Marketing

Marketing Management

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What is Marketing?

  •  Marketing is the delivery of customer satisfaction at a profit.

Goal of Marketing

  • To attract new customer by promising superior value, and to keep current customers by delivering satisfaction.
  • Marketing, more than any other business function, deals with customers.
  • Creating customer value and satisfaction are at the very heart of modern marketing thinking and practice.
  • Some people believe that only large business organizations operating in highly developed economies use marketing, but sound marketing is critical to the success of every organization – whether large or small, for profit or non – profit, domestic or global.

Marketing Defined

  • Many people think of marketing only as selling and advertising.
  • Selling and advertising are only the tip of the marketing iceberg.
  • Marketing is one of three key core functions that are central to all organizations.
  • Marketers act as the customers’ voice within the firm and marketers are responsible for many more decisions than just advertising or sales:
    • Analyse industries to identify emerging trends.
    • Determine which national and international markets to enter or exit.
    • Conduct research to understand consumer behavior.
    • Design integrated marketing mixes – products, prices, channels of distribution, and promotion programs.
  • Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
  •   To explain marketing definition, we examine the following important terms :
    • Needs, wants, and demands
    • Products and services
    • Value, satisfaction and quality
    • Exchange, transactions, and relationships
    • Markets

Needs, Wants, and Demands

Needs:

  • The most basic concept underlying marketing is that of human needs.
  • Human needs are states of felt deprivation.
  • Human have many complex needs:
    • Physical needs for food, clothing, warmth, and safety
    • Social needs or belonging and affection
    • Individual needs for knowledge and self – expression

Wants:

  • Want are the form taken by human needs as they are shaped by culture and individual personality.
  • People have almost unlimited wants but limited resources.
  • They want to choose products that provide the most value and satisfaction for their money.

Demands:

  • When backed by buying power, wants become demands.
  • Consumers view products as bundles of benefits and choose products that give them the best bundle for their money.

Products and Services

Product:

  • Anything that can be offered to a market to satisfy a   need or want.
  • The concept of product is not limited to physical objects – anything capable of satisfying a need can be called a product.

Services:

  • In addition to tangible goods, products also include services, which are activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything.

Values, Satisfaction, and Quality

Values:

  • Customer value is the difference between the values the customer gains from owning and using a product and the costs of obtaining the products.
  • Customers often do not judge product value and costs accurately or objectively. They act on perceived value.

Satisfaction:

  • Customer satisfaction depends on a product’s perceived performance in delivering value relative to a buyer’s expectation.
  • If the product’s performance falls short of the customer’s expectations, the buyer is dissatisfied.

Quality:

  • Customer satisfaction is closely linked to quality.
  • Quality has a direct impact on product performance.
  • Quality can be defined as “freedom from defects”.
  • TQM programs designed to constantly improve the quality of products, services, and marketing processes

Exchange, Transactions, and Relationships

Exchange :

  • The act of obtaining a desired object from someone by offering something in return

Transaction :

  • A trade between two parties that involves at least two things of value, agreed – upon conditions a time of agreement, and a place of agreement.

Relationship marketings :

  • The process of creating, maintaining, and enhancing strong, value – laden relationships with customers and other stakeholders

Markets

  • The set of all actual and potential buyers of a product or service.

 

Marketing Management

  •  The analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives.

Marketing Management Involves:

  • Demand Management : The organization has a desired level of demand for its products. At any point in time, there may be no demand, adequate demand, irregular demand, or too much demand, and marketing management must find ways to deal with these different demand states.
  • Building Profitable Customer Relationships : Beyond designing strategies to attract new customers and create transactions with them, companies now are striving to retain current customers and build lasting customer relationships.

Marketing Management Philosophies:

  • The role that market plays within a company varies according to the overall strategy and philosophy of each firm.
  • There are five  alternative concepts under which organizations conduct their marketing’s activities:
    • Production concept
    • Product concept
    • Selling concept
    • Marketing concept
    • Societal marketing concepts

Production Concept:

  •  The philosophy that consumers will favour products that are available and highly affordable and that management should therefore focus on improving production and distribution efficiency.
  •   The philosophy that consumers will favour products that offer the most quality, performance, and innovative features.

Selling Concept:

  •  The idea that consumers will not buy enough of the organization’s products unless the organization undertakes a large – scale selling and promotion effort.

Marketing Concept:

  • The marketing management philosophy that holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do.

Societal Marketing Concept:

  •   The idea that the organization should determine the needs, wants, and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer’s and society’s well – being.

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