1. Marketing Unit - I

2. What is Marketing? 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. Marketing is meeting customers’ needs profitably

3. What is Marketing Management? Marketing Management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

4. For an exchange to occur….. There are at least two parties. Each party has something that might be of value to the other party. Each party is capable of communication and delivery. Each party is free to reject the exchange offer. Each party believes it is appropriate or desirable to deal with the other party.

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

6. Structure of Flows in a Modern Exchange Economy

7. A Simple Marketing System

8. Key Customer Markets Consumer markets Business markets Global markets Nonprofit/Government markets.

9. Company Orientations (“Concepts”) Production Product Selling Marketing. Societal marketing.

10. Core Marketing Concepts Needs, wants, and demands Target markets, positioning, segmentation Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment.

11. I want it, I need it… Five Types of Needs Stated needs Real needs Unstated needs Delight needs Secret needs.

12. Company Orientations Production SellingMarketing Product

13. Holistic Marketing Dimensions

14. The Four P’s

15. Marketing Mix and the Customer Four Ps Product Price Place Promotion Physical Evidence People Process Packaging Four Cs Customer solution Customer cost Convenience Communication.

16. Marketing Management Tasks Develop market strategies and plans Capture marketing insights Connect with customers Build strong brands Shape market offerings Deliver value Communicate value Create long-term growth

17. Who is the Focus? Customers The purchasers of organizations’ products; the focal point of all marketing activities. – The Target Market Hard Rock focuses on its target market to meet their needs © Used By Permission.

18. It’s All About Satisfaction The ultimate goal is customer satisfaction, which leads to long-term profitability and success. Whenever things of value are being exchanged, marketing principles apply: consider exactly what is being exchanged (it’s “give” and “get”) Marketing today is applied to virtually all aspects of a company’s operation that has the potential to influence satisfaction Marketing principles apply in all organizations

19. The Give and Get of Marketing

20. …and Creating Value Successful marketing involves meeting or exceeding customer expectations When expectations are exceeded, customer satisfaction or delight results Marketing is very much about adding value through a broadly-defined value proposition The value proposition comprises everything the company offers its customers – must be defined very broadly Value may be created by marketers in many different ways: value is not only about price

21. 8 Creating Customer Value Product benefits Service benefits Relational benefits Image benefits Monetary costs Time costs Energy costs Psychological costs Customer value Perceived benefits Perceived sacrifice Positive Negative