Bhakt Kavi Samrat Dayarambhai Din., Joshi Jivanlal Chhaganlal, 36p, Gujarati
Marketing By Bhakt RAj BHAGAT
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Transcript of Marketing By Bhakt RAj BHAGAT
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Marketing
Dibakar Bashistha
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Customers focus approach known as:
Product Solution Promotion Information
Price Value
Place (Distribution)Access
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Course content of Unit 1
eanin! and core concept of arketin!
arketin! mana!ement concept(Demand mana!ement
and customer relationships)
arketin! ana!ement C"cle ( Anal"sis# Plannin!#implementation and control )
arketin! ana!ement Philosophies ( Production#
Product# Sellin!# arketin!# societal concept )
Marketing challenges in New Millennium.References Books: K.D. Koirala, Guinea RamAgrawal, Sham Kumar Shrestha.
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!ro"uct # Solution
!romotion # $nformation
!rice # %alue !lace # Access
&thers:
!rocess !eo'le
!ur'ose
!ositioning !ersuasion
!erformance
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Meaning and concept of Marketing
$he act or process of bu"in! and sellin! in a market%
$he commercial functions in&ol&ed in transferrin!!oods from producer to consumer%
arketin! consists of the strate!ies and tactics used to
identif"# create and maintain satisf"in! relationships
with customers that result in &alue for both thecustomer and the marketer%
$his now famous arketin! Concept su!!ests
marketin! decisions should flow from 'IS$ knowin!
the customer and what the" want% nl" then should an
or!ani*ation initiate the process of de&elopin! and
marketin! products and ser&ices%
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arketin! toda" has become a emotional research
which helps understandin! customer and
consumers ps"cholo!" so that products arede&eloped based on these understandin!% $he
marketin! mana!ers need to answer followin!
+uestions:
How do we find the right market segment?
How do we differentiate?
How can we compete with low cost business
models? How do we build a better brand?
How do we reduce cost of customer acquisition?
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American Marketing Association Definition
arketin! is the process of plannin! and
e,ecutin! the conception# pricin!# promotion#and distribution of ideas# !oods# and ser&ices
to create e,chan!es that satisf" indi&idual and
or!ani*ational ob-ecti&es%.
American Heritage Dictionarys Definition of
Marketing
$he commercial functions in&ol&ed intransferrin! !oods from producer to
consumer%.
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According to Philip Kotler "Human activity directed at
satisfying needs and wants through echange process!"
Key points of definition It is a process
Product related acti&ities
Price related acti&ities
Promotion related acti&ities
Place related acti&ities
It satisfies customer need
It facilitates e,chan!e relationships
It helps to achie&e ob-ecti&es:
Profit/ser&ice/!rowth/sur&i&al/leadership
D"namic en&ironment
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mplication of various definition of Marketing
0% arketin! is concerned meetin! needs and pro&idin!
benefits%1% arketin! focus customer satisfaction and deli&erin! &alue
to indi&idual customers# !roups# or!ani*ation# and societ"
at lar!e%
2% 'uture needs of the indi&idual customer and the societ" as awhole should be identified# anticipated and ser&ed%
3% arketin! focuses on achie&in! lon!4term profit tar!ets
rather than short term sales and profit%
5% arketin! can be applied in all spheres of the societ" tosell a &ariet" of entities that includes !oods# ser&ices# ideas#
e,periences# places# people# or!ani*ation# assets# and
information%
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#ore concept of Marketing$
6eeds (Ph"sical needs / Safet" needs / Social needs / 7!o
related needs / Self actuali*ation needs% ( needs of people
and or!ani*ation )
8ants: wants are shaped b" socio cultural forces# institution#
and indi&idual%
Demand: ( willin!ness to spend mone" and abilit" to spends
mone" )
Value: (It is the combination of +ualit"# ser&ice and price )
Satisfaction ( &alue as per the customer satisfaction )
Se!mentation / tar!et market selection and positionin!%
arketin! plan and channel
arketin! en&ironment# competition# suppl" chain and
relationship and networkin!%
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%b&ectives of Marketing$
