MARKETING

Marketing is a process
that depends on
customer’s needs &
demands. And needs &
demands are dynamic
that changes time to
time so marketing
definition change
according to time
period.
 Marketing definition

1 According to my opinion the best definition of

marketing.
“Marketing is a process of identifying, satisfying
and retaining customers profitably”
2 According to American Marketing Association new
definition of marketing.
“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.”
 ABOUT MARKETING

 successful marketing depends up on addressing a

number of key issues. These include:-
What a company is going to produce
How much it is going to charge;
How it is going to deliver its products or services to
the customer;
How it is going to tell its customers about its
products and services.
These consideration is known as 7 p’s of marketing
and it is also known as marketing mix
 Types Of Marketing
Different author divides marketing in different way
and here we are giving details about in two way.
According to Tangibility, standardization, storage,
production, involvement.
1. Goods marketing – ex- manufacturing comapny
2. Services marketing- ex – banking sector
 Types Of Marketing

According to nature of contact, information, process

for purchasing and delivery.
1. Mass marketing – ex- sony
2. Direct marketing-ex- magazine
3. Internet marketing- ex- flipkart.com
 Types Of Marketing

According to geographic area, extent of distribution,

network, marketing variation commitment to
country.
1. Local marketing
2.Regional marketing
3.National marketing
4.International marketing
5.Global marketing
 Details About Types Of Marketing

1 .Mass Marketing- Mass marketing is distinguished from direct

marketing in terms of the distance between the manufacturer
and the ultimate user of the product. Mass marketing is
characterized as having wide separation and indirect
communication. A mass marketer, such as Nike, has very little
direct contact with its customers and must distribute its
product through various retail outlets alongside its
competitors. Communication is impersonal, as evidenced by
its national television and print advertising campaigns,
couponing, and point-of-purchase displays. The success of
mass marketing is contingent on the probability that within
the huge audience exposed to the marketing strategy.. there
exist sufficient potential customers interested in the product
to make the strategy worthwhile.
 Details About Types Of Marketing

2. Direct Marketing- Direct marketing establishes a

somewhat personal relationship with the customer
by first allowing the customer to purchase the
product directly from the manufacturer and then
communicating with the customer on a first-name
basis. This type of marketing is experiencing
tremendous growth. Apparently, marketers have
tired of the waste associated with mass marketing
and customers want more personal attention. Also,
modem mechanisms for collecting and processing
accurate mailing lists have greatly increased the
effectiveness of direct marketing.
 Details About Types Of Marketing

Internet Marketing - Internet marketing is a type of

direct marketing, it has evolved so quickly and
demanded the attention of so many companies that a
separate section here is warranted. Essentially,
Internet technology (which changes by the moment)
has created a new way of doing business.
Flipkart.com, Watchkart.com is the best example of
e-business.
 Marketing Mix & 4 p’s
It is the same with the
marketing mix.
The offer you make to
your customer can be
altered by varying the
mix elements.
So for a high profile
brand, increase the
focus on promotion
and desensitize the
weight given to price
 Marketing Mix

Customizing your offer to your customer by

varying the mix elements.
The Marketing Mix is like the artist's palette.
The marketer mixes the prime colors (mix
elements) in different quantities to deliver a
particular final color.
Every hand painted picture is original in
some way, as is every marketing mix.
 Extended Marketing Mix
Booms and Bitner
included three additional
'Ps' to accommodate
trends towards a service
or knowledge based
economy:
People
Process
Physical Evidence
The Marketing Mix
 7Ps & 7Cs
The 7 Ps The 7 Cs
Organisation Customer Facing
Facing
Product = Customer/ Consumer
Price = Cost
Place = Convenience
Promotion = Communication
People = Caring
Processes = Co-ordinated
Physical Evidence = Confirmation
 The Marketing Mix

The tools available to a business to gain the

reaction it is seeking from its target market in
relation to its marketing objectives
7Ps – Price, Product, Promotion, Place, People,
Process, Physical Environment
Traditional 4Ps extended to encompass growth of
service industry
PRICE
 PRICE

A product is only worth what customers are prepared

to pay for it. The price also needs to be competitive,
but this does not necessarily mean the cheapest; the
small business may be able to compete with larger
rivals by adding extra services or details that will
offer customers better value for money. Your pricing
must also provide a profit. It is the only element of
the marketing mix that generate revenue, everything
else represents a cost.
 PRICE

Thinking of price as ‘cost’ to the customer helps to

underscore why it is so important.
Price positions you in the market place – the more
you charge, the more value or quality your customers
will expect for their money.
Existing customers are generally less sensitive about
price than new customers, a good reason for looking
after them well.
If you decide in favour of a higher priced added-
value approach, remember that price ‘positions’ you
in the marketplace.
 Different parts of Pricing

Price Skimming – An approach under which a

producer sets a high price for a new high-end
product (such as an expensive perfumes) or a
uniquely differentiated technical product. Its
objective is to obtain maximum revenue from the
market before substitutes products appear. After that
is accomplished, the producer can lower the price
drastically to capture the low-end buyers and to
thwart the copycat competitors.
 Different parts of Pricing

Penetration pricing - A marketing strategy used by

firms to attract customers to a new product or
service. Penetration pricing is the practice of offering
a low price for a new product or service during its
initial offering in order to attract customers away
from competitors. The reasoning behind this
marketing strategy is that customers will buy and
become aware of the new product due to its lower
price in the marketplace relative to rivals.
 Different parts of Price

