Introduction to Marketing(Unit -1)




 


What is marketing?
 
Ans. Marketing is about identifying and meeting human and social needs.

Formal definition - Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.  

What is marketing management?

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

What is marketed?

Ans. Marketers market 10 main types of entities:

Goods- are items that satisfy human wants and provide utility. Example:- cars, television, machine, and other mainstays of a modern economy.

Services- Services include the work of airlines, hotels, car rental, bankers, lawyers, etc.

Events- Marketers promote time-based events, such as major trade shows, artistic performance, and company anniversaries.

Experiences-  Customized experiences include a week at a baseball camp with retired based greats, a four-day rock and roll fantasy camp, and a climb up Mount Everest. 

Persons- Artist, musician, CEOs, physicians.

Place - Cities, states, regions, and whole nations compete to attract tourist, resident, factories, and other professionals often get help from marketers.

Properties- Properties are intangible rights of ownership to either real property or financial property.

Organizations - Museums, performing arts organizations, corporations, and nonprofits all use marketing to boost their public image and compete for audiences and funds.

Information- Information is essentially what books, schools, and universities produce, market, and distribute at a price to parents, students, and communities.

Ideas - Every market offering includes a biased idea. Social marketers promote such ideas as " Friends Don't Let Friends Drive Drunk". 
 
Who are marketers and prospects?

Ans. A marketer is someone who seeks a response- attention, a purchase, a vote, a donation,- from another party, called the prospect.

Traditional market
 
The market was a physical place where buyers and sellers gathered to buy and sell goods. Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class.

Difference between marketing and sales

                           Marketing                                                         

  • Focus on customer's need                                                                
  • Convert customers need into a product
  • Make what customers want
  • Generate lead         
                      
                              Sales                                                                          
  • Focus on sellers need
  • Convert product into cash
  • Sell what you have
  • Convert the lead to paying customers

☝  Key customer markets

  1. Consumer markets- cosmetics, athletic shoes, and air travel.
  2. Business markets- Advertising and web site
  3. Global markets- Exporter, licenser, contract manufacturer.
  4. Nonprofit and government market- Churches, universities, charitable organizations.
☝ Core Marketing Concept

  • Needs- Needs are the basic human requirements such as food, water, clothing,  shelter.
  • Wants-  To have a desire or a wish for something that might satisfy the need.
  • Demand-  Demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.
☝ Target markets, positioning, and segmentation

  • Target Marketing - A target market is a group of consumers within the serviceable available market of an organization to which an organization directs its marketing activities and resources.
  • Positioning- Positioning is the idea of associating the brand and its goods and services with and developing a mental position in the public consciousness.
  • Segmentation -The process of dividing a target market into smaller, more defined categories is market segmentation. Customers and audiences are segmented into groups that share common features such as demographics, preferences, needs, or location.

☝ De-marketing

Marketing to reduce demand temporarily or permanently: with the aim not to destroy demand but only reduce or shift the same.

☝ Value and satisfaction

Value - the sum of tangible and intangible benefits that a customer gets and the cost that they incurred.
MAIN FACTOR - price, quality, services.

Satisfaction - Consumer's judgment of product perceived performance about expectation.

☝ Concepts
  1. Selling concept
  2. Marketing concept
  3. Societal marketing concept
1. Selling concept
The consumer will not buy enough of the organization's product unless the organization has undertaken large-scale selling & promotion efforts.

2. Marketing concept

Achieving organizational goals depends on
  • Determining needs & wants of target customers &
  • Delivering desired satisfaction more effectively & efficiently than competitors
3. Societal marketing concept

Organizations to determine needs wants & interest of target markets 
  • Deliver desired satisfaction more effectively & efficiently than competitors.
  • Must Improve consumer’s & society well being

☝ Jerome McCarthy 4Ps of Marketing Mix

The four Ps are the four essential factors involved in marketing a good or service to the public.

These are the four Ps:
  • Product(the goods or services)
  • Price(what the customers pay)
  • Place( the location where a product is marketed)
  • Promotion( the advertising)


☝ 7Ps of Marketing

The concept of the four Ps has been around since the 1950s

3 New Ps have become important components of marketing a product too
  • People( employees)
  • Process( creativity, discipline, and structure)
  • Physical evidence( furniture, facilities, the material used)


☝4Cs Of Marketing

The newer 4Cs of the marketing model was meant to be a more customer-oriented version.

The four Cs are-
  • Customer
  • Cost
  • Convenience
  • Communication.


☝ 4AS OF MARKETING

This approach is organized around the values that matter most to customers.

  • Acceptability
  • Affordability
  • Accessibility
  • Awareness
1. Acceptability
Acceptability is the extent to which a firm's total product offering exceeds customer expectations.

2. Affordability

Affordability is the extent to which customers in the target market are able and willing to pay the product's price.

3. Accessibility

Accessibility the extent to which customers can readily acquire the product has two dimensions: availability and convenience.

4. Awareness

Awareness is the extent to which customers are informed regarding the product's characteristics, persuaded to try it, and reminded to repurchase.

☝ MARKETING MYOPIA

-The belief that growth is assured by an expanding and more affluent population.

-The belief that there is no competitive substitute for the industry's major product.

-Too much faith in mass production and in the advantages of rapidly declining unit cost as output rises.

-Marketing Myopia is a company's weakness and narrow-minded marketing management approach that focuses only on a certain product or service features while fully ignoring long-term objectives such as product efficiency, consumer desires, demand, and satisfaction.

  • Kodak's market share loss to Sony digital cameras.
  • Nokia losing its market shares on android and IOS.
  • Ambassador cars vs Maruti, HMT Watches vs Titan.











             

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