1. Marketing Concepts

2. What is Marketing
Simple Definition: Marketing is managing profitable customer relationships.
Goals:
Attract new customers by promising superior value.
Keep and grow current customers by delivering satisfaction.

3. The AMA managerial definition:
“Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”

4. Marketing Defined Kotler’s social definition:
“Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.”

5. This is a Need
Needs - state of felt deprivation including physical, social, and individual needs.

6. Maslow’s Hierarchy of Needs

7. This is a Want
Wants – Needs become wants when they are directed to specific objects that might satisfy the need.

8. This is Demand
Wants
Wants
Buying Power
“Demand”

9. Need / Want Fulfillment
Needs and Wants Fulfilled through a Marketing Offer :
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

10. What Satisfies Consumers’ Needs and Wants?
Products
Anything that can be Offered to a Market to Satisfy a Need or Want
Persons
Places
Organizations
Information
Ideas
Experiences
Events
Properties
Services
Activity or Benefit Offered for Sale That is Essentially
Intangible and Does Not Result in the Ownership of Anything

11. Core Marketing Concepts
Target markets & segmentation
Differences in needs, behavior, demographics or psychographics are used to identify segments.
The segment served by the firm is called the target market.
The market offering is customized to the needs of the target market.

12. Relationship Marketing
Relationship marketing aims to build long-term mutually satisfying relations with key parties, which ultimately results in marketing network between the company and its supporting stakeholders.

13. Relationship Marketing
Four key constituents for marketing are:
Customer
Marketing Partners ( channel, suppliers, distributors, dealers and agencies)
Employee
Members of financial community (shareholders, investors)
The development of strong relationships requires an understanding of the capabilities and resources of different groups, as well as their needs, goals and desires.

14. Marketing Mix

15. 7 P’s in Services Marketing
3 additional P’s in services marketing
People: Any person coming into contact with customers can have an impact on overall satisfaction.
Process: Process(es) involved in providing a service and the behaviour of people, which can be crucial to customer satisfaction.
Physical evidence

16. Matching Mix Concepts (A & S)
4 A’s S’s
Acceptability Solution
Affordable Sense
Accessible Spread
Awareness Supports

17. Marketing Channels Marketing Channels-To reach Target market
Communication channels
Distribution channels
Service channels
Deliver messages to and receive messages from target buyers.
Includes traditional media, non-verbal communication, and store atmospherics.

18. Marketing Channels Marketing Channels Communication channels
Distribution channels
Service channels
Display or deliver the physical products or services to the buyer / user.

19. Marketing Channels Marketing Channels Communication channels
Distribution channels
Service channels
Carry out transactions with potential buyers by facilitating the transaction.

20. Marketing Management Philosophies
Customer-Driven
Societal Marketing Concept
Marketing Concept
Selling Concept
Product Concept
Production Concept

21. Production Concept
Consumers will favour those products that are widely available and low in cost.
Therefore increase production and cut down costs.
And build profit through volume.

22. The Production Concept
A customer can have any colour he likes for his car so long as it's black’
Henry Ford

23. Product Concept
Consumers will favour those products that offer the most quality, performance, or innovative features.
Therefore, improve quality, performance and features.
This would lead to increased sales and profits.

24. Marketing Myopia
Management’s failure to recognize a company’s scope of business.
Sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products.
They focus on the “wants” and lose sight of the “needs.”

25. The Selling Concept
Consumers , if left alone , will not buy enough of company’s products.
Therefore, promote sales aggressively.
And,build profit through quick turnover.

26. The Marketing Concept
The key to achieving organizational goals consist in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors.
And build profit through customer satisfaction and loyalty.

27. The Societal Marketing Concept
The societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well being It addresses conflicts between consumer’s and firm’s short run wants and long term welfare.

28. Societal Marketing Concept

29. The Holistic Marketing Concept
It is based on the development, design and implementation of marketing programmes, processes and activities that recognises their breadth and interdependencies. Four components are:
Relationship marketing
Integrated marketing
Internal marketing
Social responsibility marketing

30. Holistic Marketing Marketing deptt Senior Mgt Other Deptt Channels
Communications
Products & Services
Internal
Marketing
Integrated
marketing
Holistic
Marketing
Social
Responsibility
Marketing
Relationship
Marketing
Ethics
Customers
Partners
Community
Channels
Environment
Legal

31. Marketing System

32. Marketing System
Marketing is concerned with the flow of goods and services from the points of production to the points of consumption. There is a systematic arrangement of these functions of marketing to move the goods and services to the needy persons.
This system is essential to the creation of time, place and possession utilities.

33. Marketing System
A dynamic marketing system must be willing to undertake the following specific activities : Define market area Research consumer wants and needs.
3. Develop and redevelop product / service Select, train, motivate and control human resources.
5. Develop sales approach and advertising support.