Marketing
What consumers have today A substantial increase in buying power A great variety of available goods and services * A great amount of information about practically anything * A great case in interacting and placing and receiving orders * An ability to compare notes on products and services
What companies have today * Companies can operate through web sites. * Can collect more information. * Speedy communication. * Two-way communication. * Companies can customize offerings. * Can improve purchases and sales. * Can send ads, coupons, information to customers easily. * MARKETING * What is marketing? * Creating consumer wants & satisfying it * Finding ways to satisfy customers effectively & efficiently. * Is to be defined as value delivering process. * Definition * Kotler “Marketing is a social & managerial process by which individuals & groups obtain what they need and want through creating, offering and exchanging products of value with others”. * AMA “ Marketing is the process of planning & executing the conception, pricing, promotion & distribution of ideas, goods, & services to create exchanges that satisfy individual and organizational goals * Three stages of marketing * Entrepreneurial marketing * Formulated marketing * Intrepreneurial marketing * Scope of marketing * Goods * Services * Experiences * Events * Persons * Places * Properties * Organizations * Information * Ideas * Core Concepts: * Target markets & segmentation * Marketplace, Marketspace & Metamarket * Marketers & Prospects * Needs, wants & demands * Product, offering & brand * Value & satisfaction * Exchange & transactions * Relationships & networks * Marketing channels * Supply chain * Competition * Nature of Marketing 1. Marketing is customer –focused 2. Marketing must deliver value 3. Marketing
What companies have today * Companies can operate through web sites. * Can collect more information. * Speedy communication. * Two-way communication. * Companies can customize offerings. * Can improve purchases and sales. * Can send ads, coupons, information to customers easily. * MARKETING * What is marketing? * Creating consumer wants & satisfying it * Finding ways to satisfy customers effectively & efficiently. * Is to be defined as value delivering process. * Definition * Kotler “Marketing is a social & managerial process by which individuals & groups obtain what they need and want through creating, offering and exchanging products of value with others”. * AMA “ Marketing is the process of planning & executing the conception, pricing, promotion & distribution of ideas, goods, & services to create exchanges that satisfy individual and organizational goals * Three stages of marketing * Entrepreneurial marketing * Formulated marketing * Intrepreneurial marketing * Scope of marketing * Goods * Services * Experiences * Events * Persons * Places * Properties * Organizations * Information * Ideas * Core Concepts: * Target markets & segmentation * Marketplace, Marketspace & Metamarket * Marketers & Prospects * Needs, wants & demands * Product, offering & brand * Value & satisfaction * Exchange & transactions * Relationships & networks * Marketing channels * Supply chain * Competition * Nature of Marketing 1. Marketing is customer –focused 2. Marketing must deliver value 3. Marketing