$o chan!e the structure of the clientele and the nature of the firm
$o !et new clients# or to stren!then relationships with e,istin! clients
$o sell new ser&ices to e,istin! clients# as well as to new clients
$o introduce a new ser&ice or enter a new market for a specific ser&ice
$o broaden a !eo!raphic base
$o chan!e a perception of a firm b" its market
All ob-ecti&es should be 'MA() i%e% Specific# easurable# Achie&able#
ealistic# and $imed%
'pecific4 9e precise about what "ou are !oin! to achie&e%
Measurable4 uantif" "our ob-ecti&es% Achievable4 Are "ou attemptin! too much;
(ealistic 4 Do "ou ha&e the resources to make the ob-ecti&e happen
(men# mone"# machines# materials# minutes);
)imed4 State when "ou will achie&e the ob-ecti&e
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mportance of Marketing
arketin! is a &er" important aspect in business since it contributes !reatl"
to the success of the or!ani*ation% Production and distribution depend
lar!el" on marketin!% an" people think that sales and marketin! are
basicall" the same% $hese two concepts are different in man" aspects%
arketin! co&ers ad&ertisin!# promotions# public relations# and sales% It is
the process of introducin! and promotin! the product or ser&ice into the
market and encoura!es sales from the bu"in! public% Sales refer to the act
of bu"in! or the actual transaction of customers purchasin! the product orser&ice% Since the !oal of marketin! is to make the product or ser&ice
widel" known and reco!ni*ed to the market# marketers must be creati&e in
their marketin! acti&ities% In this competiti&e nature of man" businesses#
!ettin! the product noticed is not that eas"%
Marketing Promotes Product Awareness to the Public Marketing Helps Boost Product Sales
Marketing Builds Company eputation
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Importance to the customers:
6eeds and wants are satisfied
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Marketing Management
$raditionall"# marketin! anal"sis was structured into three areas: customer
anal"sis# compan" anal"sis# and competitor anal"sis (so4called >2Cs>
anal"sis)% ore recentl"# it has become fashionable in some marketin! circles
to di&ide these further into certain fi&e >Cs>: customer anal"sis# compan"
anal"sis# collaborator anal"sis# competitor anal"sis# and anal"sis of the
industr" conte,t% Marketing Management is the process allocating theresources of the organi*ation toward marketing activities%. $hus# a
marketin! mana!er is someone who is responsible for directin! e,penditures
of marketin! funds% elated to the term ?mana!ement@ is the term ?strate!"%@Marketing strategy$ + Marketing management ,
Marketing strategyis a process that can allow an or!ani*ation to concentrate
its limited resources on the !reatest opportunities to increase sales and achie&e
a sustainable competiti&e ad&anta!e%
mplementation planningPro&ect- process- and vendor management
%rgani*ational management and leadership
(eporting- measurement- feedback and control systems
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Accordin! to Philip otler B arketin!
mana!ement is the art and science choosin!
ri!ht tar!et markets and !ettin!# keepin!# and!rowin! customers throu!h creatin!#
deli&erin! and communicatin! superior
customer &alue. %
arketin! mana!ement is the art and science
of choosin! tar!et markets and !ettin!#
keepin!# and !rowin! customers throu!h
creatin!# deli&erin! and communication
superior customer &alue%
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#ustomer relationship management +#(M,
Customer relationship management
(CM) is a mo"el for managing acom'an*s interactions with current an"future customers. $t 'ro+i"es a - "egree+iew of customer "ata.
It is a widel" implemented strate!" for mana!in! acompan"@s interactions with customers# clients and
sales prospects% It has emer!ed from 0Es%
arketin! mana!ement also adopted this concept in
the late 0Es and call it relationship marketin!% It
focuses to create customer &alue throu!h buildin!
lon! term relationship%
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#(M helps in profiling prospects- understanding their
needs- and in building relationships with them by
providing the most suitable products and enhanced
customer service!
t integrates back and front office systems to create a
database of customer contacts- purchases- and
technical support- among other things!
)his database helps the companyin presenting a unified
face to its customers- and improve the quality of the
relationship- while enabling customers to managesome
informationon their own!
