Introduction to Marketing

Prof. Arijit Bhattacharya

What is Marketing?
C • Create
C • Communicate
D • Deliver
V • Value
T • to a Target market
P • at a Profit

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 Definitions
• Marketing
– The activity, set of institutions, and process for
creating, communicating, delivering, and exchanging
offerings that have value for customers, clients,
partners and society at large. (AMA)
• Marketing Management
– The art and science of choosing target markets and
getting, keeping, and growing customers through
creating, delivering, and communicating superior
customer value.

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

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 Few Marketing Concepts
• Industry • A collection of sellers

• Market • A collection of buyers

(Consumer, Business, NGO,
Government)
• Market place
• Physical; shopping in a store

• Market space • Virtual, shopping on the

Internet

• A cluster of complementary
• Meta market goods and services
(Automobile)

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 Few Marketing Concepts
• Needs • Basic human
requirements

• Wants • Directed to specific

objects to meet need

• Demand • Want + ability to pay

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 Few Marketing Concepts
• Value • Benefits (-) Costs

• Value proposition • Combination of benefits

that satisfy a need

• Brands • An offering from a known

source

• Satisfaction • Performance (-)

Expectations
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 Few Marketing Concepts
• Competition • Rivalry between firms
to win revenue
• Co-opetition • Act of cooperation
between competing
companies

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 4 Approaches of Companies
• Production concept
• Product concept
• Sales concept
• Marketing concept
• Holistic marketing concept

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 Production Concept
• Focus on “Production”
• Consumers will favor products that are “widely
available” & “inexpensive”

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 Product Concept
• Focus entirely on Product development
• Consumer will favor those products that offer the
most quality, performance or innovation

• Marketing Myopia (Theodore Levitt)

• Blackberry, Nokia

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 Selling Concept
• Customers (consumers & businesses), if not engaged,
will not buy enough
• Aggressive selling & promotion is required
• Practiced with unsought goods

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 Marketing Concept
• Customer-centred; proactive
• Find the right products for your customers
• Creating, communicating and delivering superior
customer value than competitors.

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Selling vs. Marketing

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Holistic Marketing Concept

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 Holistic Marketing Concept
• Self – study
• Read the concept from your book.
• Next class, come prepared to discuss
– How and Why is this concept is superior to previous
four?

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 Societal Marketing Concept
• Triple Bottom Line

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4Ps of Marketing

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4 Ps/Marketing Mix

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4Cs of Marketing

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 7 Ps of Marketing
1. Product
2. Price
3. Promotion
4. Place
5. People
6. Process
7. Physical evidence

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Marketing Challenges for 21st Century
• Technology: digital revolution
• Globalization: international marketing
• Deregulation: What is happening in India’s retail and aviation
sector?
• Competition: domestic and foreign brands, retailer brand,
megabrand
• Industry convergence: Apple Smartphone > music>TV>?
• Retail transformation: Unorganized > organized retail in India
• Disintermediation: Reliance Fresh, Amazon Kindle, Uber - consumer
more informed , powerful, participative
• Social responsibility: of business toward customer, society and
nature.

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 Criticisms of Marketing
• Exaggeration
• Marketers want people to spend more than
they may afford
• Differentiation
• Marketers do not pay attention to a sufficient
product safety
• Produce a materialistic mind set
• Create deceptive perception
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 To summarize… Marketing
Management Tasks
• Developing marketing management strategies
and plans
• Assessing marketing opportunities and customer
value
• Choosing value
• Designing value
• Delivering value
• Communicating value
• Sustaining growth and value

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