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Marketing Management Vishnu Parmar, IBA University of Sindh, Jamshoro.

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Presentation on theme: "Marketing Management Vishnu Parmar, IBA University of Sindh, Jamshoro."— Presentation transcript:

1 Marketing Management Vishnu Parmar, IBA University of Sindh, Jamshoro

2 Recommended Book Marketing Management 13 th Edition By Philip Kotler

3 Defining Marketing For The 21 st Century Chapter 1

4 THE IMPORTANCE OF MARKETING Introduction Financial success depends on marketing ability Finance, Operations, Accounting and other business functions may not effective if there is no sufficient demand for product and Services Marketing Managers must decide about the Marketing Mix of every product (product, price, placement, promotion) All Multinational and global firms pay special attention to their marketing departments

5 Definitions Marketing is an organizational function and a set of process for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders (AMA) MM as the Art and Science of choosing target market and getting, keeping, and growing customers through creating, delivering, and communicating, superior, customer value.

6 What is Marketed? Goods (consumer & Industrial tangible goods) Services (teachers, doctors, lawyers etc) Events (major trade shows, Olympics etc) Experiences (theme restaurant, amusement parks) Persons (Benazir Bhutto, Shah Rukh Khan etc) Places (Taj Mahal, Eiffel Tower, Disney etc)

7 What is Marketed? Properties (DHA, Askari, or other real properties) Organizations (IBA, LUMS, SZABIST, MUET etc) Information (Economic Survey etc) Ideas

8 Who Markets? 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 both will call marketer Marketers must have skills to stimulating demand for their companys product

9 Eight Demand States 1.Negative Demand 2.Nonexistent demand 3.Latent Demand (cannot be satisfied by existing product) 4.Declining Demand (Type writer, cassette recorder) 5.Irregular Demand (seasonal) 6.Full Demand 7.Overfull Demand 8.Unwholesome Demand (environmental and societal friendly products)

10 Manufacturer markets Services,money Government markets Services,money Services Services,money Taxes Taxes,goods Taxes,goods Taxes,goods MoneyMoney Consumer markets Intermediary markets Goods, services ResourcesResources Resource markets MoneyMoney Structure of Flows

11 Figure 1.2 A Simple Marketing System

12 Key Consumer Markets Consumer Markets Business Markets Global Markets Nonprofit and Governmental Markets

13 Marketing in Practice Five major Marketing Functions for a CMO 1. Strengthening the Brands 2. Measuring Marketing Effectiveness 3. Driving new product development based on customer needs 4. Gathering Meaningful Customer Insights 5. Utilizing new marketing technology

14 Core Concepts of Marketing Product or Offering Value and Satisfaction Needs, Wants, and Demands Exchange and Transactions Relationships and Networks Target Markets & Segmentation Marketing Channels Supply Chain Competition Marketing Environment

15 Core Marketing Concepts Needs, Wants, and Demands Target Markets, Positioning, and Segmentation Offerings and Brands Value and Satisfaction Marketing Channels Supply Chain Competition Marketing Environment

16 The New Marketing Realities Major Societal Factors 1. Network Information Technology 2. Globalization 3. Deregulation 4. Privatization 5. Heightened Competition 6. Industry Convergence 7. Consumer Resistance

17 Production Concept Product Concept Selling Concept Marketing Concept Consumers prefer products that are widely available and inexpensive Consumers favor products that offer the most quality, performance, or innovative features Consumers will buy products only if the company aggressively promotes/sells these products Focuses on needs/ wants of target markets & delivering value better than competitors Company Orientations Towards the Marketplace Holistic Marketing Concept Holistic Marketing Concept 4 broad components (i) Relationship (ii) Integrated (iii) Internal and (iv) Performance Marketing

18 Marketing Management Tasks Developing Marketing Strategies & Plans Capturing Marketing Insights Connecting with Customers Building Strong Brands Shaping the Market Offerings Delivering Value Communicating Value Creating Long Term Growth

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