Marketing

Scenario

Marketing: Definitions and Concepts

Marketing

Marketing Definitions

Exchange

“Marketers must attempt to understand the needs,

wants, and demands of their target markets.”

Needs, Wants, and Demands

Needs, Wants, and Demands continued

Company Orientations toward the Market Place

Production concept -

emphasis is efficiency in the

production and distribution of goods and services

• Product/service availability and low prices

Product concept -

emphasis is on making good products,

often as defined in the eyes of the producer, and improving

them over time

• Well-made products/services

Selling concept -

emphasizes actions directed at stimulating

consumers’ interest through aggressive sales and promotion

efforts

• Hard selling, aggressive campaigning

Marketing concept -

needs of the buyer are paramount

• creating customer value

Customer concept -

direct separate offers, services, and

messages to individual customers

• focus on individual customer needs

Societal marketing concept -

deliver the desired

satisfactions more effectively and efficiently than competitors

in a way that preserves or enhances the consumer’s and the

society’s wellbeing

• company profits, satisfaction of consumers’ wants and needs, and the

public interest (each often having conflicting endpoints) must be

balanced

Holistic concept

Marketing Plan

4 Ps of Marketing & More

4 Ps of Marketing and More definiton

1. Product

Product

• Services vs. Physical Goods

2. Price

3. Place (Distribution) & 4. Promotion

5. Positioning

People, Processes, Programs, Performance

Other Marketing Concepts

• Expectations -

Satisfaction

Service quality

Other Marketing Concepts

Enhancing

Value

Loyalty

Collecting Customer Data

Relationship Marketing

Marketing in Digital Times

Scenario

Introduction

Marketing Steps

Revisiting the Scenario

1. Analyzing the market environment

Situational Analysis

The micro- and macroenvironment

Revisiting the Scenario

1. Analyzing the market environment: “Environmental Scan”

Revisiting the Scenario

1. Analyzing the market environment: SWOT Analysis

2. Goals and objectives formulation

3. Determining the target market

Revisiting the Scenario

3. Determining the target market

4. Formulating and designing the marketing mix

Product & 5 I’s

Product continued

Price – consider

Place

• Intensive distribution VS Exclusive distribution Vs Selective distribution

Promotion/Advertising

Revisiting the Scenario

4. Formulating … the marketing mix

Promotion

Personal selling

Publicity

Sales promotion

5. Designing a marketing control process

Revisiting the Scenario

5. Designing a marketing control process

Practice Question