Psychological pricing- Setting prices according to

the psychographics of the aimed-at market segment.
Cost-plus pricing- One method used by businesses to
determine how to price goods and services. This type
of pricing includes the variables costs associated with
the goods, as well as a portion of the fixed costs of
operating the business.
 Pricing Strategy

Importance of:
 knowing the market
 elasticity

 keeping an eye
on rivals
PRODUCT
 PRODUCT
 There is no point in
developing a product or
service that no one wants
to buy, yet many
businesses decide what to
offer first, and then hope to
find a market fir it
afterwards. In contrast, the
successful company will
find out what customers
need or want and then
develop the right product
with the right level of
quality to meet those needs
now and in the future.
 PRODUCT

The perfect product must provide value for the

customer. This value is in the eye of the beholder, we
must give our customer what they want, not what we
think they want.
A product does not have to be tangible, an insurance
policy can be a product.
You need a system in place to regularly check what
your customers think about your product, your
supporting services.
 product
 Methods used to
improve/differentiate
the product and increase sales
or target sales more effectively
to gain
a competitive advantage e.g.
 Extension strategies
 Specialised versions
 New editions
 Improvements – real or
otherwise!
 Changed packaging
 Technology, etc.
Promotion
 PROMOTION

Promotion is the way a company communicates what

it does and what it can offer customers. It includes
activities such as branding, advertising , PR,
corporate identity, sales management, special offers
and exhibitions. Promotion must gain attention, be
appealing, tell a consistent message and above all
else give the customer a reason to choose your
product rather than someone else’s.
 PROMOTION

Good promotion is not one-way communication, It

paves the way for dialogue with customers.
Promotion should communicate the benefits that a
customer obtains from a product, and not just the
feature of that product.
Whether your promotional material is a single sheet
or a complex brochure, folder or catalogue, it must
grab the attention of your customers. It should be
easy to read and enable the customer to identify why
they should buy your products.
 PROMOTION

1. Advertising - The activity or profession of

producing information for promoting the sale of
commercial products or services.
2. Branding - An identifying symbol, words, or mark
that distinguishes a product or company from its
competitors. Usually brands are registered
(trademarked) with a regulatory authority and so
cannot be used freely by other parties. For many
products and companies, branding is an essential
part of marketing.
 PROMOTION

Endorsement - A written or public statement by a

celebrity, business or professional group extolling
the virtues of a product and recommending the use
of the product to the public. A product endorsement
from an authoritative figure is a key element in
business advertising and marketing campaigns.
Competitive advantage – promotion differentiate
your product with your competitors. And provide
edge in business.
 PROMOTIONS

A brochure isn’t necessarily the best way of

promoting your business, the problem being that
once a brochure has been printed, the information is
fixed. You can’t change or remove anything should
the need arise. A more cost effective and flexible
option might be a folder with a professionally
designed sheet inside, over a series of your own
information sheets can be customized by varying
them to suit the target customers and/or changing
them as required.
 PROMOTIONS

Promotion does not just mean communicating to

your customers. It is just as important to ensure your
internal stakeholder are aware of the value and
attributes of your products. This mean
communicating effectively to your staff/fellow
employees and share expertise with their customers.
PLACE
 PLACE

• The place where customers buy a product, and the

means of distributing your product to that place,
must be appropriate and convenient for the
customer. The product must be available in the right
place, at the right time and in the right quantity,
while keeping storage, inventory and distribution
costs to an acceptable level.
• Customer surveys have shown that delivery
performance is one of the most important criteria
when choosing a supplier.
 PLACE

The means by which products and services get from

producer to consumer and where they can be
accessed by the consumer
 The more places to buy the product and the easier it is made to
buy it, the better for the business (and the consumer)
 PLACE

Retail - A business or person that sells goods to the

consumer, as opposed to a wholesaler or supplier,
who normally sell their goods to another business.
Or we can say that selling directly to consumers.
Wholesaler - Person or firm that buys large quantity
of goods from various producers or vendors,
warehouses them, and resells to retailers.
Wholesalers who carry only non-competing goods or
lines are called distributors.
 PLACE

Direct selling - Face to face presentation,

demonstration, and sale of products or services,
usually at the home or office of a prospect by the
independent direct sales representatives. Employed
by firms such as Avon, Mary Kay, and Tupperware,
direct selling differs from network marketing in that
it offers little or no incentives for recruiting ever
increasing number of sales representatives.
PEOPLE
 PEOPLE

People represent the business

 The image they present can be important
 First contact often human – what is the lasting image
they provide to the customer?
 Extent of training and knowledge
of the product/service concerned
 Mission statement – how relevant?

 Do staff represent the desired culture

of the business?
PROCESS
 PROCESS

How do people consume services?

What processes do they have to go through to
acquire the services?
Where do they find the availability
of the service?
 Contact
 Reminders
 Registration
 Subscription
 Form filling
 Degree of technology
PHYSICAL EVIDENCE
 PHYSICAL EVIDENCE

The ambience, mood or physical presentation of

the environment
 Smart/shabby?
 Trendy/retro/modern/old fashioned?

 Light/dark/bright/subdued?

 Romantic/chic/loud?

 Clean/dirty/unkempt/neat?

 Music?

 Smell?
 THE MARKETING MIX

 Blend of the mix depends upon:

 Marketing objectives
 Type of product
 Target market
 Market structure
 Rivals’ behaviour
 Global issues – culture/religion, etc.
 Marketing position
 Product portfolio
 Product lifecycle
 Boston Matrix