Marketing Management with DEALSOTHON

Marketing Management with DEALSOTHON

Definition of market and marketing

Ò  Dealsothon - Market refers to the group of consumers or organization that is interested in the product, has the resources to purchase the product and is permitted by law and other regulations to acquire the product.

Ò  Marketing: According to Chartered Institute of Marketing “ The management process responsible for identifying, anticipating and satisfying customer requirements profitable.

Ò  Social definition “ Marketing role is to deliver a higher standard of living”.

Ò   Marketing Management “ Marketing management sis a business discipline which is focused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities.

DEALSOTHON - Importance of marketing

Ò  Marketing managers must take major decisions such as

1. What features to design into a new product
2. What prices to offer customers
3. Where to sell products
4. How much to spend on advertising or sales

Scope of Marketing with DEALSOTHON

Ò  To be a marketer, you need to understand

Ò  What marketing is

Ò  How it works

Ò  What is marketed

Ò  Who does the marketing

How it works

Four ways to obtain product

Exchange and Transactions

Who markets

Ò  Marketers and Prospects: A marketer is someone who seeks a response ( attention, a purchase, a vote, a donation) from another party, called the prospect.

Ò  If two parties are seeking to sell something to each other, we call them both marketers.

Ò  Marketers are responsible for demand management.

Ò  Marketing managers seek to influence the level, timing, and composition of demand to meet the organization's objectives.

Ò  Eight demand states are possible

1. Negative demand: dislike the product
2. Nonexistent demand: unaware and uninterested
3. Latent demand: strong need that cannot be satisfied by an existing product.
4. 4. Declining demand: consumer begin to buy the product less frequently or not at all
5. 5. Irregular demand: Vary on a seasonal, monthly, weekly, daily, or even hourly basis.
6. 6. Full demand: adequately buying all products put into the marketplace.
7. 7.Overfull demand: More consumers would like to buy the product
8. 8.Unwholesome demand: Products that have undesirable social consequences.

Markets

Traditionally “ market is a physical place where buyers and sellers gathered to buy and sell goods.

Economists describe a market as a collection of buyers and seller who transact over a particular product or product class.

Five basic markets:

1. Manufacturers markets

2. Resource markets

3. Intermediary  markets

4. Consumer markets

5. Government markets

Company orientation toward the  Marketplace

Ò  The Production Concept: consumers will prefer products that are widely available and inexpensive

Ò  The Product Concept: consumers will favor those products that offer the better quality, [performance or innovative features.

Ò  The selling Concept: is practiced most aggressively with unsought goods, goods that buyers normally do not think of buying.

Ò  The Marketing Concept: instead of a product-centered “ make and sell” philosophy, business shifted to a customer centered  “ sense and respond” philosophy.

    the job is not to find the right customers for your products, but the right products for your customers.

components of holistic marketing

Ò  Relationship marketing: has aim of building mutually satisfying long-term relationships with key parties- customers, suppliers, distributors, and other marketing partners in order to earn and retain their business.

Ò  The ultimate outcome of relationship marketing is the building of a unique company asset called a marketing network.

Ò  Marketing Network consists of the company and its supporting stakeholders with whom it has built mutually profitable business relationships.

Ò  Integrated Marketing: is a strategy to unifying different marketing methods such as mass marketing, one-to-one marketing, and direct marketing. Its objective is to complement and reinforce the market impact of each method, and to employ the market data generated by these efforts in product development, pricing, distribution, customer service, etc.

Fundamental Marketing Concepts

Ò  Target Markets, Positioning and Segmentation:

Ò  Offerings and Brands: offering combination of products, services, information and experiences . A set of benefits they offer to customers to satisfy their needs. The intangible value proposition is made physical by an offering

Brand: is a offering from a known source. A brand name carries many associations in the minds of people. These associations make up the brand image.