Marketing Management

Lecture 1 Prof Farha Hassan

What is Marketing?
Marketing deals with identifying and meeting human and social needs Profitably

Make selling superfluous

FURTHER..
To accomplish this, we must know
Who are our customers? What are their needs? What must we do to meet their needs?

Evolution of Marketing
P R O D U C T
S A L E S M A R K E T I N G

E X C A N G E

P R O D U C T I O N

S O C I E T A L M A R K E T I N G

American Marketing Associations official definition of Marketing

Marketing is 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.

Other Definitions Marketing is the delivery of standard of living to the society. Marketing is primarily concerned with the problem of profitably disposing what is produced. Marketing is designed to bring about desired exchanges with target audiences for the purpose of mutual gain.

Peter Drucker
Business = Marketing Business has just two basic functions: Marketing and Innovation

Understanding Marketing
Meeting human needs. Meeting needs at a profit. Being empathetic to customers. Generating customer satisfaction. Measuring customer satisfaction.

Selling v/s Marketing

Starts with seller. Seller is centre. Saleable surplus. Cost determines price. Seller formulates marketing mix. Starts with buyer. Buyer is centre. Emphasis on customer needs. Consumer determines price. Buyer formulates marketing mix.

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.

What is Marketed?
Goods
Services Events Information Organizations Experiences Places

People
Properties Ideas

What is a Market?
A place where buyers and sellers are gathered
To buy or sell goods Term market is also used to cover various groups of customers
Demographic markets, etc

Five Basic Markets

N-W-D
NEEDS requirements
WANTS specific object DEMANDS specific object + ability to pay

MARKETING MANAGEMENT TASKS

Develop market strategies and plans Capture marketing insights Connect with customers Build strong brands

Cont
Shape market offerings Communicate value Deliver value Create long-term growth

Few interesting differentiations

Marketing Advertising Branding Public relations

Tutorial Questions
Explain the following terms in brief:
Mass customization Customer orientation Societal marketing concept CRM