Marketing
Management
Introduction
Definition
The Chartered Institute
of Marketing (CIM)
defines marketing as: “The
management process which
identifies, anticipates, and
supplies customer
requirements efficiently and
profitably”.
Definition Contd..
According to American Marketing Association (AMA),
“Marketing is the activity, set of institutions, and
processes for creating, communicating, delivering,
and exchanging offerings that have value for
customers, clients, partners, and society at large”.
Defition Contd..
• Marketing is engaging customers and managing
profitable customer relationships.
Customer Engagement
• Pepsi Catch a Crore
• https://www.youtube.com/watch?v=2OgehUsDkQ0
• Coke Border Ad
• https://www.youtube.com/watch?v=kqYCwnTrPgo
Definition Contd..
Philip Kotler defines marke
ting as “the science and
art of exploring, creating,
and delivering value to
satisfy the needs of a
target market at a profit.
Marketing identifies
unfulfilled needs and
desires. It defines,
measures and quantifies
the size of the
identified market and the
profit potential.
Definition Contd..
• “Marketing is an administrative and social process
through which individuals and groups obtain what
they need and desire by the generation, offering
and exchange of valuable products with their
equals”.
Definition Contd..
• Marketing is the process of generating interest of
potential customers and clients in your products
and/or services. The key word in
this marketing definition is
"process"; marketing involves researching, promoting,
selling, and distributing your products or services.
Definition Contd..
• Marketing is the process of planning and executing
the conception, pricing, promotion and distribution
of your ideas, goods or services to satisfy the needs
of individual consumers or organisations. Every
business needs to successfully market their
products and services.
Importance of Marketing
• The two - fold goal of marketing is to attract new
customers by promising superior value and to
keep(retain) and grow current customers by
delivering value and satisfaction.
Value
• Starbucks customer value
• https://www.youtube.com/watch?v=pBatO5_-h08
Importance of
Marketing
• Every product you buy,
every service you use,
every store you visit,
every media message
you receive and every
choice you make, has
been influenced by the
forces of marketing.
Growth
Marketing
Management
Lecture 2
Marketing concepts
• The five marketing concepts are:
• Production concept.
• Product.
• Selling concept.
• Marketing concept.
• Relationship concept
Product
Price
Place
Promoti
on
Marketing
Mix (4 P’s)
3 C’s of
Marketing
• The 3 Cs are:
• Company,
• Customers
• Competitors
Maslow’s
Hierarchy
of Needs
Customer Needs,
Wants & Demands
• Needs
• States of felt deprivation.
• Wants
• The form human needs take as
they are shaped by culture and
individual personality.
• Demands
• Human wants that are backed
by buying power.
Market offerings
Market offerings
• Some combination of products, services, information, or
experiences offered to a market to satisfy a need or
want.
Market
• The set of all actual and potential buyers of a product or
service.
Exchange
• The act of obtaining a desired object from someone by
offering something in return.
Steps involved in
the Marketing Process
• The marketing is a process of:
• Analyzing the opportunities in
the market,
• Selection of the target markets,
• Development of the Marketing Mix
and
• Management of the marketing
efforts.
The Marketing Process
Customer-perceived value
• The customer’s evaluation of the difference between all
the benefits and all the costs of a marketing offer
relative to those of competing offers.
Customer satisfaction
• The extent to which a product’s perceived performance
matches a buyer’s expectations.
Customer relationship
management
• The overall process of
building and maintaining
profitable customer
relationships by
delivering superior
customer value and
satisfaction.
Customer Journey
Prospect
Customer
Client
Customer Satisfaction
Customer
Relationship
Management
• The overall process
of building and
maintaining
profitable customer
relationships by
delivering superior
customer value and
satisfaction.
Loyalty &
Satisfaction