Overview of Marketing The MABS Extra Challenge: Dream! Believe! Survive!

Why give importance to marketing? Marketing is becoming a very important business function because of issues confronting those in the microfinance industry. These issues are:  Increasing competition  Slowing growth rates  Increasing client desertion  The need to be more client-led

Marketing  The task of creating, promoting, and delivering goods and services of value to consumers and businesses  Goods, SERVICES, Experiences, Events, Persons, places, Properties, Organizations, Information, Ideas

The Ps of Marketing  Product  Price  Promotion  Place

The Ps of Marketing (Additional)  People  Physical Evidence  Process

Development of Marketing Philosophy CUSTOMER DRIVEN PRODUCT DRIVEN Production concept Product concept Time Selling concept Marketing concept

Market vs. Product-Orientation  Product-orientation holds that “success will come to those organization that bring to market goods and services they are convinced will be good for the public.”

Market vs. Product-Orientation  Market-orientation holds that “success will come to those organization that best determine the perception, needs, and wants of target markets and satisfies them through the design, communication, pricing, and delivery of appropriate and competitively viable offerings.”

Development of a Marketing Philosophy  Production : focuses on producing goods/services as cheaply as possible  Product : focuses on making the good/services as high quality as possible

Development of a Marketing Philosophy  Selling : focuses on persuading potential customers to buy the goods/services being produced  Marketing : focuses on understanding the target market(s) needs and responding to these in all aspects of the organization’s operations.

Reasons to Embrace the Marketing Concept  The bank’s assets have little value without the existence of customers.  The key company task therefore is to attract and retain customers.  Customers are attracted through competitively superior offerings and retained through satisfaction.

Reasons to Embrace the Marketing Concept  Marketing’s task is to develop a superior offering and deliver customer satisfaction.  Customer satisfaction is affected by the performance of other departments.  Marketing needs to influence these departments to cooperate in delivering customer satisfaction.

The Role of Marketing in an Organization Production Human Resources Finance Marketing Customer Customer as the Controlling Function and Marketing as the Integrative Function

Marketing The job of the marketing team/unit can be subdivided into four(4) major categories:  Market Research  Product Design  Product Promotion  Product Delivery