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Session 6- Fundamentals of Marketing. Marketing-Definition.
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Marketing-Definition • Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves. • Marketing is used to identify the customer, satisfy the customer, and keep the customer. With the customer as the focus of its activities, marketing management is one of the major components of business management
OLD MARKETING PRODUCT PACKAGING DISTRIBUTION CRM ADVERTISING CONSUMER
MODERN MARKETING PRODUCT PACKAGING DISTRIBUTION CRM ADVERTISING CONSUMER
Marketing Functions • Environmental Analysis and Marketing Research • Consumer Analysis • Product Planning • Distribution Planning • Price Planning • Promotion Planning • Broadening the Organization’s/Individual’s Scope • Marketing Management
A Classification of Marketing Research Marketing Research Problem Identification Research Problem Solving Research • Market Potential Research • Market Share Research • Image Research • Market Characteristics Research • Forecasting Research • Business Trends Research • Segmentation Research • Product Research • Pricing Research • Promotion Research • Distribution Research
Environmental Analysis/ Marketing Research Exercise INDIAN PRIEMIER LEAGUE
4 Ps of Marketing • A marketer’s task is to build a marketing program or plan to achieve the company’s desired objectives. • The marketing mix is the set of marketing tools the firm uses to pursue its marketing objectives in the market. • These tools are broadly classified into four groups namely, product, price, place and promotion. • These are called the 4Ps of marketing.
Product • Product variety • Quality • Design • Features • Brand name • Packaging • Sizes • Services • Warranties • Returns
Price • List price • Discounts • Allowances • Payment period • Credit terms
Place • Channels • Coverage • Assortments • Locations • Inventory • Transport
Promotion • Sales promotion • Advertising • Sales force • Public relations • Direct marketing
The marketing mix decisions must be made for influencing the trade channels as well as the final customers. • The company prepares an offering mix of products, services and price. • The company utilizes a mix of sales promotion, advertising, sales force, public relations, direct mail, telemarketing and internet to reach the trade channels and target customers.
The firm can change its price, sales force size and advertising expenditures in the short run. It can develop new products and modify its distribution channels only In the long run. • Thus the firm typically makes a fewer period-to-period changes in the short run than in the number of marketing-mix decision variables might suggest.
LAW OF FEW 10% INFLUENCE PURCHASING BEHAVIOR OF OTHER 90%
2006 2001 2005 1999 2005 2007 2004
Marketing Strategy • If a firm wants success in marketing efforts, it must formulate an appropriate and effective strategy or policy for its products. Marketing Strategy is the techniques which a firm adopts to counteract the marketing changes.
Marketing Mix • The Product Mix Strategies. Decisions about packages, design, warranties, Product life cycle and new product development. • The Place or Distribution Mix Strategies. Involves the physical distribution of goods and the selection of marketing channels
Marketing Mix • The Promotion Mix Strategies. Activities relating to personal selling, advertising and sales promotion tools. • The Price Mix Strategies. Method of selling profitable and justifiable prices. Value of money. Involves discount, mark ups, services offered, sales tax, cost of goods sold, etc.