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/RM ti's
=elpin! an enterprise to enable its marketin! departments to identif" and tar!et
their best customers# mana!e marketin! campai!ns and !enerate +ualit" leads
for the sales team%
Assistin! the or!ani*ation to impro&e telesales# account# and sales mana!ement
b" optimi*in! information shared b" multiple emplo"ees# and streamlinin!
e,istin! processes (for e,ample# takin! orders usin! mobile de&ices)
Allowin! the formation of indi&iduali*ed relationships with customers# with
the aim of impro&in! customer satisfaction and ma,imi*in! profitsF identif"in!
the most profitable customers and pro&idin! them the hi!hest le&el of ser&ice%
Pro&idin! emplo"ees with the information and processes necessar" to know
their customers# understand and identif" customer needs and effecti&el" buildrelationships between the compan"# its customer base# and distribution partners
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Sales will be increased throu!h the effecti&e
implementation of arketin! i, as well as
a!!ressi&e sellin!# sales promotions orad&ertisin!% C is directed at buildin! a
lar!e !roup of satisfied and lo"al customers%
$he ke" strate!ic of C is to retain andwinnin! back lost customer% It is directed at
buildin! stron! economic# technical and social
relationship with the parties concerned o&er a
period of time%
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A C s"stem ma" be chosen because it is
thou!ht to pro&ide the followin! ad&anta!es:
ualit" and efficienc"
Decrease in o&erall costs
Decision support
Customer Attention etc%
It has the aim of buildin! mutuall" satisf"in!
lon!4term relations with customers# in order
to earn and retain business%
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)he Marketing Management #ycle
)he planning cycle It is composed of four "asic steps.
Planning is the process of e,aminin! and understandin! the surroundin!s within
which the or!ani*ation functions%
mplementationis the process of puttin! plans that ha&e been made into action% It is
the transition from e,pected realit" to e,istin! realit"%
Monitoring is the process of trackin! plans and identif"in! how plans related to
chan!es that take place durin! pro!ram operation when more information is ac+uired !
#orrection is the sta!e in which we take action to return our plan to the desired state
based on feedback obtained in the monitorin! sta!e% If we find that return to the
planned state is not practicable# we ma" ad-ust our plannin! outcomes%
Anal"sis:0hee2aminationan" e+aluationof the rele+ant information to select the best course of action fromamong +arious alternati+es. Analysisis the 'rocess of breaking a com'le2 to'icor substance intosmaller 'arts to gain a better un"erstan"ing of it
Analysis0Planning0mplementation0#ontrol
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De#e!opment of marketing concepts or marketing
management phi!osophies$
Accordin! to Peter Drucker arketin! first arose in
the 0Gthcentur" from the famil" of itsui from $ok"o
Hapan% Some people sa" it is as old as mankind and
from barter s"stem%
It is !raduall" de&eloped due to : Decline of compan"@s sales
Slow !rowth of compan"
Increasin! competition Increasin! sales e,penditures and bu"in! pattern of
customers%
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Production Concept"
Starting point" 3actor,
#ocus" Mass !ro"uction
Means" 4ow 'rice, Mass "istribution
$nds" !ro5t through 'ro"uctione6cienc
Product Concept"
Starting point" 3actor,
#ocus " 7ualit 'ro"uct
Means" 8igh 9ualit, inno+ation,'erformance Guarantee
$nds" !ro5t through well ma"e 'ro"uct
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Selling Concept" %&ld marketing concept '
Starting point" 3actor
#ocus " 'ro"uct
Means" Aggressi+e selling, hea+ 'romotion
$nds" !ro5t through high sales +olume
Marketing Concept" %new marketing concept'
Starting point" 0arget Market #ocus " customer nee"s
Means" integrate" marketing
$nds" !ro5t through customer satisfaction
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1hat are the 2ive Marketing Philosophies?
)he 2ive Marketing Philosophies help determine the
mana!ement of marketin!% Companies approach and
conduct business in different wa"s in order to achie&e their
or!ani*ational !oals% $he fi&e competin! concepts b"
which companies are !uided in their marketin! efforts are:
0% Production concept# which is based on the fact that
consumers fa&or products that are a&ailable and affordable%
Concentration on production efficienc" and effecti&e
distribution networks outwei!h the customer@s actual needs
and wants% $his is used primaril" when demand e,ceeds
suppl" and the focus is on findin! production methods thatcan brin! the price down to attract more customers%
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It is used in Hapanese companies at dated 0E to 0GE%
Currentl" the Chinese companies are adoptin! this concept in order
to penetrate in to the international markets with price ad&anta!es%
$his can be seen in all Chinese electronic include mobile phone% It assumes that consumers will fa&or those products that are widel"
a&ailable and low cost%
It concentrates ass production and ass sellin! throu!h hi!h
production efficienc"% Consumers don@t !i&e more attention on non price factors like
+ualit"# !uarantee etc%
All business efforts are directed at raisin! output le&els# produce
standardi*ed product and sell at a lower price%
Consumers alwa"s tr" to known the price of the competin!
