intro to mktg
TRANSCRIPT
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Introduction to Marketing
2 + 2 = 4But in marketing ?
Never !
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What do you understand by Marketing ? The Importance of marketing :
Financial success often depends on marketing
ability
There must be a top line for there to be a
bottom line
The death of Marketing
1-2
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Marketing?
Marketing is an organizational function
and a set of processes for creating,
communicating, and delivering valueto customers and for managing
customer relationships
in ways that benefit theorganization and its stakeholders.
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Marketing Management?
Marketing management:choosing your value proposition
target markets
getting, keeping, and growingcustomers
creating, delivering, and communicating
superior (to competitors) customer value.
Project will aim to give you experiential learning of
these
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Changing attitudes Towards
MarketingHistory and Development of company orientations
Production Concept
Product concept Selling Concept
Marketing Concept
Marketing is everybodys business Integrated Marketing
Consumer drives marketing ! Or the entire business ?
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Holistic Marketing Dimensions
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In this course we will address the following
questions: What is the new economy like?
What are the tasks of marketing?
What are the major concepts and tools of
marketing? What orientations do companies exhibit in the
marketplace?
What are the new challenges for marketing?
How are companies and marketers responding tothe new challenges?
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Marketing Debate:
Does marketing shape consumer needs?
or
Does marketing merely reflect the needs and
wants of consumers?
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Assignment
Read Breakthrough Marketing Tata Ace,
page 6
Project strategy for Tata Nano
for discussion in the next class
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The New Economy
Fast change - short product life cycles change due to technology, culture, etc.
Substantial increase in buying power
A greater variety of goods and services
A greater amount of information aboutpractically anything
Greater ease in interacting, placing and
receiving orders An amplified voice to influence public
opinion
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The New Economy Ability to compare notes on products and
services
Websites can provide companies withpowerful new information and sales
channels. Companies can collect fuller and richer
information about markets, customers,
prospects and competitors. Companies can facilitate and speed up
communications among employees.
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The New Economy
Companies can have 2-way communicationwith customers and prospects
Companies can send ads, coupons,
samples, information to targetedcustomers.
Companies can customize offerings andservices to individual customers.
The Internet can be used as acommunication channel for purchasing,training, and recruiting.
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The 4 major challenges faced by
businesses today are:
1. Globalization
2. Advances in technology
3. Deregulation
4. Informed & demanding consumer
new consumer capabilities
are these opportunities or threats to
businesses? Why?
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Challenges are due to :
Information technology
Globalization
Deregulation
Privatization
Competition
Convergence
Consumer resistance
Retail transformation
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CMOs Task
Unwritten rules of Marketing
The CEO must own the marketing function.
Make sure the marketing department starts
small and flat and stays small and flat.
Get face to face with the people who matter
most the customers.
Use market research cautiously* to gathermeaningful customer insights
Hire only passionate missionaries.
Utilize new marketing technology
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A quick test..
Buffy the Vampire slayer -
who is the typical viewer?
Current Affairs documentaries -who is watching?
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Answers
Buffy the Vampire slayer - typical viewer?
Male - age 41
Current Affairs documentaries -who is watching?
Increasingly -18 - 30
Assumptions are changing.
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Marketing Task
Love and respect your customers.
Create a community of consumers.
Rethink the marketing mix .
Be true to the brand. Keep your brand promise.
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Marketing Mix - Four Ps
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The Scope of Marketing
Places
Properties
Organizations
Information
Ideas
Goods
Services
Experiences
Events
Persons
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Key Market Categories
Consumer Markets
Business Markets
Global Markets
Nonprofit and
Governmental Markets
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A Simple Marketing System
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Marketing Concepts
and Tools Marketers and Prospects target markets
Needs, Wants, and Demands
Stated needs Real needs
Unstated needs
Delight needs
Secret needs
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Marketing Concepts
and Tools Product, Offering, and Brand
Value and Satisfaction
Customer valueValue = Benefits / Costs =
(Functional-tangible-benefits- + Emotional-intangible benefits ) / (Monetary costs +Time costs + Energy costs + Psychic costs)
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Company Orientations Toward the
Marketplace
Integrated Marketing
External marketing Internal marketing
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Company Orientations Toward the
Marketplace
Profitability
Sales decline
Slow growth
Changing buying patterns
Increasing competition
Increasing marketing expenditures
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Company Orientations Toward the Marketplace
Performance Marketing
Financial
Accountability
Social
Responsibility
Marketing
Social Initiatives
Corporate socialmarketing
Cause-related marketing
Corporate philanthropy
Corporate community
involvement Socially responsible
business practices
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How Business and Marketing are
Changing
Company responses and adjustments
Reengineering
Outsourcing
E-commerce
Benchmarking
Alliances
Partner-suppliers
Market-centered
Global and local
Decentralized
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How Business and Marketing are
Changing Marketer Responses
and Adjustments
Customer relationshipmarketing
Customer lifetime value
Customer share
Target marketing
Customization
Customer database
Integrated marketingcommunications
Channels as partners
Every employee a
marketer