Unit-1
Marketing: It’s a process that identifies, anticipates and satisfies customer requirements profitably.
Marketing Management: Is the analysis, planning, implementation and control of programs designed to bring about desired exchanges with target audiences for the purpose of personal and of mutual gain.
Importance of Marketing
- Customer Satisfaction
- Brand Loyalty
- Market Expansion
- Create Social Awareness
- Corporate Image
- Price Control
- Improves Standard of Living
- Expansion of other sectors
- Helps to face competition
Scope of Marketing
Now a days, marketing is not confined into products and services. The scope is much larger, marketing people are involved in several types of entities:
- Goods
- Services
- Experiences
- Event
- Persons
- Place
- Properties
- Ideas
Core Marketing Concepts
- Need, Wants and Demand
- Target Market
- Value Proposition
- Marketing Mix (4Ps)
- Customer Relationship
- Environment Scanning
Marketing Philosophies
- Production Orientation
- Product Orientation
- Sales Orientation
- Market Orientation
Marketing Environment
- Micro Environment
- Suppliers
- Marketing Intermediarie
- Customer Markets
- Competitors
- Macro Environment
- Demographic Environment
- Economic Environment
- Natural Environment
- Technological Environment
- Political Environment
Market Strategies and Plans
Market Strategy: Is an explanation of the goals you need to achieve with you marketing efforts. It’s shaped by your business goals
Marketing Plain: It’s how you are going to achieve those business goals. It’s a application of your strategy roadmap that will guide you from one point to another.
Marketing Strategy ⇒ Marketing Plan ⇒ Implementation == Success