2 What is Marketing?Marketing is the process of discovering and translating consumer wants into products and services and then in turn making it possible for them to enjoy the products and servicesDiscovering consumer wantsTranslating into products and servicesCustomer SatisfactionMarketing is the process of and then in turn making it possible for them to enjoy the products and services.
3 Marketing involves finding out what your customers want and supplying it to them at a profit
4 Marketing v/s Selling Focuses on consumer’s needs Consumer enjoys supreme importanceProduct planning and development to match products with marketsConverting consumer needs into productsCavet Vendor (let the seller beware)Focuses on seller’s needs.Product enjoys supreme importanceHigh pressure selling to sell goods already produced.Converting products into cashCavet emptro (let the buyer beware)
5 Marketing v/s Selling Focus Means Objectives Selling concept Selling and promotionProfits through sales volumeProductsMarketing conceptConsumers’ needsIntegrated MarketingProfits through consumer satisfactionThe marketing concept calls for goal-oriented approach.The objective is to earn profits through customer satisfaction.
6 What is Marketing Planning? Marketing planning is to inject the philosophy of consumer orientation into the total business system and serves as a guide to the organisations’ efforts.
7 What is Marketing Mix?It is the combination of four inputs which constitute the core of a company’s marketing system:product,price structure,promotional activitiesdistribution system
8 Purpose of Marketing Mix The purpose of marketing mix is to satisfy the needs and wants of the customers in most effective and economical manner
11 ProblemSome fast moving consumer good (FMCG) are experiencing a decline in the demand and thus losing their market share
12 Your ProjectSelect one Fast Moving Consumer Goods (FMCG) facing decline in the demandAs a market researchers, conduct a case study of each aspect – price, place, promotion and product itselfPrepare revival strategy multimedia presentation of the product for the board of directors
13 What is the right marketing mix for your product? A Big QuestionWhat is the right marketing mix for your product?
14 Some questions to explore How can we determine a right marketing mix?What are the factors that affect the choice of the channel of distribution?What influences the price of a commodity?In what ways can surveys help us to make business decisions?
15 Project Scenario Stages Select one FMGC product facing decline in the demandConduct survey for studying the trend of marketAnalyse the results and draw inferencesUse online thinking tools for studying elements of marketing mix of your products in detailSuggest revival strategy for your productYour distribution channel. Picture it with diagrams.Your pricing strategy. Indicate the price you will choose.Your advertising programYour plan to improve the product considering the customer’s demandCreate revival strategy presentation for board of directors
16 Remember To work in teams To note down your learning in journals To refer to the marketing mantra score sheet for self evaluation
17 Go ahead and master the Marketing Mantra All the best