Chpt 1 - Introduction To Marketing Concept 2r5i6d
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Introduction to Marketing Concept
Market A place where business is conducted Where buyers and sellers meet, goods and services are offered for sale and transfer of ownership occur
Types or markets 1) Area covered 2) Commodities transacted 3) Volume of business 4) Final use of product
Marketing
Socio economic activity Supplements production by distributing goods and services Local marketing to global marketing Concept of customer orientation Means understanding and responding to the needs, interests and expectations of consumers
Need for marketing
To satisfy human needs It encourages large scale production Convenience to manufacturers, traders and consumers Facilitates social economic and industrial growth
Definition marketing is a total system of business activities designed to plan, price, promote and distribute want satisfying products to target markets to achieve organizational objectives
• • • • • • • • •
Features of marketing Regular and continuous activity Facilitates satisfaction of human wants Relates to goods and services Brings transfer of ownership Wider socio economic significance Importance of 4 Ps Core aspect of business Evolutionary concept Precedes and follows production
Marketing management
•
Is the process of planning and executing the conception, pricing, promotion and distribution of goods, services and ideas to create exchanges with the target groups that satisfy customers and organizational objectives
•
• • • •
Marketing Functions
Transfer of Goods -buying selling
Physical handling Of goods -Packing -Transportation -Storage -Warehousing -Inventory control
By service agencies -Std and grading -Branding -Pricing -Financing -Promotion -advtg
Related to R&D -Product planning -Marketing research -MIS
• • •
• • • •
• •
Benefits of marketing Satisfies human wants Provides profit and goodwill Facilitates specialization and division of labor Widens markets Improves std of living Brings economic growth Provides channels of communication to business firms Facilitates price control Intro to new products
Scope of Marketing 1) Marketing Research 2) Product planning and development 3) Pricing 4) Advertising and publicity 5) Sales Promotion 6) Packaging 7) Branding and labelling 8) After sale service 9) Test marketing 10) Miscellaneous areas – product positioning, channels of distribution, Marketing Info System (MIS), recruitment, training and motivation
FOCUS
MEANS
OBJECTIVE
SELLING PRODUCTS SELLING CONCEPT & Selling Vs Marketing PROMOTION
PROFIT THRU SALES VOL
MARKETING CONSUMER CONCEPT NEEDS
PROFIT THRU MODERN CONSUMER CONCEPT SATISFACTION
INTRGRATED MARKETING
TRADITIONAL CONCEPT
•
•
•
• • • • •
SELLING Directs the flow of goods & services from producer to consumer Concentrates on how to sell the goods and earn profit Cost of prod & dist determines the price Profit is primary Position of MR Homogenous target Role of packaging Production decisions
•
•
•
• • • • •
MARKETING Directs want satisfy goods & services to present & potential customers Concentrates on satisfaction of customers Cost of mktg, demand, competition determines the price Profit is secondary Position of MR Heterogeneous target As an advertising aid Production is adjusted
Traditional concept Results in transfer of ownership of goods Production or sales oriented Sell what you have or what you can produce Profit maximization Absence of after sales service No attention to social responsibility
Modern concept Wider concept than physical distribution
Consumer oriented
Produce or supply what is required by the consumers
Consumer satisfaction Attention to after sales service
Special attention to different social groups
Marketing of Services Intangible products
banking, insurance, transportation, retail, hotel etc
Activities, benefits or satisfaction which are offered for sale or are provided in connection with the sale of goods
Features of Services Are varied in characters Provide convenience Storage is not possible Services are produced and consumed together. Extra production in anticipation of demand is not possible They are highly perishable Are normally distributed directly to consumers
E-marketing Internet marketing Means Creating a single webpage ing with a search engine Sending emails Marketing and selling products and services on the net
Features of E-marketing Anyone, anywhere, anytime Cost effective and economical Not restricted by political boundaries of the countries Obtains customer immediately Follows pull strategy of marketing Achieves cross promotion easily
4P’s of E-marketing 1. Personal It provides tailor-made communication Can screen the info to take what is relevant to them 2.
3.
4.
