Published on February 17, 2014
What is Marketing • • • • • Selling Advertising Promotions Making products available in stores Maintaining inventories All of the above ,plus much more!
Marketing… Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas , goods, services to create exchanges that satisfy individual and organizational goals. American Marketing Association
Marketing Marketing management is the art and science of choosing target markets and getting, keeping and growing customers though creating, delivering and communicating customer value.
Marketing Marketing is all about managing the four P’sProduct Price Place Promotion
The Four Ps Marketing Mix Place Product Customer Solution Price Customer Cost ConvenPromotion ience Communication
Difference between-sales & Marketing? Sales Trying to get the customers to want what the Company Produces Marketing Trying to get the company produce what the customer wants
Scope – What do we market • • • • • • • • • • Goods Services Events Experiences Personalities Place Organizations Properties Information Ideas and concepts
Core concept of Marketing Based on: Need , Wants, Desires / Demand Product, Utility, Value & Satisfaction Exchange, transactions & Relationship Market, Marketing & Marketers
Simple Marketing System Communication Industry (a collection of sellers) Goods/services Money Information Market (a collection of Buyers)
Core concept of Marketing Need – food (is a must) Want – Pizza, Burger, French fry’s (translation of need as per our experience ) Demand – Burger (translation of want as per our willingness and ability to buy ) Desire – Have a burger in a five star hotel
Types of Marketing • • • • • • • Promotions Discount Viral Markets Internet Price Advertising
Promotions An action taken by a company's marketing staff with the intention of encouraging the sale of a good or service to their target market.
Discount The condition of the price of a bond that is lower than par. The discount equals the difference between the price paid for a security and the security's par value.
Viral Viral marketing assumes that as each new user starts using the service or product, the advertising will go to everyone with whom that user interacts.
Markets A large self-service retail market that sells food and household goods
Internet Internet advertising, uses the Internet to deliver promotional marketing messages to consumers. It includes email marketing, search engine marketing, social media marketing, many types of advertising and mobile advertising.
Price Some products have less price as compare to their market competitors so the selling is more $4.5 $4.80 $5
Advertising A notice or announcement in a public medium promoting a product, service, or event or publicizing a job vacancy.
Advantages of Marketing • • • • • • Increase sale Awareness Small businesses are closer to their customers. dentifies needs and wants of consumers determines demand for product aids in design of products that fulfill consumers
Disadvantages of Marketing • Increase price of product . • identifies weaknesses in your business skills • leads to faulty marketing decisions based on improperly analyzed data • creates unrealistic financial projections if information is interpreted incorrectly • identifies weaknesses in your overall business plan
Conclusion • Marketing is managing profitable customer relationships. Today’s successful companies- whether small or large, for profit or non-profit, domestic or global- share a strong customer focus and a heavy commitment to marketing. • The goal of marketing is to build and manage customer relationships. Marketing seeks to attract new customers by promising superior value and keep and grow current customers by delivering satisfaction. To be successful, companies will have to be strongly market focused.