Copy of Mkt Mgt Intro MMS 2024

Marketing Management

  • Marketing can be defined as creating an environment for continuous selling.

Marketing as an Art and Science

  • Marketing is both an art and a science, incorporating creativity and analytical methods to fulfill consumer needs.

The Marketing Iceberg

  • Selling is just the tip of the marketing iceberg.

  • The ultimate aim of marketing, as noted by Peter F. Drucker, is to make selling superfluous.

Marketable Objects

  • Almost anything can be marketed:

    • Goods

    • Services

    • Events

    • Experiences

    • Persons

    • Places

    • Properties

    • Organizations

    • Information

    • Ideas

Successful Marketing Examples

  • Event Organization by IAICO Publishing House:

    • Highlighting successful programs and performances, e.g., shows featuring Kapil Sharma and Robin Sharma.

Unique Marketing Questions

  • An interesting query posed: Why did Kattappa kill Bahubali?

Social Causes and Events

  • Various events and social causes have marketing implications:

    • Kids Marathon aimed at raising awareness against child abuse.

    • Campaigns like 'Save the Girl Child'.

Customer Needs and Wants

  • Needs: Basic requirements including food, shelter, clothing. These are not created by marketers.

  • Wants: Specific desires for products that satisfy needs, influenced by culture and individual preferences.

Understanding Demand

  • Demand: A want that is backed by purchasing power, meaning the ability to pay for the product.

    • Demand vs. Want: Customers may feel deprived without a need, whereas wants are the preferences given choices.

Corporate Culture's Influence

  • Corporate culture impacts brand performance and customer perception, as described by various industry leaders:

    • Jeff Bezos utilizes an empty chair at meetings to represent the customer.

    • Indra Nooyi emphasized the importance of innovation and consumer insight in marketing.

Historical Perspectives on Marketing

  • Marketing Evolution:

    • 1850-1900: Production Era

    • 1900-1930: Product Era

    • 1930-1950: Selling Era

    • 1950: Marketing Era

    • 1970: Societal Era

    • 21st Century: Holistic Marketing

Definition by the American Marketing Association (AMA)

  • Marketing is described as activities for creating, communicating, delivering, and exchanging offerings that have value.

Societal Marketing Approach

  • Balance of customer satisfaction, company profits, and public interest is pivotal.

  • Some products may not serve society's best interests (e.g., drugs, fast food).

  • Ethical considerations are vital within product marketing and consumer relations.