products%
$his is traditional concept
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1% Product concept#
It is based on wa"s to impro&e the +ualit"# performance# and features to
attract bu"ers% $his philosoph" tends to spend too much time addin!
features to their products# rather than thinkin! about what peopleactuall" need and want%
$his concept belie&ed that consumers respond to !ood +ualit" products
that are reasonabl" priced%
It focused product +ualit"# features and performance%
It assumed that &er" little effort is re+uired to sell the !ood +ualit"
products%
$he" concentrate on desi!nin! lon! lastin! products and pro&ide
warrant" for a lon!er periods%
$his concept has !i&en birth to products like ercedes 9en*# =i4techshoes# are !uaranteed for a lon! time periods%
Althou!h this concept was not so successful in consumers markets%
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2% 'elling concept# which places the focus on sales rather than what
people actuall" need or want% ost of the time the product is
misrepresented which results in hi!h customer dissatisfaction%
$his concept e&ol&ed out of the failure of the product and productionconcept in a d"namic and competiti&e market% Jar!e +uantit" of
standardi*ed and low price merchandise could not sell their
products%
$his concept assumes that consumers will either bu" or not bu"
enou!h of the firm@s products unless the firms make a substantial
effort to stimulate their interests in its products%
Consumers interests can be di&erted or influenced b" promotional
acti&ities%
$his sellin! concept is based on the idea that people will bu" more!oods and ser&ices if a!!ressi&e sellin! methods are used%
6ote: $he first three concepts belie&ed in the slo!an B 1e sell what
we make B so marketin! concept has emer!ed%
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. Marketing concept# which focuses on what people need andwant more than the needs of the seller% $his concept is about
the importance of satisf"in! the customer@s needs to achie&e
compan" success% Products are de&eloped around those needsand wants%
Knless and until the !oods and ser&ices are desi!ned on the
basis of customer@s needs and wants of the tar!et market%
$his concept is customer oriented# inte!rated and !oal oriented% All plannin! and operation should be customer oriented%
P3 should be inte!rated and coordinated%
Identif" tar!et markets# customer needs and wants# inte!rated
marketin! for achie&ement of or!ani*ational !oals% In this concept marketers found the business slo!an B 1e make
what we can sell 3
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5% 'ocietal marketing concept-which not onl" uses the same philosoph" as the
marketin! concept# but also focuses around the products benefit to the
betterment of societ" as a whole%
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Marketing challenges in the new millennium
$he world has entered in to the new millennium% $oda" marketin!
firms are increasin!l" emphasi*in! on the !lobal markets%
arketin! firms face ma-or challen!es from the consumers of the10stcentur"%
1. Expect Higher quality: ualit" needs to be defined from the
consumer@s perspecti&e% $oda" consumers e,pect a &er" hi!h
+ualit" in the product offered to them%2. Expect better service: Consumers demand a &ariet" of ser&ices
attached with the core product%
3. Brand Parity: consumers seen all brands as similar in terms of
attributes% So marketin! firms need to work &er" hard to con&ince
bu"ers%
4. Decreased brand lyalty: consumers lo"alt" and retention has
become the ma-or challen!es for marketin! firms toda"%
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;. !nternet based in"r#atin: $he "oun! consumers areincreasin!l" usin! the internet as their prime source of
information on the compan" and it@s products%
% !ntelligent shpping: Consumers come to the purchase
decision after careful e&aluation of the products alternati&es
and outlets%
G% !ncreased price sensitivity: Consumers ha&e become more
price sensiti&it" and search for price &alue%
% !ntense c#petitin: arketin! firms face stiff competition
not onl" from the domestic sources but from a &ariet" of
forei!n sources%
%High pr#tin cst and l$ pr"it #argin
0E%Direct #ar%eting: Different firms of direct marketin! ha&e
emer!ed in the !lobal market% $he internet is increasin!l"
bein! used for e4 marketin!%
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$m'ortant 9uestions of unit