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Questions
Why is marketing important? What is the scope of marketing? What are some fundamental marketing concepts? How has marketing management changed? What are the tasks necessary for successful marketing management?

Overview of Marketing
Nature & Scope of Marketing Core Concepts

Marketing
Good marketing is
no accident. but a result of planning and execution. is both an art and a science.

Good Marketing is No Accident

The roaring success of fourwheeler Tata Ace, in a market earlier dominated by three-wheeler load carriers, was due to a deep understanding of the market needs and customer requirements.

What is Marketing?
Marketing is
a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products g, ff g y g gp and services of value with others.

What is Marketing?
Marketing is
the performance of business activities that directs the flow of goods and services from producer to consumer or user. an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

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What is Marketing?
Marketing as a Process
involves an exchange transaction between the buyer and the seller. emphasizes on the mutual satisfaction of both-the buyer and the seller. d h ll development of a long-term relationship between them.

For an exchange to occur.

There should be at least two parties. Each party has something that might be of value to the other party. Each party is capable of communication and delivery. Each party is free to reject the exchange offer. Each party believes it is appropriate or desirable to deal with the other party. Forms of exchange
Transactions Transfers

What is Marketing Management?

Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Selling is only the tip of the iceberg

There will always be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available. Peter Drucker

What is Marketed?
Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas

Marketing Can Promote Ideas

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Modern Exchange Economy

A Simple Marketing System

Demand States
Negative Nonexistent Latent

Key Customer Markets

Consumer Markets Global Markets Business markets Nonprofit/Government Markets

Declining

Irregular

Full

Overfull

Unwholesome

www.marutitruevalue.com

Functions of CMOs
Strengthening the brands Measuring marketing effectiveness Driving new product development based on customer needs d Gathering meaningful customer insights Utilizing new marketing technology

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Core Concepts
Needs, wants, and demands Target markets, positioning, ii i segmentation Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment Marketing planning

The marketplace isnt what it used to be

Information technology Globalization Deregulation Privatization Competition Convergence Consumer resistance Retail transformation

New Consumer Capabilities

A substantial increase in buying power A greater variety of available goods and services A great amount of information about practically anything Greater ease in interacting and placing and receiving orders An ability to compare notes on products and services An amplified voice to influence public opinion

Company Orientations

Production

Product

Selling

Marketing

Holistic Marketing Dimensions

The Four Ps

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Marketing Mix and the Customer

Four Ps Product Price Pl Place Promotion Four Cs Customer solution Customer cost C Convenience i Communication

Marketing Management Tasks

Develop market strategies and plans Capture marketing insights Connect with customers Build strong brands Shape market offerings Deliver value Communicate value Create long-term growth