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Marketing Management – IPresentation - 2
Basic ConceptEconomic Justice For All . . . All economic life should be shaped by moral principles.
Core Marketing Concepts
Value and Satisfaction
Marketing Channels
Target Markets & Segmentation
Supply Chain
Competition
Product and Brand
Needs, Wants and Demands
Marketing Environment
The Importance of Marketing
The Importance of Marketing Personal Role: Job(s) Career(s)
- all organizations use marketing - cross-functional business functions - entrepreneurial opportunities Economic Role in Society
- marketing skills are important to meet competition (global)
Consumer Role in Society- knowledge increases societies
awareness & responsibility
Needs are basic human requirements
Wants are needs directed to specific objects/services that might satisfy the need
This is the wants for specific products
backed by an ability to pay
Human Needs, Wants & Demand
A product is any offering catered to satisfy needs and wants.
A brand is when the product is from a known source.
Product Vs. Brand
Target MarketVery rarely does a product cater to the entire market. Most products are designed to cater to a group of customers who specifically want such a product. This group of customers is the target market which is a slice of the total market. It is often referred to as the Market Segment.
Value and Satisfaction
Value = Benefits/Costs
Benefits = Functional Benefits + Emotional benefits
Costs = Monetary costs + Time + Energy +
Psychic costs
ExchangeGet something (product /service) by offering something in return.Eg. kind (barter) or money (value )
Exchange is a value creating process because it leaves both parties better off(win – win situation)
SOMETHING OF VALUE
SELLER BUYER A voluntary exchange processThe provision for or transfer of goods, services, or ideas in return for something of value (money, credit, labor, goods)
Marketing Builds Satisfying Exchange Relationships
Examples of Exchange
Product Money(good/service)
Politician Vote(service performance)
Social Values Behavioral(ideas) SupportMarketing Is Performed by All Organizations
Each with something of value to offer
Two or more participants with unmet needs or wants
Mutual Satisfaction of exchange expectations to build trust
EffectiveCommunication
Marketing Exchange Conditions
An Exchange mechanism
CONSUMERS
1
Marketing Exchange Functions are also Career Opportunities
Merchandise Buyer, Assortment & Quantity Warehouse StorageTransportationPricing Analyst (Valuation)
Environmental research AnalystConsumer Analyst Product ManagerPromotion activities
Transaction and Transfer
A transfer is a one way exchange without receiving anything in return.
Relationship MarketingBuilding long term
mutually satisfying
relations with customers,
suppliers, distributors in
order to retain their long
term preference and
business
Marketing Channels
Marketing channels are those which are used to reach the target segment.
Communication channelseg. Advertising, telephone enquiry system
Distribution channels – trade, direct sales
Supply Chain
The supply chain represents a Value delivery chain – from procurement of raw materials to final delivery of product to consumer.
CompetitionPotential and rival substitutes and offerings a buyer might consider.
Competition can be viewed in various perspectives – brand, industry, form, generic
Levels of Competition
Generic
Brand
Form
Industry
Competitive Set-Galaxy S5
Brand
Industry
Form
Generic
Direct substitutes
Compete for same salesvolume/money
Same end benefit
Same product or classof products