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- By Vidushi Sharma

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Definitiony Marketing is an organizational function and a set

of processes for creating, communicating anddelivering value to customers and for managing

customer relationships in the way that benefitorganizations and its stakeholders.

- By AMERICAN MARKETINGASSOCIATION

y

Marketing is the management process thatidentifies, anticipates and satisfies customerrequirements profitably

-By The Chartered Institute of Marketing

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y According to Philip kotler:-

Marketing is a social and managerial process bywhich individuals and groups obtain what theywant and need through creating, offering andexchanging products of value with others

yMeeting customers needs profitably.

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What is Marketed?

1. Goods2. Services

3. Events

4. Experiences

5. Person

6. Place

7. Properties

8. Organizations9. Information

10. Ideas

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Market:- It is a geographical or virtual place wherebuyers and sellers meet each other, goods andservices are offered for sale and transfer of title ofownership happens.

According to economists:- Market is the

collection of buyers and sellers who transact over aproduct class or a particular product

Some imp Markets are:-

y ConsumerMarket

y Business Market

y Global Market

y Non-profit & Governmental Markets

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NEED:-

state of felt deprivationbasic human requirement

WANTS:-

those needs which are directed to specific object that

will satisfy the needs are called wantsWants are shaped by society

DEMANDS:-

The wants for specific product backed by ability to pay(affordability)

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Management orientation:-

approaches/concept/philosophy

It tells the perception of firm or business towardsmarketplace

Philosophies which guide marketing efforts of

firm.

1. PRODUCTION CONCEPT :-

Main emphasis on production, dominate thinking

process

Consumers prefer the product that are widelyavailable and inexpensive

Oldest concept

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Focus :- Achieving high production efficiency lowcosts and mass distribution.

E.g. Followed in China largest PC manufacturerLegend & domestic appliance giant Haier

Implication : no customer loyalty as other factorsother than price are important considerations

2. PRODUCTCONCEPT:-

Consumer will buy product that offers the most

quality, performance and innovative featuresFocus : Making superior products & improving

them over time. Also lot of spending on R&D.

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Implications :-

y Fail to understand customers actual need and

wants.y Anew & improved product works only if properly

priced, distributed, advertised and sold properly.

3.SELLING CONCEPT:-company has to aggressively promote & push its

product

Heavy advertising, personal selling, large scale

sales promotion etc are used.No customer loyalty

Practiced for unsought goods

Can lead to bad word of mouth.

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Aim is to sell what they make rather than makewhat the market want.

MARKETING MYOPIA:-

Term is given byTheodre Levitt

It is excessive preoccupation with the productionor product or selling and ignoring the customers inprocess

Short sightedness about business.

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4. MARKETING CONCEPT :-

Business should start with the determination of

customer wants and end with the satisfaction ofthose wants.

Consumer at both beginning and end of businesscycle.

Anticipating, stimulating and meeting customerrequirements.

Business is seen from viewpoint of customers

THINK CUSTOMERAND ACTCUSTOMERReactive & Proactive market orientation

Selling Concept : Make & sell

Marketing : Sense & respond

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5. HOLISTICMARKETING CONCEPT :-

It include all the latest forces that have been

developed in last one or two decades

It include 4 conepts:

a) RelationshipMarketing :-b) Integrated Marketing

c) Internal Marketing

d) Social ResponsibilityMarketing

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a) RelationshipMarketing :-

It is to develop deep and long lasting relationship

with all people that directly indirectly affectsfirms success.

Customers, Suppliers, distributors , employees,Creditors etc.

RelationshipMarketing

Customerrelationshipmanagement

(CRM)

Partnerrelationshipmanagement

(PRM)

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b) Integrated Marketing :-

y To device marketing programs that are well

integrated and each activity matches & fitcompletely with other activity.

yMcCarthy has given 4Ps of marketing:

4Ps 4C

sProduct Customers solution

Price Customer cost

Place Convenience

Promotion Communication

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c) Internal Marketing :-

y It is the process of hiring, training & motivating

capable employees.y Internal Marketing takes place at 2 levels:

y 1st level: At various marketing functions sales force,

advertising, product management, marketingresearch etc

y 2nd level: at other departments

iv) Social ResponsibilityMarketing:

y Realization of societal interest in firms marketingdecisions.

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y Kodak, Ashadaan old age home by HUL, ITC e-choupal.

Society (human welfare)

Customer Company profit

Satisfaction SRM

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Thank You !!