Marketing Uma Kanjilal.

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Presentation transcript:

Marketing Uma Kanjilal

Definition “Marketing is the process of planning, and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchange that satisfy individual and organizational objectives” – American Marketing Association

Elements of Marketing Managerial process- analysis, planning, implementation and control Carefully formulated program Voluntary exchange of values Customer orientation (target market, market segmentation) Blends set of tools- 4Ps of marketing

Major benefits of marketing Improved satisfaction of the target market Improved attraction of marketing resources Improved efficiency in marketing activities

Major criticisms Waste of public money Marketing activity is intrusive Marketing is manipulative

ABCs of Marketing (formula for world class marketing) Always be customer driven Benchmark against the best in the world Continuously improve your product and performance Develop the best value package Empower your employees Focus on relationships Generate profit and meet other organizational objectives

Marketing processes Mission statement (based on organization’s goals and objectives) Situation Analysis (SWOT analysis) Build on core competencies (strategic alliance where internal competency is lacking Analyze Strategic alternatives (growth-share matrix, business strength-market attractiveness matrix, industry-competition model)

Marketing processes… (cont) Select and segment target market Set marketing goals and objectives Implement market strategies Evaluation and control

Marketing Eras Production orientation- major tasks of an organization is to pursue efficiency in production and distribution Sales orientation- stimulate the potential customer in the organization’s existing products and services Market orientation- determination of needs and wants of target markets and satisfy them through the design, communication, pricing and delivery of appropriate and competitively viable products and services.

Marketing trends Relationship marketing- meeting consumer satisfaction with relationship Key customer management-building mutually beneficial relationship with customer Supply chain management- managing pipeline that links customers to suppliers Loyalty marketing- targeting towards loyals and habituals

Functions of marketing Exchange function  buying  selling  pricing Physical function  assembling  transportation and handling  storage  processing and packaging  grading and standardization Facilitating function  financing  risk bearing

Typical functions of marketing department Stimulating Demand Servicing Demand Sales promotion Advertising Pricing Warehousing Transportation Order Process Handling Source: Marketing/McDaniel&Darden Personal selling Public Relations Product Planning Other Activities Inventory management Marketing Research and Sales Forecasting General Administration Financing