Marketing Concepts AND processes FOR MarKEting,Philip Kotler,Christian Gronroos,Chartered Institute of Marketing,P’eace of marketing.

Marketing Concepts AND processes FOR MarKEting


“The process of planning and executing the pricing, promotion, and distribution
of goods, ideas, and services to create exchanges that satisfy individual and
organizational goals”
– American Marketing Association

“Marketing is human activity directed at satisfying needs and wants through
exchange processes”
- Philip Kotler

“Marketing is to establish, maintain and enhance long-term customer relationships
at a profit, so that the objectives of the parties involved are met. This is done by
mutual exchange and fulfilment of promises”
- Christian Gronroos

“Management process of anticipating, identifying and satisfying customer
requirements profitably”
- Chartered Institute of Marketing






Concepts

• Internal Marketing and External Marketing
• Customer Acquisition and Customer Retention
• Market research – Product development – Product life cycle management – Pricing – Channel management – Promotion
• Influenced by social sciences, particularly psychology, sociology and economics.
• Markets: Consumer, Business, Institution, Government, Reseller, Employees, Media


P’eace of marketing

• Product: This deals with the specifications of the actual good or service, and how it relates to the end user’s needs and wants.
• Pricing: This refers to the process of setting a price for a product, including discounts.
• Promotion: This includes advertising, sales promotion, publicity and personal selling, and refers to the various methods of promoting the product or company.
• Placement: This refers to distribution, how the product gets to the customer; for example, point of sale placement or retailing.
• People: This refers to people who come in contact with the customer from the company
• Process: This refers to the processes involved in providing a service and the behaviour of people, which can be crucial to customer satisfaction.
• Physical evidence: This includes case studeis or testimonials as part of experiencing a service before it is bought.




Factors influencing marketing environment

• Social
• Cultural
• Political
• Economic
• Govt. policies
• Industry standards
• Competition
• Media
• Consumer knowledge
• Technology

Marketing Strategies

• Porter generic strategies – Cost Leadership, Product Differentiation, Market Segmentation
• Market Dominance – Leader, Challenger, Follower, Nicher
• Innovation strategies – Pioneers, Close followers and Late followers
• Growth strategies – Horizontal Integration, Vertical Integration, Diversification, Intensification
• Aggressiveness strategies – Building, Holding, Harvesting
• Warfare based strategies – Offensive, Defensive, Flanking, Guerilla


Marketing mix

• Using the various P’s of marketing in a certain way
• It’s a blending of various ingredients, quite like cooking
• Mix coherency refers to how well the components of the mix blend together. A strategy of selling expensive luxury products in discount stores has poor coherency between distribution and product offering.
• Mix dynamics refers to how the mix must be adapted to a changing business environment, to changes in the organization's resources, and to changes in the product life cycle

Marketing plan

Putting strategy to action through a plan:
• Current Situation – Environment (economy, legal, government, technology, ecological, sociocultural)
• Current Situation – Market Analysis (definition, size, segmentation, industry structure and strategic groupings, competition and market share, competitor’s strengths and weaknesses, trends)
• Current Situation - Consumer Analysis (nature of the buying decision, participants, demographics, psychographics, buyer motivation and expectations, loyalty segments)
• Current Situation – Internal (Company resources: people, skills, finacials, time, and Objectives: corporate and marketing)
• Situation Analysis – SWOT, Key factors for success in the industry, company’s competitive advantage
• Market Research – Needs and information
• Strategy and mix: product, market share, price, promotion, distribution
• Implementation & Finacial Implications