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An Overview of Marketing. 1. Course Instructor :. Sean X.H. Qiu Lecturer, MDL. Learning Objectives. 1. . Why do we need to learn marketing? 2. What is a market and its types? 3. What is Marketing? 4. What is Marketed? 5. What is demand and its types?

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an overview of marketing

An Overview of Marketing

1

Course Instructor:

Sean X.H. Qiu

Lecturer, MDL

learning objectives
Learning Objectives

1..Why do we need to learn marketing?

2. What is a market and its types?

3. What is Marketing?

4. What is Marketed?

5. What is demand and its types?

6. What are some Core Marketing Concepts?

7. Describe Various marketing management philosophies?

slide6

How about them ?

Can you Market them?

why study marketing
Why Study Marketing?
  • Plays an important role in society
  • Vital to business survival, profits and growth
  • Offers career opportunities
  • Affects your life every day
why study marketing10
Why Study Marketing?

“Marketing is too important

to be left to the

marketing department.”

---David Packard

Hewlett-Packard

why study marketing11

Professional Selling

  • Marketing Research
  • Advertising
  • Retail Buying
  • Distribution Management
  • Product Management
  • Product Development
  • Wholesaling
Why Study Marketing?
  • Everything must be made as simple as possible but not one bit simpler

--- Albert Einstein

  • Fastest route up the corporate ladder
why study marketing12
Why Study Marketing?
  • Global economy: (PIII)
  • International Trade & Domestic Trade
  • One World, Many Wallets: Economic Conflicts, Culture Shock and Market Shock
slide14

What is a market?

Market ( Market place)A physical place where buyers and sellers gather to exchange goods and services

slide15

Types of markets

Consumer

Nonprofit

government

Business

markets

Global

slide16
1. Consumer Market

Consists of all individuals or house holds who buy or acquire offerings for personal usage.

2. Industrial/Business Market

Consists of buyers who purchase or acquire offerings for resell or reproduction to earn profit

3. Global Market/International markets. Import, export etc.

4. Non Profit & Government Markets

what is marketing
What is Marketing?
  • Personal Selling?
  • Advertising?
  • Making products available in stores?
  • Maintaining inventories?

All of the above, plus much more!

what is marketing19
What is Marketing?

American Marketing Association Definition

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and servicesto create exchanges that satisfy individual and organizational goals.

kotler s defination
Kotler’s Defination

Kotler’s defination:

The Art & Science of choosing

target markets and getting,

keeping and growing customers

through creating, delivering and

communicating

superior customer value

marketing vs sales
Marketing VS Sales
  • Process and Result (P.1)

Sales occur when goods or services are “given over” to a customer in exchange for money or another valuable consideration. It’s the end of the marketing process.

Marketing describes the whole commercial process that creates (through promotion) the interest that the potential customer demonstrates prior to a sale.

slide23

PERSONS

PROPERTIES

ORG,SATIONS

INFORMATION

IDEAS

GOODS

SERVICES

EXPERIENCES

EVENTS

MARKETING

PLACES

what is marketed
What is Marketed?

Basically 10 types of entities are being marketed.

  • Goods Consumer goods, industrial goods
  • Services Intangible offerings of people or organizations
  • Experiences Tourism, Recreation, adventure
  • Events Anniversaries, shows, testimonials
  • Persons Marketing one's self e.g. celebrities, politicians, artists etc.
slide25
Places Cities, states, regions, historical places, tourism.
  • Properties Intangible rights of ownership either real property (real estates) or financial property ( stocks & bonds).
  • Organizations Firms, Universities, museums.
  • Information News, views like encyclopedias news papers etc.
  • Ideas New ideas/research about production, services, advertisement etc.
slide27

NEGATIVE

NO

DEMAND

LATENT

DEMAND

DECLINING

DEMAND

DEMAND

STATES

DEMAND

STATES

IRREGULAR

DEMAND

FULL

DEMAND

OVERFULL

DEMAND

Unwholesome

demand

slide28
1. Negative Demand consumer dislike product and may even pay a price to avoid it. The marketing task is to analyze why the market dislike product and adopt the strategy to change the attitude of consumer.

2. No Demand consumer may be unaware or uninterested In product. The marketing task is to find ways to connect the benefits of the product with the person’s natural needs and interests.

3. Latent Demand Want of consumers exist but not marketing offer to satisfy need. The marketing task is to measure the size of potential market and develop good and services to satisfy that want.

slide29
4. Declining Demand Consumers begin to buy the product less frequently or not at all. Marketing task is to reverse declining demand through creative marketing.

5. Irregular demand Variations in demand on seasonal, daily or even hourly bases. The marketing task called Synchromarketing is to find the ways to alter the pattern of demand through flexible pricing, promotion and other incentives.

6. Full Demand supply= demand. The marketing task is to maintain the pattern of demand

slide30
7. Overfull DemandDemand level is high as compare to organizational production capacity. Marketing task is called demarketing is to find ways to reduce demand temporarily or permanently.

