Concepts of Marketing and Marketing Environment by Dr. Srabanti Mukherjee

Definitions of marketing ‘Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably’ The Chartered Institute of Marketing The right product, in the right place, at the right time, and at the right price’ Adcock et al

‘ Marketing is the human activity directed at satisfying human needs and wants through an exchange process’ Kotler 1980 “Marketing is a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others’ Kotler 1991

Societal Marketing concept The societal marketing concept is an enlightened marketing concept that holds that a company should make good marketing decisions by considering consumers' wants, the company's requirements, and society's long-term interests. It is closely linked with the principles of corporate social responsibility and of sustainable development.

The Marketing Environment and Competitor Analysis  SWOT analysis  PEST and SLEPT analysis  Five forces analysis

SWOT Analysis

PEST analysis  Political factors  Economic factors  Socio-cultural factors  Technological factors

Economic Factors  Inflation  Employment  Disposable income  Business cycles  Energy availability and cost  Others?

Socio-cultural factors  Demographics  Distribution of income  Social mobility  Lifestyle changes  Consumerism  Levels of education  Others?

Project Shakti-HUL

Technological  New discoveries and innovations  Speed of technology transfer  Rates of obsolescence  Internet  Information technology  Others?

Political and legal  Monopolies legislation  Environmental protection laws  Taxation policy  Employment laws  Government policy  Legislation  Others?

Successful marketing requires:  P rofitable  O ffensive (rather than defensive)  I ntegrated  S trategic (is future orientated)  E ffective (gets results) Hugh Davidson 1972