Marketing

Identify customer needs, wants,

demand in appropriate manner and
then try to fulfill them in effective and
efficient manner
 Scope of Marketing
• Financial success often depends on marketing.
• Finance, Operations, Accounting and Other business
functions will not really matter if there is not sufficient
demand for products and services so the company can
make profit.
• Many companies have now created Chief Marketing
Officer or CMO position to put marketing on a more
equal footing with other C-Level Executives like CEO
and CFO.
• Marketing also helps in building brands and a loyal
customer base, intangible assets that contributes a large
percentage into the value of Firm.
 Exchange and
Transactions of Ideas
• Marketing is tricky.
• Making the right decisions about change is not always easy.
• Marketing managers must decide what features to design into a new
product, what prices to offer customers, where to sell products and
how much to spend on advertising, sales or the internet.
• One should also decide the details such as the exact wording or
color for new packaging.
• The companies at great risk are those who fail to understand their
customers and competitors, these companies take a short term,
sales driven view of their business and ultimately they fail to satisfy
their stock holders, employees, suppliers, and channel partners.
• Skillful marketing is never ending pursuit.
 Successful Companies
• Levi’s
• General Motors
• Kodak
• Sony
• Xerox
• Nirma Washing Powder of India
• Tata Motors (Mini Truck) in India
 Marketing Management
Marketing management is the science of
choosing target markets and getting, keeping or
retaining and growing customers via creating,
delivering and communicating superior customer
value.
 What is marketed
Marketing people market 10 types of entities
• Goods
• Services
• Events
• Experiences
• Persons
• Places
• Properties
• Organization
• Information
• Ideas
 Who Markets
Marketers and Prospects
• Marketer is someone who seeks response,
attention, a purchase, a vote, a donation from
another party i.e. Prospect
• If two parties are seeking to sell something
to each other, we call them both
marketers.
 Eight types of demand state that
is to be monitored or influenced
by Marketer
• Negative demand
• Non existent demand
• Latent demand
• Declining demand
• Irregular demand
• Full demand
• Over full demand
• Unwholesome demand
 Key Customer Markets
• Consumer Markets

• Business Markets

• Global Markets

• Non Profit & Governmental Markets

 Five Key Functions of CMO in
Leading Marketing
• Strengthening the brand
• Measuring the marketing effectiveness
• Driving new product development based
on customer needs
• Gathering meaningful customer insights
• Utilizing new marketing technology
 Core Marketing Concepts
• Needs
These are basic human requirements E.g. People
need air, food, water, clothing and shelter.
• Wants
The needs become wants when they are directed to
specific objects that might satisfy the need e.g. Consumer in the
United States needs food but may want hamburger, french fries, soft
drink. Consumer in India needs food but may want chappatis, rice,
yogurt instead of above. Wants are shaped by our society.
• Demands
These are wants for specific products backed by an
ability to pay. Many people want a Mercedes; only a few are willing
and able to buy one.
Companies must measure not only how many people want their
product but also how many would actually be willing and able to buy
it.
• Target market, Positioning & Segmentation
• Offerings & Brands
E.g. Thinking of the McDonald’s brand brings many
association in the minds of people like burgers, fun,
children, fast food, convenience. Another example is of
Gillette
• Value & Satisfaction
Offering will be successful if it delivers value and
satisfaction to the target buyer. Customer chooses
between different offering on the basis of the perception
the thing which delivers him the best perceived value.
Value reflects the sum of perceived tangible and
intangible benefits and costs to customers. It’s a
combination of quality, service and price. Value increases
with quality and service but decreases with price.
• Marketing Channels
1. Communication Channels e.g. news paper, magazines, radio,
television, mail, telephone, billboards, fliers, posters etc
2. Distribution Channels Marketers use this channel to display, sell
or deliver the physical product or service (s) to the buyer or user.
It includes wholesalers, retailers and agents.
3. Service Channels Marketers also use this this channel to
carryout transaction with potential buyers. It includes warehouses,
logistic companies, banks and insurance companies that facilitate
transactions.
• Competition

• Marketing Environment
 Societal forces to influence
Marketing or Marketplace
Marketing is radically different as a result of major and sometimes
interlinked societal forces. These societal forces are

• Network information technology

• Globalization
• Deregulation
• Privatization
• Heightened competition
• Industry convergence
• Consumer resistance
• Retail information
• Disintermediation
 Marketing Management Tasks

• Developing marketing strategies and plans

• Capturing market insights
• Connecting with customers
• Building strong brands
• Shaping the market offerings
• Delivering value
• Communicating value
• Creating Long-term growth