8. Unwholesome DemandConsumers may be attracted to products that have undesirable social consequences. The marketing task is to organize activities eg. Fear messages, price hikes or reduced availability.

the concept of exchange

At Least Two Parties

Something of Value

Necessary Conditions for Exchange

Ability to Communicate Offer

Freedom to Accept or Reject

Desire to Deal With Other Party

The Concept of Exchange
slide33
Exchange involves obtaining a desired product from someone by offering something in return.
  • A person can obtain a product by 4 ways
    • Self Produce
    • By Force
    • Beg
    • Exchange ( Core of Marketing )
  • Transfer A gives something to B but doesn’t receive anything tangible in return.
  • Transaction A trade of values between two or more parties, involves at least two things of value, agreed-upon conditions, a time of agreement, and a place of agreement.
slide34

Important Definitions

  • Marketer is a some one who is seeking a response (attention, a purchase, a vote, a donation) from another party called prospect.
  • Prospects means future potential buyer
  • Need, Wants, and Demand
  • Need Basic human requirement
  • WantNeed becomes want when it is directed to specific object that satisfies need.
  • Demand want for specific product backed by purchasing power.
slide35
Market ( Market place) A physical place where buyers and sellers gathered to exchange to exchange goods.
  • Market Space exchange of goods without physical market (digital, Virtual) e.g. eCommerce, internet etc.
slide36
Target Market People/place for whom seller designs his particular offering.
  • Segmentation Division of market in small groups keeping on any base (Purchasing power, age, social values etc.)
  • Metamarket refers to a cluster of complementary goods and services that are closely related in the minds of consumers but are spread across a diverse set of industries.
customer value
Customer Value

It is ratio between what

consumer gets & what

he gives

  • Value = Benefits / Costs
slide38

Customer

Delivered

Value

Total

Customer

value

Total

Customer

Cost

Monetary

cost

Product

value

Time

cost

Service

Value

Personal

value

Energy

cost

Image

value

Psychic

cost

customer satisfaction
Customer Satisfaction
  • The feeling that a product has met or exceeded the customer’s expectations.

It’s related with how well the product performance lives up to customers expectation.

relationship marketing
Relationship Marketing

Maintaining satisfying and long term relationship with customers, partners,

suppliers and other channel members.

effective marketing binding the buyer and seller
Effective Marketing:Binding the Buyer and Seller

Remember:

The binding relationship between the buyer and seller that’s created by effective marketing tends to last longer --- and to be set up more quickly --- as the speed of information in the marketplace increases.

slide44

product

Competing

Concepts

Selling

Production

SOCIETAL

MARKETING

MARKETING

marketing management philosophies

Competing

Philosophies

Production Concept

Product Concept

Selling Concept

Marketing Concept

Marketing Management Philosophies
slide46
1. Production Conceptholds that consumers will prefer products that are widely available and inexpensive. Therefore, management should focus on improving production and distribution efficiency.
slide47
Focused on high production efficiency, low cost and mass distribution.

Useful in/if :

  • competition is weak . Demand exceeds supply
  • Developing countries, where customers are more interested in product rather then features.
  • generic products competing on price
  • Poor quality, no customer satisfaction, narrowly focused market.
slide48
2. Product Concept holds that consumers will favor products that offer the most in quality, performance, and innovative features. Thus, an organization should devote energy to make continuous product improvements.

A General Motors executive said years ago: “ How can the public know what kind of car they want until they see what is available?”

slide49
But A new or improved product will not necessarily be successful unless the product is priced, distributed, advertised and sold properly
  • Product oriented companies often design products with no or very little consumer input. They give more importance to products rather then consumers.
slide50
3. The Selling Conceptholds that consumers will not buy enough of the firm’s products unless it uses a large-scale selling and promotion effort. The concept is typically practiced with unsought goods those that buyers do not normally think of buying, such as insurance or blood donations, encyclopedias, fund-raisers, college admissions offices and by specially political parties etc.
slide51
Coca-cola’s VP said “ The purpose of marketing is to sell more stuff to more people more often for more money in order to make more profit”.
  • Their aim is to sell what they make rather than make what the market wants
slide52
4.The Marketing Conceptholds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Under the marketing concept, customer focus and value are the paths to sales and profits.
slide53
Marketing concept is a customer-centered “sense and respond” philosophy. It views marketing not as “hunting,” but as “gardening.” The job is not to find the right customers for your product, but the right products for your customers
  • The marketing concept starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers. In turn, it yields profits by creating long-term customer relationships based on customer value and satisfaction.
slide54
5. The Societal Marketing Concept holds that the organization should determine the needs, wants, and interests of target markets. It should then deliver superior value to customers in a way that maintains or improves the consumer’s and the society’s well-being.
  • It questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and long-run welfare of consumer and society.
slide55
The fast food industry offers tasty but unhealthy food with high fats, salts starch. The products are wrapped in convenient packaging, but this leads to waste and pollution. Thus, in satisfying short-term consumer wants, the highly successful fast-food chains may be harming consumer health and causing environmental problems
slide56
6. Holistic Marketing Concept is based on development, design and implementation of marketing programs, processes and activities that recognizes their extent and interdependencies. It holds that “everything matters" in marketing and a broad an integrated perspective is often necessary.

Integrated Marketing Communication

slide57
Relationship Marketing has aim to build mutually satisfying long-term relationship with key parties like customers, suppliers, distributors etc. for making a strong marketing network.
  • Integrated Marketing Activities to create, communicate and deliver value to customers through diversified set of integrated activities eg. 4 P’s of Marketing, communication mix, offering mix etc.
slide58
Internal MarketingIt ensures that every one in the organization embraces appropriate marketing functions like sales force, advertising, customer service, product management, marketing research, hiring, pricing etc.

d.Social Responsibility Marketing Understanding social, ethical, environmental & legal concern of society.

marketing functions five classics functions and a forgotten one
Marketing Functions:Five Classics Functions and a Forgotten One

Contact : Seeking out of prospective

customers.

Merchandising: Bring the right products to the right place at right time in the right quantity at the right price.

Pricing: Determining factor when a purchase is made and a key to profit

marketing functions five classics functions and a forgotten one60
Marketing Functions:Five Classics Functions and a Forgotten One

Promotion: Convincing customers through ads, personal selling, pr and other efforts.

Distribution: The process of putting the customer and the product together.

Human Resources: Transactions don’t take place between companies and faceless consumers but between flesh-and-blood human beings.

else is what
Else is what?
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