing, belonging Needs food,wants Mcdonalds, Needs Clothes want AllenSoly Needs car/TV,wants Luxary,flat TV demands Plasma tv Instance Influence wants, Affordable & Available bank loans EMIs 3Bed Room Influence demand by Making product Attractive,aspirational Status Duplex/Bunglow Existing, Minimum Influence,House Marketers
Aadhaar- A Government of India’s Unique Identity Project • India joined the select group of countries • Aadhaar – means foundation or support • The project’s aim is to help every Indian, including those living in tribal & rural areas, to establish his or her identify through an ID Card that carries a unique 12-digit identification number. • This card can be used anywhere in India • Opening Bank accounts • Paying bills through electronic media • Obtaining a driving license • Filling income tax returns • Voter ID • Buying subsidized food grains & other essential commodities
Marketing Myopia • Customer buy Benefits/ Service/ Solutions/ Value satisfactions. Not Product
Identify buyer subsets with similar needs demonstrating similar buyer behavior-segmentation • Segment- Viable, profitable, measurable, potential Competitive.
Segmentation- Where to compete Segment 1 Segment 2 Market Segment 3 Cars Private Company Taxi
Segmentation Criteria Geographic Nations, states, regions or cities Demographic Age, gender, family size and life cycle, or income Psychographic Social class, lifestyle, or personality Behavioral Occasions, benefits, uses, or responses
Targeting Strategies • Standardization-Firm offer same product to different market segments, It uses the same communication, pricing & distribution strategy Eg- Coke , Pepsi who retain same flavor , advertising , packaging . • Customization
Physical Positioning • Volvo’s- 1st entry in the very profitable sports utility vehicle (SUV) segment in the US, It compared the xc90 with models from the competing luxury brands BMW, Mercedes- Benz, Acura & Ford It compared the model on engine/ horsepower, mileage, price
Limitation of physical Positioning • A Simple comparison of only the physical dimensions of alternative offerings usually does not provide a complete picture of relative positions.
Position that firms successfully have claimed in India • Beauty-Lux • Premium-Bose, Benz • Thanda-Coke • Generic-Cadbury/ xerox/ Amul Butter • Delivery-Domino’s Blue Dart • Service-Private Banks, Maruti
Position that firms successfully have claimed in India • Fast food-Udipi, VadaPava, Sandwich • Range-Vijay sales, Alfa, Nokia • Youth-Pepsi • Fever-Crocin • Innovation-Sony,Casio • Macho-Enfield Bullet • Performance- Nokia, Bata,Titan
Position that firms successfully have claimed in India • Friendly Salesman-Eureka Forbes • Reach-HLL, Glaxo, Colgate • Kids-McDonalds, Esselworld, J&J • Indian MNC-Ranbaxy, Infosys, Wipro • Economy-Big Bazar • Value-Dollar Shops, Factory Outlets • Tourism- Goa, Kerala, Rajasthan • Headache-Saridon,Anacin
Role of Marketing in Modern organization • The role of marketing in modern organization is that of integrating the needs & wants of the customers with other organizational functions like production, R&D, finance, & personnel, examples of today's companies show that neither marketing nor any other function alone holds the key to success, Rather, all are important. • Marketing Network
PRODUCT • Product-offered to satisfy need/wants 1 Product-Tangible Services-Intangible 2 Products also deliver services eg car, 3 Focus on products service risky eg TV, Fridge, AC without back-up service team
BRAND • Brand –An identifying symbol/words/ mark distinguishing a product company, from its competitors. Branding is essential part of marketing Brand=functional+Economic+Emotional Nokia-functional,Amul-Economic Saffola-Emotional
Market • Market:- Potential +Existing customers sharing a common needs/wants, able & willing to engage/enter in exchange to satisfy their needs/ wants eg:- Pharma Market=Doctors+ Hospitals+ Trade