Marketing Management with DEALSOTHON

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Marketing Management with DEALSOTHON
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Definition of market and marketing

• Dealsothon - Market refers to the group of
  consumers or organization that is interested in
  the product, has the resources to purchase the
  product and is permitted by law and other
  regulations to acquire the product.
• Marketing According to Chartered Institute of
  Marketing The management process responsible
  for identifying, anticipating and satisfying
  customer requirements profitable.
• Social definition Marketing role is to deliver
  a higher standard of living.
• Marketing Management Marketing management sis
  a business discipline which is focused on the
  practical application of marketing techniques and
  the management of a firms marketing resources
  and activities.

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DEALSOTHON - Importance of marketing

• Marketing managers must take major decisions such
  as
• What features to design into a new product
• What prices to offer customers
• Where to sell products
• How much to spend on advertising or sales

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Scope of Marketing with DEALSOTHON

• To be a marketer, you need to understand
• What marketing is
• How it works
• What is marketed
• Who does the marketing
• How it works
• Four ways to obtain product
• Exchange and Transactions

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What is Marketed

• Goods
• Services
• Events
• Experiences
• Persons
• Places
• Properties
• Organizations
• Information
• Ideas

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Who markets

• Marketers and Prospects A marketer is someone
  who seeks a response ( attention, a purchase, a
  vote, a donation) from another party, called the
  prospect.
• If two parties are seeking to sell something to
  each other, we call them both marketers.
• Marketers are responsible for demand management.
• Marketing managers seek to influence the level,
  timing, and composition of demand to meet the
  organization's objectives.
• Eight demand states are possible
• Negative demand dislike the product
• Nonexistent demand unaware and uninterested
• Latent demand strong need that cannot be
  satisfied by an existing product.

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DEALSOTHON

• 4. Declining demand consumer begin to buy the
  product less frequently or not at all
• 5. Irregular demand Vary on a seasonal, monthly,
  weekly, daily, or even hourly basis.
• 6. Full demand adequately buying all products
  put into the marketplace.
• 7.Overfull demand More consumers would like to
  buy the product
• 8.Unwholesome demand Products that have
  undesirable social consequences.

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Markets

• Traditionally market is a physical place where
  buyers and sellers gathered to buy and sell
  goods.
• Economists describe a market as a collection of
  buyers and seller who transact over a particular
  product or product class.
• Five basic markets
• 1. Manufacturers markets
• 2. Resource markets
• 3. Intermediary markets
• 4. Consumer markets
• 5. Government markets

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Key Customer Markets

• Consumer Markets
• Business Markets
• Global Markets
• Nonprofit and Governmental Markets
• Marketplaces, Market spaces Metamarkets

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Company orientation toward the Marketplace

• The Production Concept consumers will prefer
  products that are widely available and
  inexpensive
• The Product Concept consumers will favor those
  products that offer the better quality,
  performance or innovative features.
• The selling Concept is practiced most
  aggressively with unsought goods, goods that
  buyers normally do not think of buying.
• The Marketing Concept instead of a
  product-centered make and sell philosophy,
  business shifted to a customer centered sense
  and respond philosophy.
• the job is not to find the right customers
  for your products, but the right products for
  your customers.

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Company orientation toward the Marketplace

• The Holistic Marketing Concept is based on the
  development , design, and implementation of
  marketing programs, processes, and activities
  that recognizes their breadth and
  interdependencies.
• Four components of holistic marketing are
• Relationship marketing
• Integrated marketing
• Internal marketing
• Social responsibility marketing

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components of holistic marketing

• Relationship marketing has aim of building
  mutually satisfying long-term relationships with
  key parties- customers, suppliers, distributors,
  and other marketing partners in order to earn and
  retain their business.
• The ultimate outcome of relationship marketing is
  the building of a unique company asset called a
  marketing network.
• Marketing Network consists of the company and its
  supporting stakeholders with whom it has built
  mutually profitable business relationships.
• Integrated Marketing is a strategy to unifying
  different marketing methods such as mass
  marketing, one-to-one marketing, and direct
  marketing. Its objective is to complement and
  reinforce the market impact of each method, and
  to employ the market data generated by these
  efforts in product development, pricing,
  distribution, customer service, etc.

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components of holistic marketing

• Two key themes of integrated marketing
• Many different marketing activities are employed
  to communicate and deliver value.
• All marketing activities are coordinated to
  maximize their joint effects.
• McCarthy classified marketing tools into four
  broad groups which he called the 4 Ps of
  marketing product, price, place and promotion
• These Ps represent the sellers view of the
  marketing tools available for influencing buyers.
  
• From buyers point of view each marketing tool is
  designed to deliver a customer benefit. Robert
  Lauterborn customers four Cs

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• Four Ps Four Cs
• Product Customer
  solution
• Price
  Customer cost
• Place
  Convenience
• Promotion Communication

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components of holistic marketing

• Internal Marketing ensure that everyone is the
  organization hold and carry appropriate marketing
  principles, especially senior management
• Internal marketing is the task of hiring,
  training, and motivating able employees who want
  to serve customers well.
• Internal marketing must take place on two levels
• The various marketing functions- sales force,
  advertising, customer service, product mgt etc.
• Marketing must be hold and carry by the other
  departments also. They must also think customer.

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Social responsibility marketing

• It holds that the organizations task is to
  determine the needs, wants and interests of
  target markets and to deliver the desired
  satisfactions more effectively and efficiently
  than competitor s in a way that preserves or
  enhances the consumers and the societys
  well-being.

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Fundamental Marketing Concepts

• Core concepts
• Needs water, clothing, education
• Wants burger, French fries soft drink
• Demands Mercedes
• We can distinguish among five types of needs
• Stated needs customer wants an inexpensive car
• Real needs customer wants a car whose operating
  cost , not its initial price, is low
• Unstated needs customer expects good service
  from the dealer
• Delight needs customer would like the dealer to
  include an security system in car
• Secret needs appreciated by friends

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Fundamental Marketing Concepts

• Target Markets, Positioning and Segmentation
• Offerings and Brands offering combination of
  products, services, information and experiences .
  A set of benefits they offer to customers to
  satisfy their needs. The intangible value
  proposition is made physical by an offering
• Brand is a offering from a known source. A brand
  name carries many associations in the minds of
  people. These associations make up the brand
  image.
• Value and satisfaction

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