Marketing Management -Rajesh Satpathy

Marketing Process

A simplified model of Marketing Process

Understandthe

Marketplace n

Customer needs

and wants

Design a

customer driven

marketing strategy

Constructan

Integrated marketing program

that delivers superior

value

Build profitable

relationships n

create customer

delight

Capture value from

Customers to create

Profits n

customer equity

Create value for customers

n

build customer relationship

Capture value

from

customers in return

Marketing Process

In this five step model of the marketing process, the 1st four steps companies work to understand consumers, create customer value n build strong customer relationships.

In the final step, companies reap the rewards of creating superior customer value.

By creating value for consumers, firms in return capture value from consumers in the forms of sales, profits n long term customer equity.

Dabur Lal Taila

Dettol Antiseptic Liquid

Five core Concept

1. Needs, Wants n Demands

Needs: It’s a state of felt deprivation.

Wants: The form human needs take as shaped by culture and individual personality.

Demands:Human wants that are backed by buying power.

Eg: SMART Mobile phones, Racing Bikes

Five core Concept

Physiological Needs(Food, Water, Air, Shelter, Sex)

Safety and Security Needs(Protection, Order, Stability)

Social Needs(Affection, Friendship, Belonging)

Ego Needs(Prestige, Status, Self-respect)

Hierarchy of Needs by Abraham Maslow

Self-Actualization

(Self-fulfillment)

A modern interpretation of Maslow's hierarchy of needs, represented as a pyramid with the more basic needs at the bottom.

Marketing Process

The most basic concept underlying marketing is that of human needs. Human needs are states of felt deprivation. They include basic physical needs for food, clothing, warmth n safety… Social needs for belonging n affection and individual needs for knowledge n self expression.

These needs were not created by marketers, they are a basic part of human makeup.

: : 5 types of Needs : :1. Stated needs (wants for an low cost car) 4. Delight needs

(Free Music System)

2. Real needs (low in operating cost) 5. Secret needs (Need People attention)

3. Unstated needs (good service from local dealer)

Marketing ProcessNeeds:Consumers are motivated by their desire to satisfy complex needs, and these should be the starting point for all marketing activity. We no longer live in a society in which the main motivation of individuals is to satisfy the basic needs for food and drink.

Maslow (1943) recognized that, once individuals have satisfied basic physiological needs, they may be motivated by higher-order social and self-fulfillment needs.

‘Need’ refers to something that is deep-rooted in an individual’s personality. How individuals go about satisfying that need will be conditioned by the cultural values of the society to which they belong.

NEED??

Video: Cartier Ballon de Bleu Flying Tourbillon Mens Watch

Brand Cartier

Model number W6920001

Gender Mens

Series Ballon de Bleu Flying Tourbillon

Watch Style Luxury

Movement Manual winding

Engine Cartier calibre 9452-MC, power reserve 50 hours

Functions Tourbillon, Hour, Minute

Case Material 18K Pink Gold

Case Shape Round

Case Diameter 46mm

Case Thickness 12.9mm

Case Back Transperant Scratch resistant sapphire

Crown Circular-grained crown set with a sapphire cabocho

Bezel Fixed

Dial Color Slate-colored galvanic guilloche

Dial Type Analog

Dial Markers Roman numerals

Hands Sword-shaped blue steel

Bracelet Brown alligator

Clasp Dual adjustment folding

Water Resistant 30 meter / 100 feet

Crystal Scratch resistant sapphire

Watch Label Swiss Made

Warranty 2 Year Jomashop Warranty

Price in Indian RupeeRs. 4,82,5000/-

Marketing Process

Some basic human needs n how people may satisfy them!!

Marketing Process

Many consumers do not know what they want in a product!!!

Eg: When Nokia and Ericsson introduced mobile phones in the market, they didn’t know much about customer needs n wants so as the customers.

Marketing Process

Wants are the form human needs shaped by culture and individual personality. Wants are shaped by one’s society and are described in terms of objects that will satisfy needs.

When these wants backed by buying power wants become Demands.

Given their wants and resources, people demand products with benefits that add up to the value and satisfaction.

Marketing Process

Market Offering

What is Market offering?

“Some combination of products, services, information or experiences offered to a market to satisfy a need or want”.

Consumers’ needs and wants are fulfilled through a market offering… market offering are not limited to physical products.

NEED?? Video: Cadbury

Thank You!