Introduction to Business Lecture 23

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Presentation transcript:

Introduction to Business Lecture 23 MGT211 Introduction to Business Lecture 23

Difference between Marketing and Selling Marketing starts before decision of production. Selling starts after decision of production. Marketing is a whole system. Selling is part of marketing. Marketing is a long term process. Selling is a short term process. 1 2 3 4 6 5

Classification of products Consumer products Industrial products Consumer products are consumed after certain uses. e.g. Tea, soap, tooth paste, shaving cream, cooking oil etc. Industrial products are used in industry. e.g. Raw material, machinery, chemicals, computer hardware and software.

Relationship Marketing Developing a long term relationship with the customers. Transactional Marketing Transaction with the customer.

Factors influencing the Marketing System External Marketing Environmental Factors Internal Marketing Environmental Factors

External Marketing Environmental Factors Factors which are outside the organization and influence the system. External factors are generally beyond the control of one marketing firm. These include: Economic Forces Demographic Forces Forces related to population. Cultural Forces Political and legal forces Competition Natural Forces

Marketing Manager A person who plans and executes all marketing activities.

Role of Marketing Manager To identify the unsatisfied needs of the customers. To design the product. Product Development. Pricing Decisions. Product Distribution. Communication with the customers. Marketing Research. Appointment of staff in marketing department.

Marketing Plan A plan for marketing programs. Components of marketing plan are: Executive Summary. Current market situation. Opportunity Analysis. Marketing objectives. Marketing Strategies. Projected income statement. Control.