Introduction to Marketing

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How will you best introduce yourself?

Convince me that you are the best person for the job! Convince your parents for permitting a late night party with your friends! Convince me that you genuinely were ill, hence could not complete your assignment! Why did you want to convince me? What was your benefit? Why will I be convinced? How will I be benefitted?
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What is a Market?
Place where you sell Place where you buy Place where you get Information Examples of a Market: Local market, Stock Market, Global Market etc.

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What consists of a Market?

Buyer Seller Products Services

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Types of Market
Physical Market
Village Haat Mandi Shops Showrooms Hawkers Malls Exhibitions Selling from home

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Types of Market (contd)

Virtual Markets
Internet Dial an order Teleshopping E-Commerce

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Types of Market (Economics)

Monopoly
1 product, 1 seller, many buyers, Lack of economic competition, lack of substitute goods & services, Maximum profit for seller, Price giver, Entry Barrier, 1 Buyer, many sellers, Lack of economic competition, limited market, price giver
Homogenous goods, multiple buyers & sellers, demand & supply based price determination, equal profits for all Many sellers sell SIMILAR goods, Product differentiation is due to packaging, branding, For example, the basic function of motor vehicles is basically the same - to move people and objects from point A to B in reasonable comfort and safety. Yet there are many different types of motor vehicles such as motor scooters, motor cycles, trucks, cars and SUVs and many variations even within these categories. Pricing is based on what competing firm is charging.

Monopsony

Perfect Competition Monopolistic

Oligopoly
Handful of sellers control the market, Price givers, influence the industry, each firm will consider the other firms actions & reactions when making decision,

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Why do we Sell & Buy?

Produce goods & services Demand Revenue Generation Profit Needs Wants

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What is Marketing?
is Meeting needs profitably
By Definition:

Marketing is an organizational function and a set of processes for creating, communicating and delivering value to the customers and for

managing customer relationships in ways that

benefit the organization and its stake holders.
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What is Marketed?
o

o
o o o o o o o o

Goods- Seeds, FMCG, Equipments Services- Pest control, software, transport Events- Olympics, artistic performance Experience- Consultant, Marketing Trainer Person- Celebrity, Artists Places- Tourists Property- Real estate, Stocks and Bonds Organization- Promotions for the image and stakes Information- Projects Ideas- Social promoter(friends dont let friends drive drunk)
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Marketing Process
Communication

Goods/Services

Industry
(A collection of Sellers)
Money/ Benefits

Market
(A collection of Buyer)

Information

Assignment
How will YOU sell a An Apple to the class? Only 5 mins. Talking time for each student

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Marketing Mix

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4 Ps of Marketing
Product Price Place Promotion

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Product
Product Profiling
Variety/Type Complementary/Supplementary/Substitute Quality Design Brand Name Packaging SKU (Stock Keeping Unit) Service Warranty/Return Frequency of use Features USP (Unique Selling Point)
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Price
MRP Re-Seller Price Discounts Payment Mode (Cash/Cheque/Card/DD) Period of Payment Credit Terms Price with respect to Competition
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Place
Channel of Distribution Alternative Delivery Channel Locations Back End ~ Front End Coverage Inventory Logistics

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Promotion
Advertising Sales Promotion ATL BTL Sales Force Public Relations Mode of Marketing Direct/Re-seller
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Target Audience

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Segmentation
Demography Behaviourial Geographic Psychographic

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Product Differentiation

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Positioning
the act of designing the companys offering and image to occupy a distinctive place in the the target markets mind.

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