Pervasive Is present all over at the same time Permission It has defined target audience Only to those who have shown interest or willingness Privacy
Market A place where business is conducted Where buyers and sellers meet, goods and services are offered for sale and transfer of ownership occur
Types or markets 1) Area covered 2) Commodities transacted 3) Volume of business 4) Final use of product
Marketing
Socio economic activity Supplements production by distributing goods and services Local marketing to global marketing Concept of customer orientation Means understanding and responding to the needs, interests and expectations of consumers
Need for marketing
To satisfy human needs It encourages large scale production Convenience to manufacturers, traders and consumers Facilitates social economic and industrial growth
Definition marketing is a total system of business activities designed to plan, price, promote and distribute want satisfying products to target markets to achieve organizational objectives
• • • • • • • • •
Features of marketing Regular and continuous activity Facilitates satisfaction of human wants Relates to goods and services Brings transfer of ownership Wider socio economic significance Importance of 4 Ps Core aspect of business Evolutionary concept Precedes and follows production
Marketing management
•
Is the process of planning and executing the conception, pricing, promotion and distribution of goods, services and ideas to create exchanges with the target groups that satisfy customers and organizational objectives
•
• • • •
Marketing Functions
Transfer of Goods -buying selling
Physical handling Of goods -Packing -Transportation -Storage -Warehousing -Inventory control
By service agencies -Std and grading -Branding -Pricing -Financing -Promotion -advtg
Related to R&D -Product planning -Marketing research -MIS
• • •
• • • •
• •
Benefits of marketing Satisfies human wants Provides profit and goodwill Facilitates specialization and division of labor Widens markets Improves std of living Brings economic growth Provides channels of communication to business firms Facilitates price control Intro to new products
Scope of Marketing 1) Marketing Research 2) Product planning and development 3) Pricing 4) Advertising and publicity 5) Sales Promotion 6) Packaging 7) Branding and labelling 8) After sale service 9) Test marketing 10) Miscellaneous areas – product positioning, channels of distribution, Marketing Info System (MIS), recruitment, training and motivation
FOCUS
MEANS
OBJECTIVE
SELLING PRODUCTS SELLING CONCEPT & Selling Vs Marketing PROMOTION
PROFIT THRU SALES VOL
MARKETING CONSUMER CONCEPT NEEDS
PROFIT THRU MODERN CONSUMER CONCEPT SATISFACTION
INTRGRATED MARKETING
TRADITIONAL CONCEPT
•
•
•
• • • • •
SELLING Directs the flow of goods & services from producer to consumer Concentrates on how to sell the goods and earn profit Cost of prod & dist determines the price Profit is primary Position of MR Homogenous target Role of packaging Production decisions
•
•
•
• • • • •
MARKETING Directs want satisfy goods & services to present & potential customers Concentrates on satisfaction of customers Cost of mktg, demand, competition determines the price Profit is secondary Position of MR Heterogeneous target As an advertising aid Production is adjusted
Traditional concept Results in transfer of ownership of goods Production or sales oriented Sell what you have or what you can produce Profit maximization Absence of after sales service No attention to social responsibility
Modern concept Wider concept than physical distribution
Consumer oriented
Produce or supply what is required by the consumers
Consumer satisfaction Attention to after sales service
Special attention to different social groups
Marketing of Services Intangible products
banking, insurance, transportation, retail, hotel etc
Activities, benefits or satisfaction which are offered for sale or are provided in connection with the sale of goods
Features of Services Are varied in characters Provide convenience Storage is not possible Services are produced and consumed together. Extra production in anticipation of demand is not possible They are highly perishable Are normally distributed directly to consumers
E-marketing Internet marketing Means Creating a single webpage ing with a search engine Sending emails Marketing and selling products and services on the net
Features of E-marketing Anyone, anywhere, anytime Cost effective and economical Not restricted by political boundaries of the countries Obtains customer immediately Follows pull strategy of marketing Achieves cross promotion easily
4P’s of E-marketing 1. Personal It provides tailor-made communication Can screen the info to take what is relevant to them 2.
3.
4.
Pervasive Is present all over at the same time Permission It has defined target audience Only to those who have shown interest or willingness Privacy
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