Introduction



Content "filtered", Please subscribe for FULL access.


Chapter 1 : Introduction

Topics covered in this snack-sized chapter:



Introduction to Marketing arrow_upward


  • Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.

  • Marketing can be a catalyst for change and is an equally powerful way to preserve the state of things.
  • Marketing is not about providing products or services.
    • It is essentially about providing changing benefits to the changing needs and demands of the customer.
  • Marketing is the ability to identify and satisfy customer needs while making a profit.
  • The aim of marketing is to have:
    • The right product or service.
    • At the right place.
    • At the right price.
    • At the right time.

    Importance of Marketing     arrow_upward


  • Marketing has a huge impact on the success of an organization.
  • The importance of marketing is growing, as customer needs are constantly changing.
  • Marketing:
    • Introduces and promotes products.
    • Encourages sales.
  • Driving forces:
    • New technology.
    • Growing international trade.
    • Improved communications.
    • Increasingly sophisticated and demanding buyers.
  • Marketing helps in evaluating:
    • Where a business is currently?
    • Where it should be?
    • How to get there?
  • Market research is also used to assess the competition and forecast industry trends.

    • Marketing Mix (4 P’s) arrow_upward


  • The 4 P’s of marketing are a way of thinking about the ways marketers can influence their customers.
  • Marketing decisions generally fall into the following four controllable categories.
  • 4 P’s:

    • Product- Product is the actual offering by the company to its targeted customers which also includes value added stuff.
    • Price- Price includes the pricing strategy of the company for its products. How much customer should pay for a product?
    • Place–Availability of the product at the right place, at the right time and in the right quantity is crucial in placement decisions. How the product is distributed to the customer?
    • Promotion -Promotion includes all communication and selling activities to persuade future prospects to buy the product.

    Marketing Management Philosophies arrow_upward


  • Marketing management can be described as the attempt to create a desired relationship between a company and its customers.
  • 5 Main Marketing Concepts:
    • The Production Concept,
    • The Product Concept,
    • The Selling Concept,
    • The Marketing Concept,
    • The Societal Marketing Concept.

    The Production Concept arrow_upward


  • According to the concept, people will approve products that are cheap and widely available.
  • In production-oriented companies, managers focus on distribution to:
    • Lower the cost of products.
    • Increase the availability of products.
  • A large emphasis is placed on:
    • Uninterrupted product availability.
    • Low price.

    The Product Concept arrow_upward


  • This orientation holds that consumers will favor those products that offer the most quality, performance, or innovative features.
    • This takes the focus away from the needs of the market.
  • Managers focus their energies internally:
    • The focus is on making good products and then improving them.

    The Selling Concept arrow_upward


  • The philosophy that believes that customers must be attracted through marketing, advertising, or other means.
  • If the market does a good job of:
    • Identifying consumer needs.
    • Developing appropriate products and pricing.
    • Distributing and promoting them effectively, these products will sell very easily.
  • Basically, the idea is that the company works on selling what they make, rather than making what the market wants.

    • The Marketing Concept arrow_upward


  • According to Marketing Concept:
    • Organizations should focus to analyze the needs and wants of a target market.
    • Provide the desired satisfaction more effectively than competitors do.

    • The marketing concept emphasizes on understanding the customers first, and then creating products.

    The Societal Marketing Concept arrow_upward


  • The societal marketing concept is an enlightened marketing concept that holds that a company should make good marketing decisions by considering consumers' wants, the company's requirements, and society's long-term interests.

  • The Societal Marketing Concept holds that:
    • The organization should determine the needs, wants and interests of target markets.
    • Deliver the desired satisfaction more effectively and efficiently than competitors.

    Three Levels of Marketing Performance arrow_upward


  • There are basically three levels of marketing performance:
    • Responsive Marketing,
    • Anticipative Marketing,
    • Need-Shaping Marketing.

    Responsive Marketing:

  • Responsive Marketing has been defined as the task of "finding and filling needs" of a customer.
  • Three things happen in responsive marketing:
    • There is a clear need.
    • Some company identifies it.
    • Then, that company comes up with a cost-effective answer to that need.

    Anticipative Marketing:

  • Figuring out what a customer needs before they do.
  • Anticipative marketing is more risky than responsive marketing:
    • Companies may come into the market too early or too late.

    Need-Shaping Marketing:

  • Need-Shaping Marketing is the boldest level of marketing.
  • It occurs when a company introduces a product or service that nobody asked for and often could not even conceive of.

    • Sales vs. Marketing arrow_upward


  • Both sales and marketing are focused on increasing revenue, but they differ in a few ways:

    • Sales

    Marketing

  • Concentrate on smaller groups such as individuals.
  • Concentrate on larger groups.
  • Only involves a short term process of finding the target consumer.

  • Includes:
    • Research and development
    • Promoting the product
    • Creating awareness
  • Tactical function

  • Strategic function.
  • Converting prospects into purchase or orders.
  • Generating leads or prospects.



    • Thank You from Kimavi arrow_upward


  • Please email us at Admin@Kimavi.com and help us improve this tutorial.

    • Mark as Complete

    Kimavi Logo

    Terms and conditions, privacy and cookie policy

    YouTube | FaceBook | @Email | Paid Subscription
    Science | Engineering | Math | Business | English | Medicine | History | Languages | Law | Animals | Social-Studies

    Tutorials, Videos and Quizzes - Real Simple Education

    humanSuccess = (education) => { `Life, Liberty, and the pursuit of Happiness` }