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8/6/2019 1.Marketing Management Introduction
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MARKETING MANAGEMENT
-Dr. Archana Sharma
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What is Marketing?
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What is Marketing?
Marketing is a social and managerial process
by which individuals and groups obtain what
they need and want through creating,offering,
and exchanging products of value with others.
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Needs,Wants and Demand
Need is a sense of felt deprivation of somebasic satisfaction.
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Wants are desires for specific satisfiers ofneeds
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Demands are wants for specific products thatare backed by an ability and willingness to buy
them
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Products
Goods
Services
Experiences
Events Persons
Places
Properties
Organizations Information
Ideas
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Value,Cost and Satisfaction
Value is the consumers estimate of the
products overall capacity to satisfy his or herneeds
Cost may be of
opportunity,acquisition,ownership,and of use.
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Product value
Services value
Personnel value
Image value
Monetary cost
Time cost
Energy cost
Psychic cost
Total customer
value
Total customer
cost
Customer
Delivered
value
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Exchange and Transaction
Exchange is the act of obtaining a desired
product from someone by offering something
in return.
Transaction is a trade of values between two
or more parties
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Relationship and Networks
Relationship marketing is creating a long
term,trusting,win-win relationship with all the
stakeholders of the company.
The ultimate aim of relationship marketing is
to build a marketing network.
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Markets
A market consists of all the potential
customers sharing a particular need or wantwho might be willing and able to engage in
exchange to satisfy that need or want.
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Marketers and Prospects
Marketer-the party which actively seeks an
exchange.
P
rospect-someone whom the marketeridentifies as potentially willing and able to
engage in an exchange in values.
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What is Marketing?
Marketing is a social and managerial process
by which individuals and groups obtain whatthey need and want through creating,offering
and exchanging products of value with others.
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Need,want
& demand
Products
Value,cost
& satisfaction
Exchange &
transactions
Relationships &
networks
markets
Marketers &
prospects
The Core Concepts of Marketing
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Co. Orientation towards the Marketplace
The Production Concept
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Co. Orientation towards the Marketplace
The Product Concept
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Co. orientation towards the marketplace
The Selling Concept
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Co. Orientation towards the Marketplace
The Marketing Concept
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4Pillars of The Marketing Concept
Target Market
Customer Needs
Integrated Marketing Profitability
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Starting pt. Focus Means Ends
S
EL
L
I
N
G
M
R
KT
I
N
G
factory productsselling
&
promoting
Profits throughSales Volume
target
market
customer
needs
integrated
marketing
Profits through
customer
satisfaction
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Co. Orientation towards the Marketplace
The Societal Marketing Concept
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How Business and Marketing are
Changing
Changing Technology
Globalization
Deregulation Privatization
Customer Empowerment
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How Business and Markets are
Changing
Customization
Heightened Competition
Industry Convergence Retail Transformation
Disintermediation
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Process of Marketing(Choosing the
Value)
Segmentation
Targeting
Positioning
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Process of Marketing(Delivering the
value)
Product
Price
Place Promotion